Swiggy is still trailing Zomato in key metrics like gross order value (GOV) and profitability, despite some improvements, according to Morgan Stanley's DRHP analysis.
While Swiggy's GOV per monthly active user is higher, its overall financial performance hasn’t matched Zomato’s yet. Zomato continues to lead in total GOV and has a stronger path toward profitability. Swiggy is making progress but remains behind its main competitor in India's food delivery market.