Best of all, both of them are part of more than 100 Indian unicorns. Unicorns are companies with a total value of over $1 billion.
According to the research firm, the food delivery segment refers to digital on-demand platforms for ordering and paying for prepared foods, groceries and other retail goods. The restaurant/retailer fills the order and the courier delivers the order to the customer within the stipulated time.
Chinese-listed food platform Meituan topped the list, followed by UK-based Deliveroo and US-based Uber Eats.
“The food delivery industry is consolidating rapidly, but ownership is a moving target. As companies vie for regional supremacy, they are buying, selling and exchanging stakes in rivals,” the report said.
“Venture capital and big tech investments have propelled the industry, but companies have yet to deliver profits, even as the global pandemic is industry-friendly, making delivery more necessary than convenient,” it added.
Against this backdrop, it said it was adapting its business model to be profitable — most notably adding grocery and pharmacy delivery services — which is currently underway.
The report also focuses on issues facing workers in the gig economy.
In much of the world, delivery workers are considered independent contractors, not employees, it said. Therefore, they are not eligible for Social Security, injury compensation or other benefits.
“There are signs that some governments may be preparing to implement labor reforms in an attempt to end platform free-riding. In the U.S., New York City became the first to pass legislation to regulate the food delivery industry, establish a minimum wage and other worker protections,” the study added. Say.
(Apart from the title, this story was unedited by NDTV staff and was posted from a syndicated feed.)