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Rapido Food Delivery Service Analysis: Impact on Indian QSRs

Overview

Rapido, an Indian ride-hailing platform, is launching a food delivery service called Ownly, partnering with the National Restaurant Association of India (NRAI). This initiative aligns with Rapido's zero-commission model and aims to lower delivery costs for restaurants and customers. The service could positively impact Quick Service Restaurant (QSR) firms by improving margins and increasing competition in the delivery sector.

Key Details of Rapido's Plan

• Fees: A flat delivery fee structure includes Rs 10 for orders under Rs 100 (customer pays Rs 20), Rs 25 for orders between Rs 100 and Rs 400 (no additional charge), and Rs 50 for orders above Rs 400. Restaurants must maintain uniform pricing across dine-in and delivery, offer at least four meal options below Rs 150, and avoid packaging fees.
• Partnership: Collaboration with NRAI, which represents ~60,000 restaurants, supports delivery-led convenience but critiques existing platforms, potentially intensifying competition.

QSR Impact

• Margin Benefits: High commission costs (~18-19% of online revenues or ~6-8% of total) for QSRs like Devyani and Sapphire could decrease, potentially improving EBITDA margins by 3.5-5%. For example, Devyani and Sapphire have significant delivery reliance.
• Customer Behavior: Delivery share for QSR brands like Pizza Hut and KFC has increased, influenced by price differentials between dine-in and delivery.
• Increased Competition: Lower delivery costs may intensify rivalry, especially for aggregators seeking riders during peak times, and make lower-order value items more viable.

Investment Implications

• Ratings: Jubilant and Devyani are rated Outperform; Sapphire and Westlife are Market-Perform and Underperform, respectively. Price targets include Rs 860 for Jubilant, Rs 200 for Devyani, Rs 340 for Sapphire, and Rs 640 for Westlife. Enhanced economics from Rapido could optimize results for chains with limited delivery infrastructure.