India is a developing country and in the recent years it has developed a lot with the growing industrialization and significant increase in the disposable income. Currently, the market of online food in India is at its nascent stage with the effective introduction of numerous applications which can be used by the smart phones with a simple installation. The word foodtech in India has evolved over the years. Earlier, it referred to food dispensation and the technology used for its introducing. In the recent years, it concerns to the online food ordering and delivery services market. Adequate funding and investments in this market space have empowered companies to serve online facilities that have been seen before. Furthermore, many of the key players are playing an important for making more developments in the applications for serving in an efficient manner which lead the market growth in the forecasted period and provide better consumer satisfaction.
According to the report analysis, ‘India Online Food Delivery Market (2018-2023)’ states that some of the major key players which are recently functioning in this market for doing more upgradation in the online food delivery apps for providing better consumer satisfaction and accomplishing the growing demand for food on the online food delivery apps from the potential consumers include Bundl Technologies Private Limited, Zomato Media Private Limited, Pisces Eservices Private Limited, Faaso’s Food Services Private Limited, Food Panda, Foodvista India Private Limited, UberEats and several others. In addition, the attractiveness of online food delivery facility can be recognized to the several benefits it serves, likewise food delivered to the doorstep of the consumer, numerous payment options, attractive discounts, cashback offers and rewards. Reputed restaurants and cafes also find it beneficial and profitable to sell their food with the online platform since it decrease a significant amount of operational overheads. Majorly, the college students, working couples and office goers are the key target consumers of foodtech enterprises.
Increase in the disposable income, families with Double-Income-No-Kids (DINKS), a huge number of people with the access to internet, and growing usage of smartphones are some of the major key factors that are leading the market growth of the online food delivery market in India. Meanwhile, Foodpanda, Swiggy, Faasos and Zomato are recently among the top-rated food ordering aggregators operating in the Indian market. Moreover, more than 80% of the order that some on these online food delivery platforms are from the top five Indian cities likewise Bengaluru, Mumbai, Delhi, Pune, and several others out of the 20 where they are active. Furthermore, many of the key players are investing more in the development of this market and for leading the fastest growth in the reviewed period in India. With the effectiveness and applications of this market, the new entrants are willing to invest in this for making the profit which proved to be beneficial for both the consumer and the investors. Therefore, in the coming years, it is expected that the market of India online food delivery will grow more actively in the near future with the significant development and investment.
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Ankur Gupta, Head Marketing & Communications