What are the top ghost kitchen startups by revenue today?

The ranking of top startups in the ghost kitchen market by revenue

Below is a table ranking all the companies in this market by their current revenue scale. You can find our methodology at the end of this page.

If you want a deeper understanding of the market and its current dynamics, get our report covering the Ghost Kitchen Market.

What actually counts as a ghost kitchen startup today?

Ghost kitchen startups now include several quite different businesses, from delivery-first restaurant groups such as Rebel Foods and EatClub Brands to kitchen-infrastructure companies such as CloudKitchens and virtual-brand platforms such as Virtual Dining Concepts.

That makes the category messier than it was a few years ago. Rebel Foods runs consumer brands through shared kitchen infrastructure. EatClub does something similar with brands such as BOX8 and MOJO Pizza. CloudKitchens mainly provides kitchens and operating infrastructure to restaurant brands. Virtual Dining Concepts distributes digital brands through existing restaurant kitchens.

Kitopi shows how far the category has stretched. The company started as a cloud-kitchen operator and now describes itself as a tech-powered multi-brand restaurant business spanning delivery and dine-in. Its own materials say it operates more than 100 brands across more than 200 locations.

For this ranking, we kept companies whose business still has a meaningful connection to delivery-first kitchens, virtual restaurants or shared food-production infrastructure. We did not assume that every company in the category earns revenue in the same way.

Which ghost kitchen startups make the most revenue today?

Rebel Foods is the clearest revenue leader we found, while EatClub Brands has the strongest case for second place among companies with directly usable financial figures.

Rebel Foods generated ₹1,951.6 crore of operating revenue in FY2026. EatClub Brands reported ₹749.5 crore in FY2025. After those two, the gap gets large: Taster's latest group figure we could verify was £22.7 million of 2024 turnover, while Greek operator STIQ says it has reached roughly €16 million of annualized revenue.

Several well-known companies cannot be ranked this cleanly. Kitopi operates more than 200 locations but does not publish a recent company-wide revenue figure strong enough for a precise position. CloudKitchens has more than 90 U.S. facilities and operates internationally, yet its corporate revenue is also undisclosed.

Company	Strongest useful public figure	Metric	How we treat it
Rebel Foods	₹1,951.6 Cr	FY2026 operating revenue	#1
EatClub Brands	₹749.5 Cr	FY2025 revenue	#2 among directly comparable figures
Taster	£22.7M	2024 group turnover	European revenue leader in our verified set
STIQ	~€16M	Annualized revenue	Company-reported scale
Dil Foods	₹89.6 Cr	FY2025 revenue	Fast-growing challenger
Kitchens@	₹69.7 Cr	FY2025 revenue	Revenue declined YoY
Salad Days	₹53.5 Cr	FY2025 revenue	Profitable fast-grower
Ghost Kitchens India	₹28.4 Cr	FY2025 revenue	Revenue declined YoY
House of Biryan	₹25.7 Cr	FY2025 revenue	Smaller but growing quickly
Kitopi	Revenue not reliably disclosed	200+ locations, 100+ brands	Clearly large, precise revenue rank unavailable
CloudKitchens	Revenue not disclosed	90+ U.S. facilities	Major operator, precise revenue rank unavailable
Virtual Dining Concepts	$400M	Cumulative platform sales	Not annual corporate revenue

Is Rebel Foods really the biggest ghost kitchen startup by revenue?

Yes. Rebel Foods has the strongest claim to the number-one spot today because its ₹1,951.6 crore FY2026 operating revenue is both large and recent.

Revenue grew 20.7% from ₹1,617.4 crore the previous year. Food-product sales accounted for ₹1,891.9 crore, so the vast majority of Rebel's top line still comes directly from selling food rather than ancillary services.

The scale difference is already substantial. Rebel's annual revenue is about 2.6 times EatClub Brands' latest reported revenue. Its year-on-year revenue increase alone was roughly ₹334 crore, several times the entire annual revenue of companies such as Dil Foods or Salad Days.

That gives Rebel a much firmer number-one position than a ranking based on funding, valuation or kitchen count would suggest.

Could EatClub Brands actually be the second-biggest ghost kitchen startup?

Among companies with solid revenue evidence, EatClub Brands is currently the clearest number two.

EatClub reported ₹749.5 crore of FY2025 revenue, up 45.4% from ₹515.5 crore the previous year. In other words, the company added around ₹234 crore of revenue in twelve months.

The business operates brands including BOX8, MOJO Pizza and NH1 Bowls, so this is already a sizeable multi-brand restaurant operation rather than a small portfolio of experimental virtual concepts.

Kitopi may ultimately generate more revenue than EatClub. Its 200-plus-location footprint certainly makes that possible. We simply do not have a recent company-wide revenue disclosure of comparable quality, so putting Kitopi above EatClub with a precise number would give a weak estimate too much weight.

How fast is EatClub Brands growing now?

EatClub Brands is still growing very quickly for a business already approaching ₹750 crore of annual revenue.

The 45.4% FY2025 increase added ₹234 crore in one year. For perspective, that incremental revenue was more than twice Dil Foods' entire FY2025 revenue and more than four times Salad Days' annual revenue.

This is one reason EatClub stands apart from most smaller ghost-kitchen challengers. Very young companies can post triple-digit growth from tiny bases. EatClub is sustaining a much larger absolute increase after it has already reached meaningful scale.

If growth slows from here, that would be normal. The latest numbers still show that Rebel Foods is not the only delivery-first restaurant group capable of getting close to a nine-figure-dollar annual business.

How big are Taster and STIQ in Europe?

Taster and STIQ are the two strongest European revenue cases we found, with Taster at £22.7 million of group turnover and STIQ reporting roughly €16 million of annualized revenue.

Taster's group accounts show turnover rising from £12.7 million in 2022 to £21.1 million in 2023 and £22.7 million in 2024. Growth slowed sharply after the big 2023 jump, but the business still reached a scale that very few European virtual-restaurant startups disclose publicly.

STIQ is newer and currently says it operates five hubs and more than 20 brands in Greece, with annualized revenue of approximately €16 million. That figure comes from Greece's National Startup Registry rather than an external revenue estimator.

Taster remains ahead on the stronger financial evidence we can verify. STIQ is close enough, though, that Europe no longer looks like a one-company race.

Does Virtual Dining Concepts really make $400 million a year?

No. Virtual Dining Concepts says its platform has generated $400 million in sales, but that figure is cumulative sales across its virtual-restaurant ecosystem rather than annual corporate revenue.

The company also reports more than 20 million orders, 4,500-plus virtual restaurants, 3,000-plus restaurant partners and operations across 18 countries.

Those numbers show real scale. Dividing the reported sales by cumulative orders gives roughly $20 in sales per order, which is plausible for restaurant delivery.

The distinction is that partner restaurants fulfill the food orders. We therefore cannot treat the entire $400 million as revenue earned by Virtual Dining Concepts itself.

Where does CloudKitchens rank if it does not disclose revenue?

CloudKitchens is clearly one of the world's biggest ghost-kitchen infrastructure companies, but its exact revenue rank is impossible to defend from public information.

The company currently says it has more than 90 facilities in the United States and operates across more than 30 countries. Its locations cover major markets including Los Angeles, New York, Chicago, Dallas and the Bay Area.

That footprint could support a very large business. Revenue would still depend on occupancy, rent levels, kitchen size, additional services and economics that CloudKitchens does not publicly break out.

So CloudKitchens belongs among the market leaders by operational footprint. A revenue table should leave its exact position open rather than inventing a number from facility counts.

Which smaller Indian ghost kitchen startups are growing fastest?

Dil Foods and House of Biryan currently have the fastest percentage revenue growth among the Indian companies in our dataset with comparable financials.

Dil Foods grew 180.5% to ₹89.6 crore in FY2025. House of Biryan grew 134.6% to ₹25.7 crore. Salad Days increased 71.9% to ₹53.5 crore, while EatClub Brands grew 45.4% from a much larger base.

Two companies moved in the opposite direction. Kitchens@ fell from ₹89.6 crore to ₹69.7 crore, and Ghost Kitchens India slipped from ₹31.9 crore to ₹28.4 crore.

Company	FY2025 revenue	YoY change
EatClub Brands	₹749.5 Cr	+45.4%
Dil Foods	₹89.6 Cr	+180.5%
Kitchens@	₹69.7 Cr	-22.2%
Salad Days	₹53.5 Cr	+71.9%
Ghost Kitchens India	₹28.4 Cr	-11.1%
House of Biryan	₹25.7 Cr	+134.6%
Rebel Foods	₹1,617.4 Cr in FY2025	FY2026 later grew another 20.7%

The interesting part is the split. The younger food-brand businesses are generally growing much faster than some of the earlier infrastructure-heavy names.

Is Dil Foods becoming a serious ghost kitchen competitor?

Yes. Dil Foods has already grown into a meaningful Indian foodtech company, with FY2025 revenue of ₹89.6 crore after a 180.5% year-on-year increase.

Dil generated only ₹31.9 crore the year before, so it added about ₹57.7 crore of revenue in twelve months. That additional revenue was larger than Salad Days' entire FY2025 top line.

Dil's model also deserves attention. Instead of funding a huge proprietary kitchen network, the company works with underused restaurant kitchens and plugs its own food brands into them.

Dil is still far behind EatClub and Rebel Foods in absolute revenue. But at the current scale, another strong year would move it much closer to the middle of this ranking.

Is Kitchens@ still growing?

No. Kitchens@ reported ₹69.7 crore of FY2025 revenue, down 22.2% from ₹89.6 crore the previous year.

That reversal is striking because Kitchens@ was one of the better-funded names in Indian cloud kitchens and spent years building infrastructure for food businesses.

Dil Foods has now overtaken it on the latest comparable revenue figures despite being a much younger company.

One caution is worth keeping in the data: the current Inc42 company profile contains an inconsistent headline revenue field, while its detailed FY2025 disclosure still states ₹69.7 crore and the 22.2% decline. We use the explicit year-by-year financial statement rather than the conflicting summary field.

Is Salad Days profitable while other ghost kitchens are still losing money?

Yes. Salad Days reported ₹53.5 crore of FY2025 revenue and ₹1.3 crore of profit after tax.

Revenue grew 71.9% from ₹31.1 crore, so profitability did not come from a stagnant business cutting itself down. Salad Days grew quickly while remaining in the black.

That contrasts with several larger peers. EatClub reported a ₹14.6 crore net loss in FY2025. Dil Foods lost ₹9.7 crore. Rebel Foods remained loss-making in FY2026 despite reducing its annual loss.

Salad Days is much smaller than those businesses, but fast growth alongside positive profit makes its financial profile unusual in this group right now.

Is Ghost Kitchens India losing ground?

Yes. Ghost Kitchens India's FY2025 revenue fell 11.1% to ₹28.4 crore from ₹31.9 crore the previous year.

The company still has a meaningful operating footprint and has expanded beyond the earliest version of the virtual-kitchen model. The problem is relative momentum.

Dil Foods now generates more than three times as much annual revenue. Salad Days is approaching twice its size. House of Biryan, while still smaller, is growing much faster.

It shows how quickly the category has changed. Some names associated with the first ghost-kitchen wave are now being passed by younger restaurant-brand companies.

How big is House of Biryan today?

House of Biryan is still a small player by market-leader standards, but FY2025 revenue reached ₹25.7 crore after growing 134.6%.

The previous year's revenue was around ₹11 crore, so the company added roughly ₹14.7 crore in twelve months.

House of Biryan remains about three-and-a-half times smaller than Dil Foods and nearly thirty times smaller than EatClub.

Its current importance comes from the trajectory. A company growing above 100% from a ₹25 crore base can climb the ranking fairly quickly if that pace lasts another year or two.

Which ghost kitchen business model is making the most money?

The strongest revenue numbers currently come from companies that own food brands and control more of the restaurant operation.

Rebel Foods and EatClub Brands are the clearest examples. Both combine brand ownership, food production and digital distribution, which means a large share of the consumer's order can flow through their own revenue line.

Infrastructure companies can reach a huge physical footprint, as CloudKitchens shows, but public revenue visibility is much worse. Distributed virtual-brand platforms can also achieve enormous gross sales without booking all of those sales as corporate revenue.

Dil Foods offers another route: own the brands but use other restaurants' excess kitchen capacity. Its recent growth suggests that this lighter model can expand quickly without copying Rebel's entire infrastructure base.

The biggest current revenue businesses share one obvious feature: they control the food brand itself rather than acting only as the landlord or software layer.

Are the most famous ghost kitchen companies actually the biggest by revenue?

No clear revenue ranking supports that assumption. Several of the industry's most famous companies disclose less financial information than smaller operators in India and Europe.

CloudKitchens is the obvious case. Its international facility network makes it one of the largest operational players, yet we cannot place it precisely by revenue.

Kitopi is similar. The company says it has more than 200 locations and more than 100 brands, which strongly suggests substantial commercial scale, but its current public materials focus on the restaurant network rather than company-wide revenue.

Virtual Dining Concepts has generated $400 million of cumulative platform sales, but that number belongs to a different category from annual company revenue.

Meanwhile, companies such as EatClub, Dil Foods and Salad Days give us far cleaner financial figures. The businesses people hear about most are therefore not always the easiest ones to rank.

How important is Swish in the ghost kitchen market now?

Swish has become one of the most important companies to watch even though we still cannot rank it properly by revenue.

Bertelsmann India Investments says Swish's monthly orders have more than tripled since March and now exceed one million. The company also raised $24 million to deepen its kitchen network in Delhi NCR and Bengaluru and expand into more cities.

One million monthly orders means Swish is already processing more than 30,000 orders per day on average. That is meaningful operating scale for a company founded only recently.

Revenue is still missing from the public evidence. Until Swish discloses it, the order count is useful for showing scale but cannot replace the financial figures used for Rebel, EatClub or Dil Foods.

Are ghost kitchen startups finally becoming profitable?

A few are showing much healthier economics, but profitability is still far from universal.

Salad Days made ₹1.3 crore of profit after tax on ₹53.5 crore of FY2025 revenue. Taster's 2024 group accounts also showed roughly £1 million of pre-tax profit on £22.7 million of turnover.

The larger Indian groups are still spending heavily. EatClub lost ₹14.6 crore in FY2025. Dil Foods lost ₹9.7 crore while nearly tripling revenue. Rebel Foods' FY2026 loss fell 16.3% to ₹281.8 crore, but the company remained well away from net profitability.

So the market is starting to produce businesses that can combine delivery-first growth with positive earnings. For the largest operators, though, it remains the exception.

Which ghost kitchen startups could jump up this ranking next?

Dil Foods, Swish, House of Biryan and STIQ have the clearest paths to moving materially higher.

Dil already has ₹89.6 crore of actual revenue and grew 180.5% in its latest reported year. Another strong year could take it comfortably above the current smaller-player tier.

House of Biryan starts from a much lower base but is growing above 100%. STIQ already reports roughly €16 million of annualized revenue and is expanding a model built around multiple owned brands.

Swish is harder to place but potentially more disruptive. Passing one million monthly orders this early means a future revenue disclosure could put the company surprisingly high in the table.

CloudKitchens and Kitopi are different cases. Either could immediately rank near the top if they released credible company-wide financials. Their uncertainty comes from disclosure rather than a lack of obvious operating scale.

So what are the top ghost kitchen startups by revenue today?

Rebel Foods is the clear number one, and EatClub Brands is the strongest number two we can defend using directly comparable financial evidence.

Rebel's ₹1,951.6 crore of FY2026 operating revenue puts it in a different tier from the rest of the disclosed market. EatClub follows with ₹749.5 crore in FY2025 and much faster percentage growth.

Taster and STIQ lead the smaller European group we can actually measure. Dil Foods is the standout challenger in India after nearly tripling revenue. Salad Days combines unusually fast growth with profitability, while House of Biryan is expanding quickly from a smaller base.

Kitopi and CloudKitchens almost certainly belong among the industry's largest businesses by operating footprint, but the public revenue evidence is too weak for a precise rank. Virtual Dining Concepts has very large cumulative platform sales, which tells us a lot about commercial reach but little about annual corporate revenue.

The broader picture is clearer now than it was during the first ghost-kitchen boom. The companies generating the strongest documented revenue are increasingly full restaurant businesses built around owned food brands, shared production and digital demand. Rebel Foods has taken that model furthest so far.