The 10 Largest Food Delivery Companies By Market Cap in 2024: DoorDash, Zomato, Grab, Delivery Hero, Jubilant and More

The food delivery industry has undergone an extraordinary transformation over the past decade, evolving into a massive global market with billions in revenue. Through operational efficiencies, technological integration, and aggressive market expansion, the biggest players in this space have solidified their dominance. By analysing these companies based on their market capitalization, we can identify the strategic levers driving their growth and forecast their trajectory.

Below is a detailed breakdown of the ten largest food delivery companies worldwide as of September 2024, including insights into their competitive advantages and future growth potential.

1. DoorDash (USA) - $59.07 Billion

DoorDash tops the list with a valuation of $59.07 billion(CompaniesMarketCap). Based in the United States, it controls a substantial portion of the North American market. DoorDash’s competitive edge lies in its last-mile logistics infrastructure, enabling efficient deliveries across a vast geographic range. It has expanded into non-restaurant segments like grocery delivery, positioning itself as a key player in the broader quick-commerce ecosystem. Its subscription model, DashPass, has also been instrumental in locking in customer loyalty through fee reductions on regular orders.

2. Zomato (India) - $29.46 Billion

Zomato has emerged as a powerhouse in the Indian food delivery sector, with a market capitalisation of $29.41 billion(CompaniesMarketCap). Its acquisition of Uber Eats India bolstered its already strong market position. Zomato's AI-powered order allocation algorithms optimise delivery times, enhancing user experience while minimising operational costs. Additionally, Zomato’s investment in cloud kitchens (delivery-only restaurants) has allowed it to scale quickly without the capital-intensive overheads of traditional restaurant setups. Its focus on sustainability, such as reusable packaging, also differentiates it in a highly price-sensitive market like India.

3. Grab (Singapore) - $15.19 Billion

With a market cap of $15.19 billion, Grab dominates Southeast Asia’s food delivery market(CompaniesMarketCap). Grab’s multi-service platform, which integrates food delivery, ride-hailing, and financial services, sets it apart from single-service competitors. Its GrabPay digital wallet and micro-loan services have also been instrumental in increasing user stickiness and driving cross-platform engagement. Grab’s ability to localise its offerings to cater to the nuances of Southeast Asian markets—like halal food delivery services in predominantly Muslim countries—has also contributed to its success.

4. Delivery Hero (Germany) - ($10.99 Billion)

Germany-based Delivery Hero has a market cap of $10.99 billion(CompaniesMarketCap). Operating in over 50 countries, including Europe, the Middle East, and Asia, Delivery Hero’s multi-brand strategy (through subsidiaries like Foodpanda) allows it to penetrate diverse markets and mitigate risk. Delivery Hero’s emphasis on hyperlocal logistics and real-time inventory management helps it deliver meals faster and fresher than its competitors. Its aggressive acquisition strategy has also allowed it to outpace local competitors in many emerging markets.

5. Jubilant FoodWorks (India) - $5.39 Billion

Jubilant FoodWorks, the Indian franchisee for Domino’s Pizza, is valued at $5.39 billion(CompaniesMarketCap). It has pioneered the 30-minute pizza delivery model, which has become a benchmark for quick-service restaurants in India. Jubilant’s strong operational efficiencies, such as using predictive analytics to anticipate peak ordering times and reduce wait times, have helped it maintain leadership in India’s highly competitive food delivery market.

6. Deliveroo - $3.39 Billion

Deliveroo is a UK-based food delivery company founded in 2013 by Will Shu. As of September 2024, Deliveroo's market capitalisation stands at $3.39 billion. The company operates in several countries across Europe, Asia, and Australia, providing delivery services from a wide array of restaurants, including local eateries and major chains.

Deliveroo has been particularly successful in densely populated urban areas, where its focus on logistics optimisation and hyperlocal delivery has allowed it to thrive. A key aspect of its business model includes the use of dark kitchens (also known as Editions), which allow restaurants to expand their delivery reach without having to invest in physical storefronts.

Despite facing stiff competition from global players like Uber Eats and Just Eat Takeaway, Deliveroo has maintained a strong presence in the UK and parts of Europe. However, the company has also faced challenges, including regulatory scrutiny over its treatment of gig economy workers, as well as operational hurdles in less profitable markets, leading it to exit some countries like Germany.

7. Just Eat Takeaway (Netherlands) - $3.17 Billion

Just Eat Takeaway, with a market cap of $3.17 billion, is a major player in Europe(CompaniesMarketCap). Following its merger with Grubhub in North America, the company has capitalised on its first-mover advantage in the European market. Its AI-driven customer service chatbots, which automate customer support, have improved user experience and reduced operational costs. Just Eat Takeaway’s ability to tailor offerings to smaller, less competitive European markets has also enabled it to maintain a strong growth trajectory.

8. HelloFresh (Germany) - $1.72 Billion

HelloFresh, primarily known for its meal kit delivery service, holds a market cap of $1.72 billion(CompaniesMarketCap). While it initially differentiated itself by delivering pre-portioned ingredients, HelloFresh’s pivot towards ready-made meals in response to consumer demands for convenience has made it a key competitor in the food delivery space. Its subscription-based model provides a steady revenue stream, and its investment in data-driven personalisation helps to customise meal plans to individual dietary preferences.

9. Jahez (Saudi Arabia) - $1.38 Billion

Jahez rounds out the list with a market cap of $1.38 billion(CompaniesMarketCap). Catering to the specific needs of the Middle Eastern market, Jahez has capitalised on local partnerships and strong urbanisation trends to scale rapidly. Its user-friendly app interface and emphasis on high-quality service delivery have made it a favourite among urban consumers in Saudi Arabia.

10. OLO (United States) - $ 0.78 Billion

Olo partners with some of the biggest names in the restaurant industry, such as Wingstop, Shake Shack, and Five Guys, helping these brands manage direct online ordering, thereby reducing dependency on third-party delivery services. Olo’s Dispatch product also enables restaurants to optimize deliveries by connecting them with various delivery service providers, ensuring quicker service and reduced delivery costs.

The company is well-regarded for empowering restaurants to take control of their digital sales channels, reducing reliance on third-party platforms like Uber Eats and DoorDash, and keeping more of the profits within the restaurants themselves.

Olo faces competition in the crowded restaurant tech space but continues to carve out a niche as a back-end infrastructure provider, rather than a consumer-facing app. Its future growth depends on expanding its suite of services and increasing market penetration, especially as more restaurants focus on direct customer engagement and operational efficiency.

Some Honourable Mentions

1. Meituan (China)

Meituan is a dominant force in China’s food delivery and lifestyle services market. Its super app strategy offers a holistic range of services—from food delivery to ride-hailing and hotel bookings—integrating various aspects of daily life into one platform. Meituan’s AI-driven logistics network and machine-learning algorithms enhance route optimisation, allowing for some of the fastest delivery times in the world. The platform’s vast ecosystem ensures high user engagement, reducing customer acquisition costs while increasing loyalty. Its innovations, such as autonomous delivery robots, place it at the forefront of the food delivery market in China.

2. Uber Eats (USA)

Uber Eats plays a critical role within Uber Technologies, benefiting from Uber’s established ride-hailing data architecture, which enables real-time delivery optimisation. With a vast geographic reach across North America, Europe, and Latin America, Uber Eats is one of the most widespread food delivery platforms globally. The company’s partnerships with ghost kitchens and its investments in autonomous delivery vehicles are part of its broader strategy to reduce delivery costs and increase operational efficiency. Uber Eats’ integration with Uber’s ride-hailing service provides an extensive logistics network, giving it a competitive advantage in delivery speed and scale.

3. Swiggy (India)

Swiggy is India's second largest food delivery platform, offering a wide variety of services beyond just food delivery, including Swiggy Instamart for groceries and Swiggy Genie for package delivery. Swiggy’s success is driven by its deep understanding of India’s diverse markets, providing hyperlocal services tailored to individual cities and regions. The company has a vast network of cloud kitchens and is constantly experimenting with innovations like drone deliveries and autonomous vehicles. With a focus on both operational efficiency and customer satisfaction, Swiggy has become a leading player in India’s fast-growing on-demand delivery space.

What This Means for the Industry

The food delivery industry is poised for further evolution, driven by advancements in AI, automation, and sustainability:

• Ghost Kitchens: Increasing reliance on cloud kitchens, like those employed by Zomato and Uber Eats, allows companies to expand their restaurant partnerships without the overhead of traditional dining establishments. This has become an effective tool to meet rising demand while keeping operational costs lean.
• Automation & AI: Companies like Meituan and Uber Eats are experimenting with robotic deliveries and autonomous vehicles, which could drastically reduce delivery times and operational costs.
• Sustainability: As environmental concerns gain prominence, companies are integrating sustainable practices such as eco-friendly packaging, reusable delivery containers, and electric delivery vehicles to reduce their carbon footprint.
• Labour and Regulation: Regulatory challenges surrounding the gig economy remain a significant hurdle. Platforms like DoorDash and Uber Eats have come under scrutiny for how they treat delivery workers, leading to legislative changes that could affect their business models. Companies are also facing increasing pressure to provide benefits and protections for gig workers.

Geographic Leadership

The global food delivery market is diverse, with different companies leading in various regions:

• North America: DoorDash and Uber Eats continue to dominate, accounting for the majority of market share.
• India: Zomato and Swiggy are the clear leaders, driven by their technological innovations and deep market penetration across the country.
• China: Meituan has maintained its dominance with its super app model, while competitors like Ele.me challenge its stronghold in urban markets.
• Southeast Asia: Grab dominates with its multi-faceted super app approach.
• Europe: Just Eat Takeaway leads the way, with Delivery Hero following closely in several countries.

Emerging Players

In addition to the top ten, several emerging companies are poised to disrupt the market:

• Didi Food (Latin America): Rapidly expanding its footprint in countries like Mexico and Brazil.
• Rappi (Colombia): A rising star in Latin America, expanding its services beyond food delivery to include groceries and payments.

Conclusion

The top ten food delivery companies by market capitalisation are at the forefront of transforming not just how we order food, but how global commerce adapts to the on-demand economy. From DoorDash’s logistical precision in North America to Meituan’s innovative super app ecosystem in China, these companies are setting the stage for what’s next in food delivery: faster service, broader offerings, and smarter technology. Their ability to scale using AI-driven optimisations, embrace automation, and pivot towards sustainable practices will shape the next wave of competition.

In an increasingly interconnected world, these companies aren’t just feeding customers—they’re reshaping economies, creating new labour markets, and driving technological advancements. As they continue to innovate with robotic deliveries, autonomous vehicles, and ghost kitchens, the future of food delivery will extend far beyond convenience. It will touch every aspect of how we live, work, and consume, making the journey of these ten companies one to watch closely.

Their success will hinge on how well they navigate challenges such as regulatory pressures, labour issues, and growing demands for environmental responsibility, while continuing to deliver value through technology and consumer engagement. These companies aren’t just participating in the future of food—they are defining it.