Platform, defined as an organization that creates value by enabling interactions, such as exchanges, consumption, and communications, between distinct types of affiliated customers, can be categorized as a market maker, audience maker, and demand coordinator. Specifically, the market maker platform, enables distinct customers to transact with each other, is currently recognized as the most relevant platform type. In particular, despite the well-known phenomena, ‘Winner-Take-All’, originated from network effects, increasing return to scale, customer lockin,and switching costs, we can also observe the co-existence of two or more platforms in the same market. “How do multiple market maker platforms co-exist and compete in the same market?” To solve the question, we conduct a comparative case study to explore the competitive strategies of Woowa Brothers (Tribe of Delivery) and Delivery Hero Korea (Here You Are and Delivery Box) in the food delivery market. From the perspective of platform envelopment and cross-subsidization strategies, we found that Woowa Brothers developed ‘an envelopment of a complementary platform’ and transition of producers from money side to subsidy side, so-called ‘Cross-subsidization for producer’. On the other hand, we observed that Delivery Hero Korea implemented ‘an envelopment of weak substitutes and unrelated platform’ and ‘Cross-subsidization for user’. The difference between these two firms' strategies and their market performance suggests that they have satisfied the differentiated needs of various users in the growing food delivery market and thus, they succeeded to establish their networks. However, the merger between two firms announced in December 2019, will result in the creation of a single mega platforms can perform multiple platform envelopment and cross-subsidization strategies. It raises a concern about the drastic decrease in bargaining power of producers and consumer welfare correspondingly.