Food delivery majors like Eternal and Swiggy are turning their attention to the dining-out and live events market, a space that is expanding quickly as urban consumers are spending more on experiences outside the home. According to a new Bernstein Research report, this going out segment now represents the most compelling growth avenue for both companies, at a time when food delivery has settled into slower, more predictable expansion.
While neither company is new to this segment, both are still in the early stages of scaling it. The report notes that Eternal and Swiggy will need to invest meaningfully to formalise inventory flows, deepen partnerships with restaurants and event organisers, and eventually stitch together fuller journeys that combine dining, transport and entertainment. This will require capital, and profitability may not be immediate. Yet the strategic logic is clear, that food delivery is now a stable, cash-generating business, while quick commerce remains competitive and capital-intensive. The going-out market, by contrast, offers a way to lift average order values, increase frequency and build a broader presence in consumers’ daily lives.
According to Bernstein estimates, the dining-out market was approximately $21 billion in FY24 and could grow to nearly $39 billion by FY30, on the back of rising disposable incomes and a preference for curated dining experiences in major cities. Notably, the higher-ticket end of this market comprising fine dining, premium casual kitchens and concept-led restaurants, could more than double from $5 billion to $12 billion over the same period. Much of this spend is concentrated in the top eight cities and among the top 5% income bracket, a group that already overlaps strongly with Eternal and Swiggy’s most active users.
The logic of the shift is straightforward. As dining out becomes more planned, reservations are increasingly integral to the experience. In metros, popular restaurants often require advance booking, and discovery itself has moved to social feeds and search platforms. Eternal and Swiggy now want to bring that decision-making moment inside their own apps. Eternal’s District and Swiggy’s dine-out offerings reflect this push by aiming to connect restaurants directly to consumers for discovery, booking and payment, reducing friction between seeing and going.
Live entertainment is the other key pillar. The organised events market, covering international tours, large-format music festivals, comedy and cultural performances, is currently valued at around $2.5 billion. Bernstein estimates it could grow to about $9 billion by FY30, making it one of the fastest-expanding categories in discretionary consumption. Its core audience of urban consumers aged 18–35, accustomed to digital platforms and willing to spend on experiences, closely mirrors the user base that both Eternal and Swiggy already reach through their apps, thus giving them a distribution advantage over standalone ticketing services.
Effectively, the platforms are betting that they can move from being utilities that bring food to the table to becoming the starting point for the entire evening. If they succeed, the apps that once delivered dinner could soon shape where people decide to go next.