Highlights
Quick commerce is becoming increasingly competitive in India, with Swiggy’s Instamart facing challenges in maintaining its position. Recent updates from Zepto’s revised draft red herring prospectus (UDRHP) indicate that while Instamart is still increasing its order volume, its share of the industry’s growth is diminishing as competitors Blinkit and Zepto gain momentum. In the past two years, Instamart’s share of total orders among the top three quick commerce companies has significantly decreased from 34.3% in FY24 to 20.9% in FY26, suggesting that the rising demand is now being directed towards other players.
The figures provide a clear insight into the evolving competition within India’s rapidly growing consumer internet sector. In FY24, Instamart managed to process 175.5 million orders, securing a 34.3% share of the combined orders from Blinkit, Zepto, and Instamart. Blinkit topped the market with 203 million orders, marking a 39.7% share, while Zepto handled 132.9 million orders, equivalent to a 26% share.
Growth Trends for FY25
The gap further expanded in FY25, as Instamart processed 270.2 million orders, in contrast to Blinkit’s 489.9 million orders and Zepto’s 340.3 million orders. Consequently, Instamart’s market share among these three competitors fell to 24.5%, while Blinkit and Zepto increased their shares to 44.4% and 30.9% respectively.
The FY26 Landscape
By FY26, Blinkit reinforced its lead with a record 916.6 million orders, followed closely by Zepto with 640.2 million orders. Instamart recorded 412.2 million orders during the same period. Although there was growth in the volume of orders for Instamart, its market share further dropped to 20.9%, down from 34.3% in FY24, as Blinkit and Zepto captured a more substantial share of the expanding market.
Financial Insights from UDRHP
The UDRHP also sheds light on the financial situations of these three players for FY26. Blinkit reported operational revenue of Rs 37,779 crore, with an adjusted EBITDA loss of Rs 277 crore. On the other hand, Zepto recorded revenue of Rs 22,624 crore but faced an adjusted EBITDA loss of Rs 5,042 crore. Instamart’s revenue stood at Rs 3,859 crore, accompanied by an adjusted EBITDA loss of Rs 3,511 crore. However, it’s important to note that these revenue figures may not be directly comparable due to differing business models and accounting methods employed by Swiggy.
The Future of Quick Commerce
This disclosure arises as Zepto gears up for its entry into public markets, amidst escalating rivalry in the quick commerce sector. Companies are fiercely investing in dark stores, logistics frameworks, and strategies for customer acquisition to boost their market presence.
