Zomato, Swiggy deliver near-Meituan unit economics despite 22X smaller Indian market

•Zomato and Swiggy deliver near-Meituan unit economics despite a 22X smaller Indian market.

•Meituan's $0.3 operating profit per order is matched by Zomato and Swiggy's $0.2 adjusted EBITDA per order.

•Average order values are also comparable, with Meituan's $7.2 vs Zomato's $5.2 and Swiggy's $5.4.

•India's food delivery market has grown from $1.2 billion to over $10 billion since FY18.