India's Zomato expects food delivery business to grow 30% annually over 5 years, exec says

Indian food delivery major Zomato expects its key meal delivery business to grow at an annual rate of 30% over the next five years, a top executive said, hailing the listing of SoftBank-backed peer Swiggy as a boost for the sector. "The food delivery sector is still in its nascent stages in the country and ... more competition will only foster innovation and growth which will benefit the sector overall," Rakesh Ranjan, Zomato's food delivery CEO, said on Monday. Swiggy went public in November — more than three years after Zomato hit the bourses — fetching a valuation of $12.1 billion.