Rapido’s Ownly launch signals food delivery push amid $600-million fundraise

For Rapido, the food delivery push could serve as a strategic extension of its urban mobility network, potentially allowing the company to unlock new order volumes and rider utilisation as it scales its consumer platform
| Photo Credit:
Achuth Vinay _11500@Chennai

Urban mobility start-up Rapido is stepping into the crowded food delivery market with the launch of Ownly, signalling a broader strategy beyond zero-commission meals as the company builds additional revenue streams alongside ride-hailing and logistics.

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The move comes as Rapido is in the midst of raising $550–600 million in a fresh funding round led by Prosus, with participation from Accel’s India arm and existing investor WestBridge Capital. The transaction includes both primary and secondary components and is expected to strengthen the company’s balance sheet as it expands into new verticals.

Rapido’s food delivery service, Ownly, is being positioned as a platform that works closely with restaurant partners while keeping commissions low. The company has begun rolling out the service in Bengaluru and plans to expand to more cities over time, people aware of the plans said.

“The fundraising is happening at a time when Ownly is looking to enter the market and expand to other cities. Though the competition is stiff, both Eternal and Swiggy are seeing positive outcomes from their food delivery businesses,” said an investor familiar with the development, requesting anonymity.

Market Leaders

Food delivery remains a fiercely contested segment in India’s consumer internet ecosystem. Market leaders Swiggy and Eternal—the parent of Zomato—have doubled down on the vertical in recent quarters, introducing new formats and operational tweaks aimed at improving efficiency and order volumes.

Both companies have also reported improving unit economics in the segment, helped by higher order frequency, subscription-led loyalty programmes and experiments with quick food delivery formats.

Rapido’s entry, however, comes with a different approach. The company is not looking to rely heavily on deep discounting in the early stages and instead plans to build supply through partnerships with restaurants while leveraging its existing rider network.

Another investor said capturing meaningful market share from entrenched players will take time. “Even though Ownly currently does not want to discount heavily and is relying on restaurant partnerships, it will be a difficult journey to take share from incumbents,” the investor said. “Both Swiggy and Eternal are actively experimenting with their food delivery offerings, and we saw the results of that in the last quarter.”

For Rapido, the food delivery push could serve as a strategic extension of its urban mobility network, potentially allowing the company to unlock new order volumes and rider utilisation as it scales its consumer platform.

Published on March 13, 2026