iFood Analysis: Brazil's Food Delivery Leader by the Data

The short answer

iFood is Brazil's dominant food-delivery platform—Movile-owned, wholly held by Prosus since FY23, and operating at a scale its challengers do not match. Its fiscal year ended March 2026 produced R$10.1 billion in net revenue (up 29%) and R$2.2 billion of EBITDA (up 43%), per an Exame report of company figures from June 29, 2026, with roughly R$150 billion in transaction volume. The competitive picture, though, has changed faster in the last eighteen months than in the previous five: 99Food relaunched in April 2025 backed by a reported R$1 billion investment from DiDi's 99, and Meituan's Keeta entered Brazil in late 2025 with its own billion-real plan. iFood's response—grocery, pharmacy, fintech, and ultra-cheap delivery formats—matters as much for data analysts as the delivery war itself, because the platform's surface area is now far wider than restaurants.

Market structure: one leader, a reopened race

Brazil's delivery market spent 2022–2024 effectively as a one-player race. Uber Eats left the country in 2022, Rappi remained active with a smaller footprint, and 99Food had shut its delivery operations (Wikipedia's iFood article and Rappi article both trace this consolidation). That ended in 2025. Per Exame's reporting, 99 announced the 99Food relaunch on April 16, 2025, with up to R$1 billion for its super-app push; Meituan's Keeta—listed by Wikipedia's Meituan article as entering Brazilian food delivery in October 2025—began São Paulo operations that December with a reported R$1 billion commitment. A Galunion consumer survey from April 2026 cited by Exame found 76% of consumers had ordered on iFood in the prior three months versus 36% for 99Food—penetration, not market share, but the clearest published read on relative reach. Treat any precise “iFood has X% of Brazilian delivery” claim without a named source and date as unverified.

Restaurant commissions and exclusivity: the contested core

Restaurant commission rates on iFood are contractual and not published; specific percentages circulating without a named source should be treated as unverified. What is documented is the regulatory frame around them. Exame's April 2025 report notes Brazil's antitrust authority CADE reached a 2023 agreement with iFood, valid for four years, limiting restaurant exclusivity contracts, and that iFood had faced monopoly complaints from Rappi, Uber Eats, Abrasel, and 99Food. The dispute has not cooled: through 2026 Brazilian outlets reported iFood asking CADE to investigate 99Food's and Keeta's conduct, courts ruling against 99Food in disparagement cases, and both challengers litigating against each other. For data purposes the practical consequence matters more than the legal detail.

The exclusivity loosening is precisely what reopened the door for challengers: multi-homing restaurants can now list on several apps at once, which makes observed menu prices and promotions on each platform a genuine competitive surface rather than a mirror of one dominant player's terms. It also means restaurant-count comparisons between apps overstate differentiation—the same pizzeria in São Paulo may legitimately sit on three platforms with three different fee-inclusive price points.

Grocery expansion: the second business

• One-third of revenue is now non-restaurant. Exame reports fiscal-2026 was the first year a third of iFood's revenue came from beyond food delivery—supermarket, pharmacy, beverages, convenience, and restaurant software among the drivers.
• iFood Pago is about a quarter of ecosystem revenue. The same report describes the fintech arm as processing around R$4 billion monthly and offering restaurants digital accounts, receivables advance, credit, and payments—payment integration as retention, not just checkout.
• Format innovation targets low-ticket orders. iFood's Hits (meals from R$15 with free delivery) and Turbo (up-to-20-minute delivery across meals, grocery, and pharmacy) are the company's stated growth bets for fiscal 2027.
• Prosus frames it the same way. Prosus's portfolio page describes iFood as Brazil's leading food-delivery platform with roughly 70 million monthly orders across restaurants and groceries, a profitable core restaurant business, and expansion into convenience, grocery, logistics, and fintech.

What this means for data collection

What public sources cannot tell you

• Actual commission percentages. Contractual; no official schedule exists.
• True market share. iFood is private; penetration surveys are not share, and neither company publishes order-level splits.
• Category GMV splits. Restaurant vs grocery vs pharmacy revenue mix is described directionally, not quantified in audited filings.
• Courier economics. Pay structures are operational and contested; treat third-party averages skeptically.

A realistic first program

1. Pick two or three contrasting cities—São Paulo plus one secondary market—so subsidy effects do not silently generalize from the most contested metro.
2. Collect matched windows across all four apps with identical fields: item price, delivery fee, service fee, minimum order, promotion flags.
3. Benchmark against direct channels where restaurants publish their own menus, so app markup is measured rather than assumed.
4. Add a grocery panel for supermarket SKUs on iFood versus its q-commerce peers, since that is where brand teams have least visibility.
5. Keep raw evidence and timestamps, because coupon windows close fast and layouts change without notice.

Bottom line

Brazil is again the most instructive food-delivery market outside the US and China: a profitable, diversified incumbent facing two funded challengers, with CADE's exclusivity limits keeping the restaurant side contestable. For analysts the opportunity is the comparison set—the same restaurant, SKU, and basket observed on iFood, 99Food, Keeta, and Rappi in the same cities and windows, plus iFood's grocery surface where brand visibility is thinnest. Anchor scale claims to dated primary reporting, treat share figures without sources as noise, and start with two or three cities before going national. Our iFood marketplace page details the data points we track and how a sample can be scoped for your markets.