India Food Delivery Toing sees surprising traction as Swiggy attempts to address its Innovator’s Dilemma

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India Food Delivery Toing sees surprising traction as Swiggy attempts to address its Innovator’s Dilemma

J P M O R G A N Asia Pacific Equity Research

12 June 2026

India Food Delivery

Toing sees surprising traction as Swiggy attempts to

address its Innovator’s Dilemma

Swiggy’s new FD platform Toing (launched late 2025 in response to Rapido) has Head of APAC Telecoms and India

enjoyed a sharp increase in engagement levels over the last three months with DAU TMT Research

and organic downloads rivaling those of the parent app and Zomato (See Figures Ankur Rudra, CFA AC

1-2). This has been supported by a sharp investment in performance marketing, as (65) 6801-3237

visible in paid download levels (See Figure 3). Toing appears to have found ankur.rudra@jpmorgan.com

customer traction and has been materially more successful compared to Rapido’s J.P. Morgan Securities Singapore Private Limited

Ownly FD offering in this period. Our comparative analysis of Toing’s offerings Bhavik Mehta, CFA

with Swiggy and Zomato across top metros suggests Toing is not adding new (91-22) 6157-3871

bhavik.mehta@jpmchase.com

supply but potentially poaching price-sensitive customers with lower menu prices, J.P. Morgan India Private Limited, J.P. Morgan

no platform fees and fixed/lower delivery fees. It is offering everything Rapido/ Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

Ownly threatened with Swiggy’s scale. This is an example of Swiggy pre-empting

Harshit Sharma

the Innovator’s Dilemma Uber/Ola faced in ride hailing by launching an inferior

(91-22) 6157-5879

but cheaper service itself. The best case from here, in our view, is that Swiggy is harshit.sharma@jpmchase.com

able to successfully segment the market by attracting new price-sensitive J.P.