Indian food delivery giant Zomato expects its primary meal delivery business to grow at a 30% annual pace over the next five years, according to a top executive, welcoming the listing of SoftBank-backed rival Swiggy as a boost for the sector.

Apps that transport anything from groceries to food in minutes have grown swiftly in the world's most populous country, fueled by demand from the wealthy and middle class in its major cities.

"The food delivery sector is still in its early stages in the country, and more competition will only foster innovation and growth, benefiting the sector as a whole," Rakesh Ranjan, Zomato's food delivery CEO, said on Monday.

Swiggy went public in November, more than three years after Zomato did, with a valuation of $12.1 billion.

Zomato has 58% of the meal delivery business, while Swiggy holds 34%.

Zomato's meal delivery operation accounts for around 58% of its topline, with the gross order value - which includes food price, platform fees, and delivery charges - reaching 322.24 billion rupees ($3.82 billion) last fiscal year, representing an average yearly growth of 30% over the previous four years.

Ranjan expects the company to keep up that pace for the next four to five years, "if not more," as he anticipates significant growth from the opening of new restaurants.

As of March, Zomato has over 247,000 average monthly active restaurant partners on its app, up 18% from a year ago.

Zomato has also introduced additional services such as scheduled delivery, the ability to purchase cancelled orders at a discount, and a large order fleet that can supply food for groups of up to 50 people.

However, "phenomenally high" attrition among delivery drivers poses a dilemma for the corporation, which is increasing benefits and flexibility to attract additional gig workers.