英文【Bernstein】印度新兴消费者：快速洞察：Rapido推出食品配送服务；若能扩大规模并取得成功，对快餐连锁店（QSR）总体有利

11 June 2025India Emerging ConsumerQuick Take: Rapido launching a food delivery service; net positivefor QSRs if it can scale and succeed.Jignanshu Gor+91 226 842 1494jignanshu.gor@bernsteinsg.comParth Shah+91 226 842 1464parth.shah@bernsteinsg.comContext: Rapido is a ride-hailing platform in India focusing on 2W rides initially and hasrecently expanded to 3W and 4W categories. It is known for starting the zero-commissionmodel in ride hailing. Over the last 3 days, multiple media reports have claimed they intendto start a food delivery platform called Ownly (link). For this platform, it appears that Rapidois planning to partner with NRAI (National Restaurant Association of India), which is anassociation of ~50,000 restaurants (link). NRAI has been a vocal supporter of providingdelivery-led convenience to food service customers but has, at times, been critical of existingfood delivery platforms in multiple areas. Here we look at what Rapido is proposing and itspotential impact on Quick Service Restaurant (QSR) firms if this initiative succeeds.What is Rapido proposing: The key thrust of Rapido’s plan (as being reported acrossmultiple media outlets) is a lower delivery fee/ cost to both restaurants and customers. Theproposal mentions a flat delivery fee of Rs 10 (for order value <Rs 100), Rs 25 (order valuebetween Rs 100-400) and Rs 50 (for order value > Rs 400). Customers will also not becharged any additional packaging fee or platform fee. Customers will pay a delivery fee of Rs20 for order value < Rs 100 and no delivery fee for larger orders. The restaurants will haveto keep the pricing same across dine-in and delivery; offer at least 4 meal options below Rs150 and ensure there is no packaging fee. NRAI officials are quoted saying that Rapido hasalso promised to share customer data with the restaurants.Why does this matter to QSRs? Customer behavior at the QSR price point has consistentlymoved towards delivery over the last 3 years (Exhibit 1). This has happened in the Pizza,Fried Chicken and Burger categories. In our coverage, Jubilant (which has ~73% of Domino’sIndia revenues from delivery) does the product delivery to the customer by its own fleetof drivers. Westlife (43% of revenues are delivery) has selective restaurants where it doesits own delivery, but that is a small percentage of their overall delivery business. Devyaniand Sapphire are fully reliant on food-delivery aggregator platforms and partners for ordergeneration and delivery. KFC has 45% and 43% of business coming from delivery for Devyaniand Sapphire respectively. Pizza Hut has 56% and 52% respectively.Devyani, Sapphire and Westlife pay commissions and delivery charges to aggregators,which are ~18-19% of their online revenues (~6-8% of total revenues) (Exhibit 2). Thisleaves them with two choices: (a) Increase online prices for products vs. dine-in to maintainEBITDA margins for delivery orders or (b) Accept a reduced margin profile for deliveryorders. Most QSRs have increased p