Top Food Start-ups in India in 2026, Ranked by Revenue
India's ten largest food start-ups, ranked by the latest annual revenue in The Company Check's records, run from Zomato's parent Eternal to the organic dairy Akshayakalpa. Eternal booked ₹55,760 crore in FY2025-26; Akshayakalpa, ₹392.56 crore in FY2024-25. Only three of the ten made a profit in their latest year. Delivery apps dominate the top, while cloud kitchens and food brands line up for listings.
Key takeaways
- Eternal booked ₹55,760 crore of revenue and ₹366 crore of profit in FY2025-26, after Blinkit began selling its own stock.[1][2]
- Swiggy reached ₹23,561 crore of FY2025-26 revenue with a ₹4,154 crore loss, though its food delivery arm crossed ₹1,000 crore of annual adjusted EBITDA.[3][4]
- Rebel Foods cut its FY2025-26 loss by 16.3% to ₹281.8 crore on operating revenue of ₹1,951.6 crore.[5]
- Only Eternal, Paper Boat maker Hector Beverages and iD Fresh Food were profitable in their latest filed year.[6][7]
- Curefoods shelved its IPO in June 2026, citing market turmoil and mutual funds' resistance to the ₹4,000 crore valuation it sought.[8]
How this list was ranked
The ranking uses one number: the latest annual revenue each company has filed, as recorded by The Company Check. That figure is total income, so it includes other income such as interest. Filing years differ, so the year sits next to every figure. Only companies with accounts for FY2024-25 or later made the cut.
"Food start-up" here means a founder-led, venture-backed business that sells meals, fresh food or packaged food and drinks, mostly online. That is wider than the government's test. A startup recognised by DPIIT, the Department for Promotion of Industry and Internal Trade, must be under ten years old and must never have crossed ₹200 crore of turnover in a year.[9] Every company below has outgrown at least one of those limits, so none can claim the tax and compliance benefits that come with recognition.
Two of the ten are listed, and both now sell groceries as well as meals. In the March 2026 quarter, Swiggy's Instamart handled orders worth ₹7,881 crore against ₹9,005 crore for food delivery.[4] At Eternal, Blinkit brought in ₹13,232 crore of the group's ₹17,292 crore operating revenue.[2]
The ten largest food start-ups in India by revenue
1. Zomato (Eternal)
Zomato's parent Eternal grew FY2025-26 operating revenue by 161% to ₹54,364 crore, while net profit fell 31% to ₹366 crore.[2] Most of the jump came from Blinkit, the quick-commerce app, which moved to an inventory-led model: it now buys stock and sells it rather than taking a commission. Blinkit ended March 2026 with 2,243 dark stores, the small warehouses that make 10-minute delivery possible.[2]
Restaurant delivery still carries the profits. Zomato's food business grew operating revenue 33% to ₹2,737 crore in the March 2026 quarter, with ₹532 crore of adjusted EBITDA. Founder Deepinder Goyal left his executive role in February 2026, and Albinder Dhindsa is now chief executive.[2] In the June 2026 quarter, the group's consumer order value reached ₹31,120 crore, up 54%.[10]
| Legal name | Eternal Limited |
|---|---|
| CIN | L93030DL2010PLC198141 |
| Incorporated | 18 January 2010; listed |
| Based in | Gurugram (brand founded 2008) |
| Revenue (FY2025-26) | ₹55,760 crore |
| Net profit (FY2025-26) | ₹366 crore |
| Paid-up capital | ₹965.04 crore |
| Employees | 7,163 |
| Directors and key officers on record | 11 |
| Funding recorded | USD 1,689 million over 19 rounds, including a USD 1,000 million post-listing raise in November 2024 |
Source: The Company Check records.[1][11]
2. Swiggy
Swiggy, founded in Bengaluru in 2014, works with more than 2.7 lakh restaurants in over 720 cities through about 6.5 lakh delivery partners.[12] Its FY2025-26 revenue was ₹23,561 crore, with a net loss of ₹4,154 crore, according to The Company Check's records.[3] Most of the loss comes from quick commerce, which lost ₹858 crore at the adjusted EBITDA level in the March 2026 quarter alone. Food delivery, by contrast, earned more than ₹1,000 crore of adjusted EBITDA over the year.[4]
Instamart reached contribution breakeven in May 2026, meaning each order finally covers its direct costs.[12] In August 2026, shareholders voted to cap foreign ownership at 49.5%. That lets Swiggy qualify as an Indian owned and controlled company and move Instamart to the inventory model Eternal already uses.[13]
| Legal name | Swiggy Limited |
|---|---|
| CIN | L74110KA2013PLC096530 |
| Incorporated | 26 December 2013; listed |
| Based in | Bengaluru |
| Revenue (FY2025-26) | ₹23,561 crore |
| Net loss (FY2025-26) | ₹4,154 crore |
| Paid-up capital | ₹276.03 crore |
| Employees | 5,118 |
| Directors and key officers on record | 9 |
| Funding recorded | USD 3,539 million over 17 rounds, including a USD 1,200 million post-listing raise in December 2025 |
Source: The Company Check records.[3][14]
3. Rebel Foods
Rebel Foods runs cloud kitchens: delivery-only kitchens with no dining room. It sells more than 45 brands, among them Behrouz Biryani and Wendy's, across 120-plus cities in India, the UAE and the UK.[5] Jaydeep Barman and Kallol Banerjee both sit on its board.[15]
FY2025-26 operating revenue rose 20.7% to ₹1,951.6 crore, and the net loss narrowed to ₹281.8 crore. Overseas sales grew 38.8% to ₹283.81 crore, now 14.5% of the top line. Brokerage and commission was the fastest-rising cost, up 30.6% to ₹317.7 crore.[5] Ahead of a possible listing, Barman became chairman and group CEO, and Ankush Grover became global CEO.[5]
| Legal name | Rebel Foods Private Limited |
|---|---|
| CIN | U93000PN2010PTC136943 |
| Incorporated | 27 July 2010; unlisted |
| Based in | Mumbai (registered in Pune) |
| Revenue (FY2025-26) | ₹1,994.95 crore |
| Net loss (FY2025-26) | ₹281.78 crore |
| Paid-up capital | ₹62.63 crore |
| Employees | 6,134 |
| Directors and key officers on record | 8 |
| Funding recorded | USD 587 million over 24 rounds; investors include Qatar Investment Authority, Temasek, Evolvence, KKR |
Source: The Company Check records.[15][16]
4. Licious
Licious sells fresh meat and seafood online. Vivek Gupta and Abhay Hanjura founded it in Bengaluru.[17] Its company, Delightful Gourmet, was incorporated on 13 May 2015 and recorded ₹1,193.61 crore of revenue and a ₹279.43 crore loss in FY2025-26.[18] Licious had earlier claimed 47% growth for the year, to ₹1,166 crore of net revenue.[17]
Stores are the new push. Offline revenue rose from ₹26 crore in FY2024-25 to ₹177 crore in FY2025-26, across more than 60 outlets. Repeat buyers make up 94% of the business, and the company plans to grow from 130 dark stores to about 400 over five years.[17]
| Legal name | Delightful Gourmet Private Limited |
|---|---|
| CIN | U74900KA2015PTC080321 |
| Incorporated | 13 May 2015; unlisted |
| Based in | Bengaluru |
| Revenue (FY2025-26) | ₹1,193.61 crore |
| Net loss (FY2025-26) | ₹279.43 crore |
| Paid-up capital | ₹110.58 crore |
| Employees | 2,177 |
| Directors and key officers on record | 9 |
| Funding recorded | USD 490 million over 12 rounds; investors include InnoVen Capital, Amansa Capital, Axis Growth Avenues AIF–I, Temasek |
Source: The Company Check records.[18][19]
5. Paper Boat (Hector Beverages)
Hector Beverages, the company behind the Paper Boat drinks brand, was incorporated on 13 October 2009. It is one of three profitable names on this list. In FY2025-26 it earned ₹1.94 crore on ₹778.29 crore of revenue. Two years earlier it lost ₹47.15 crore on ₹595.20 crore.[6]
The records show no new equity round behind that swing; the last is a USD 50.2 million Series D in August 2022.[20]
| Legal name | Hector Beverages Private Limited |
|---|---|
| CIN | U15549HR2009PTC039586 |
| Incorporated | 13 October 2009; unlisted |
| Based in | Bengaluru (registered in Haryana) |
| Revenue (FY2025-26) | ₹778.29 crore |
| Net profit (FY2025-26) | ₹1.94 crore |
| Paid-up capital | ₹36.20 crore |
| Employees | 1,141 |
| Directors and key officers on record | 9 |
| Funding recorded | USD 185 million over 26 rounds; investors include Lathe Investment, A91 Partners, Sofina, Nadir Burjor Godrej |
Source: The Company Check records.[6][20]
6. Curefoods
Curefoods was founded in 2020 by Ankit Nagori, a former Flipkart executive, when it split from Cult.fit with a single brand, EatFit. It now runs more than 20 brands.[8]
Revenue for FY2024-25 was ₹775.49 crore, with a loss of ₹169.97 crore, according to The Company Check's records.[21] SEBI approved its IPO in October 2025, with a planned ₹800 crore fresh issue. In June 2026 it put the listing on hold, citing market turmoil. Mutual funds at its roadshows were not aligned with the ₹4,000 crore valuation it sought.[8]
| Legal name | Curefoods India Limited |
|---|---|
| CIN | U55209KA2020PLC139614 |
| Incorporated | 10 October 2020; unlisted |
| Based in | Bengaluru |
| Revenue (FY2024-25) | ₹775.49 crore |
| Net loss (FY2024-25) | ₹169.97 crore |
| Paid-up capital | ₹10.86 crore |
| Employees | 2,542 |
| Directors and key officers on record | 10 |
| Funding recorded | USD 193 million over 18 rounds; investors include BlackSoil, Caspian, Binny Bansal, Hrithik Roshan |
Source: The Company Check records.[21][22]
7. Box8 (EatClub Brands)
Box8 is a delivery-first meals brand run by EatClub Brands, earlier named Poncho Hospitality. The same company owns Mojo Pizza.[23] FY2024-25 revenue was ₹749.53 crore, up 45.39% on the year before, with a loss of just ₹14.60 crore.[23]
That loss is under 2% of revenue, the thinnest among the loss-makers here. Amit Raj and Anshul Gupta have been directors since the company was incorporated on 30 June 2012.[23] Its latest round in the records is a USD 16.8 million Series D dated August 2025.[24]
| Legal name | Eatclub Brands Private Limited |
|---|---|
| CIN | U55204KA2012PTC087024 |
| Incorporated | 30 June 2012; unlisted |
| Based in | Bengaluru |
| Revenue (FY2024-25) | ₹749.53 crore |
| Net loss (FY2024-25) | ₹14.60 crore |
| Paid-up capital | ₹25.84 crore |
| Employees | 3,656 |
| Directors and key officers on record | 4 |
| Funding recorded | USD 97 million over 15 rounds; investors include Tiger Global, Amgele Family Trust, KVS Software, Fortune Investment |
Source: The Company Check records.[23][24]
8. iD Fresh Food
iD Fresh Food makes ready-to-cook fresh foods and traces its brand to 2005.[25] It has the highest profit margin on this list. FY2024-25 revenue was ₹688.22 crore and net profit ₹50.75 crore, a margin of about 7%.[7]
Its latest round in the records is a USD 5.9 million Series D dated February 2026.[25]
| Legal name | iD Fresh Food (India) Private Limited |
|---|---|
| CIN | U15549KA2012PTC067294 |
| Incorporated | 17 December 2012; unlisted |
| Based in | Bengaluru |
| Revenue (FY2024-25) | ₹688.22 crore |
| Net profit (FY2024-25) | ₹50.75 crore |
| Paid-up capital | ₹7.56 lakh |
| Employees | 1,943 |
| Directors and key officers on record | 7 |
| Funding recorded | USD 126 million over 10 rounds; investors include Newquest, Premji Invest, Brand Capital, Helion Venture Partners |
Source: The Company Check records.[7][25]
9. FreshToHome
FreshToHome sells meat and poultry online and is one of the rivals Licious names.[26][17] Its FY2024-25 revenue was ₹429.97 crore, but the loss of ₹146.33 crore equalled about a third of sales.[27]
It has raised USD 302 million over ten rounds. Its newest entry is debt, not equity: USD 8.5 million in January 2026.[26]
| Legal name | Freshtohome Foods Private Limited |
|---|---|
| CIN | U51101KA2011FTC059104 |
| Incorporated | 10 June 2011; unlisted |
| Based in | Bengaluru |
| Revenue (FY2024-25) | ₹429.97 crore |
| Net loss (FY2024-25) | ₹146.33 crore |
| Paid-up capital | ₹27.98 crore |
| Employees | 302 |
| Directors and key officers on record | 8 |
| Funding recorded | USD 302 million over 10 rounds; investors include Investcorp, Artisan Capital Group, Iron Pillar, Al Nasser Holdings |
Source: The Company Check records.[27][26]
10. Akshayakalpa Organic
Akshayakalpa is an organic dairy based in Tiptur, Karnataka, that sells milk and dairy products online.[28] Revenue doubled in two years, from ₹194.13 crore in FY2022-23 to ₹392.56 crore in FY2024-25. The loss shrank from ₹36.27 crore to ₹27.36 crore over the same period.[29]
In February 2026 it raised a USD 19.3 million Series C, according to The Company Check's records.[28]
| Legal name | Akshayakalpa Farms And Foods Private Limited |
|---|---|
| CIN | U01110KA2010PTC052974 |
| Incorporated | 24 March 2010; unlisted |
| Based in | Tiptur, Karnataka |
| Revenue (FY2024-25) | ₹392.56 crore |
| Net loss (FY2024-25) | ₹27.36 crore |
| Paid-up capital | ₹43.09 crore |
| Employees | 1,051 |
| Directors and key officers on record | 8 |
| Funding recorded | USD 58 million over 10 rounds; investors include A91 Partners, Rainmatter, British International Investment, Dairy Enterprise Services |
Source: The Company Check records.[29][28]
Side-by-side comparison
The table puts all ten on one page. Revenue and profit are in ₹ crore for the latest year on record; a minus sign marks a loss.[1][3][15][18][6][21][23][7][27][29]
| # | Company | Year | Revenue (₹ crore) | Net profit (₹ crore) | Brand founded |
|---|---|---|---|---|---|
| 1 | Zomato (Eternal) | FY2025-26 | 55,760.00 | 366.00 | 2008 |
| 2 | Swiggy | FY2025-26 | 23,561.00 | −4,154.00 | 2014 |
| 3 | Rebel Foods | FY2025-26 | 1,994.95 | −281.78 | 2010 |
| 4 | Licious | FY2025-26 | 1,193.61 | −279.43 | 2015 |
| 5 | Paper Boat (Hector Beverages) | FY2025-26 | 778.29 | 1.94 | 2009 |
| 6 | Curefoods | FY2024-25 | 775.49 | −169.97 | 2020 |
| 7 | Box8 (EatClub Brands) | FY2024-25 | 749.53 | −14.60 | 2012 |
| 8 | iD Fresh Food | FY2024-25 | 688.22 | 50.75 | 2005 |
| 9 | FreshToHome | FY2024-25 | 429.97 | −146.33 | 2015 |
| 10 | Akshayakalpa | FY2024-25 | 392.56 | −27.36 | 2010 |
A wide gap separates the top two from the rest. Eternal and Swiggy together booked about ₹79,300 crore in FY2025-26, more than 40 times the ₹1,995 crore of Rebel Foods in third place.[1][3][15]
What is shaping food start-ups in 2026
Fees and commissions
Customers pay more per order than a year ago. Zomato raised its platform fee by 20% to ₹14.9 an order, before GST, in March 2026; Swiggy charges close to ₹15 including GST.[30] Restaurants pay too. Swiggy and Zomato typically take 25-35% of each order as commission.[31]
A new rival is pricing below that. Flipkart planned to pilot food delivery in Bengaluru from mid-August 2026 at a 10-11% commission, signing restaurants through ONDC, the government-backed Open Network for Digital Commerce.[31]
Gig-worker rules
Delivery riders are now a cost line set by law. The Code on Social Security, 2020 lets the Centre charge aggregators 1-2% of annual turnover for gig workers' welfare, capped at 5% of what they pay those workers.[32] Karnataka goes further with its own 2025 Act: a 1% welfare fee per transaction, capped at ₹0.50 for each food or grocery delivery.[33] The Karnataka High Court refused to stay the law in July 2026 and told platforms to deposit the April-June fee.[33]
Food-safety scrutiny
The Food Safety and Standards Authority of India (FSSAI) is tightening checks on online food. In September 2026 it took penal action against Amazon, Flipkart, BigBasket, Swiggy Instamart and Zepto over misleading claims and prohibited items.[34] In October 2026 it was weighing rules to make listings show manufacturing date, expiry date and batch number. It also wants platforms held accountable for manufacturers' misleading claims.[35]
Funding and listings
Public markets are choosy about loss-making food companies. Curefoods paused its IPO, while Licious and Rebel Foods are both reported to be preparing for listings.[8][17][5]
Names that missed the cut
Some well-known brands are absent because their latest filings fall below the tenth place or are too old. Chaayos, the tea-cafe chain run by Sunshine Teahouse, reported ₹329.73 crore in FY2024-25.[36] Biryani By Kilo, run by Sky Gate Hospitality, reported ₹310.18 crore with a ₹92.32 crore loss in FY2024-25.[37]
Country Delight's dairy company, Beejapuri Dairy, last shows FY2022-23 accounts in the records, at ₹800.76 crore.[38] Wow! Momo last shows FY2023-24, at ₹468.20 crore.[39] FreshMenu, a name from the earlier edition of this list, reported ₹124.72 crore in FY2023-24.[40]
How to check a food start-up before you deal with it
Restaurant owners should start with the commission maths. On ₹10 lakh of monthly orders, a 25-35% commission costs ₹2.5-3.5 lakh, against ₹1-1.1 lakh at Flipkart's planned 10-11%.[31] Ask each platform for its fee in writing, including ads and discounts you fund.
Suppliers, landlords and job-seekers should check three things on the company's profile. First, the year of the latest filed accounts; a gap of two years or more is a warning. Second, the loss as a share of revenue. Third, open charges, which show what the company has borrowed against its assets.
Investors in listed names should track order value and adjusted EBITDA each quarter, not revenue alone. Inventory models inflate revenue without changing what customers spend. Before buying from a cloud kitchen, check that it displays its FSSAI licence number on the app listing.
Companies mentioned
- Eternal (Zomato, Blinkit) – listed food delivery and quick-commerce group, Gurugram, incorporated 2010
- Swiggy – listed food delivery and Instamart quick commerce, Bengaluru, 2014
- Rebel Foods – cloud-kitchen operator behind Behrouz Biryani, Mumbai, 2010
- Licious (Delightful Gourmet) – online meat and seafood, Bengaluru, 2015
- Hector Beverages – maker of Paper Boat drinks, incorporated 2009
- Curefoods – cloud-kitchen brand house, Bengaluru, 2020
- EatClub Brands (Box8) – delivery-first meals, Bengaluru, 2012
- iD Fresh Food – ready-to-cook fresh foods, Bengaluru, brand from 2005
- FreshToHome – online meat and poultry, Bengaluru, 2015
- Akshayakalpa Farms and Foods – organic dairy, Tiptur, 2010
- Flipkart – e-commerce marketplace piloting food delivery, Bengaluru, 2007
- Amazon Seller Services – Amazon's Indian marketplace, Bengaluru, 2010
- BigBasket (Innovative Retail Concepts) – online grocery, Bengaluru, 2010
- Zepto – quick-commerce app, Mumbai, 2020
- Chaayos (Sunshine Teahouse) – tea-cafe chain, Delhi, 2012
- Biryani By Kilo (Sky Gate Hospitality) – delivery-first biryani brand, Gurugram, 2015
- Country Delight (Beejapuri Dairy) – subscription milk and groceries, Gurugram, 2015
- Wow! Momo Foods – momo restaurant chain, Kolkata, 2008
- FreshMenu (Foodvista India) – meals delivery, Bengaluru, 2014
Frequently asked questions
Which is the biggest food start-up in India in 2026?
By filed revenue, Zomato's parent Eternal, with ₹55,760 crore in FY2025-26. Swiggy follows at ₹23,561 crore for the same year. Among unlisted companies, Rebel Foods leads at ₹1,994.95 crore in FY2025-26.
Is Zomato still a start-up?
Not under the government's definition. A DPIIT-recognised startup must be under ten years old with turnover below ₹200 crore in every year. Eternal was incorporated in 2010 and is listed, so the term is used here in its everyday sense.
Which food start-ups are profitable?
In their latest filed year, Eternal (₹366 crore, FY2025-26), iD Fresh Food (₹50.75 crore, FY2024-25) and Hector Beverages (₹1.94 crore, FY2025-26) made a net profit. The other seven reported losses, from ₹14.60 crore at Box8 (FY2024-25) to ₹4,154 crore at Swiggy (FY2025-26).
Which food start-ups are planning an IPO?
Curefoods had SEBI approval but paused its listing in June 2026. Licious and Rebel Foods are both reported to be preparing for listings, with no dates announced.
How can I check a food company's financials?
Search the company on The Company Check and open its profile. It shows the legal name, CIN, status, directors, open charges and the latest filed revenue with its year.
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