Synopsis
For the January-March quarter of FY26, Blinkit reported a net order value of Rs 14,386 crore, compared with Zepto’s calculated net order value of Rs 7,591 crore and Instamart’s Rs 5,674 crore, according to data compiled by ET from the DRHP.Listen to this article in summarized format
The latest disclosures show Zepto has overtaken Swiggy Instamart on order value and volumes, but continued to trail Eternal-owned Blinkit on scale and profitability. Zepto reported a net order value (NOV) of Rs 7,591 crore for January-March FY26, its DRHP shows. Blinkit reported Rs 14,386 crore and Instamart posted Rs 5,674 crore for the quarter, according to public filings of their parent companies.
Zepto is set to become the first standalone quick commerce company to list in India. Blinkit and Instamart operate within listed entities Eternal and Swiggy, respectively.
The DRHP mentioned that founders Aadit Palicha and Kaivalya Vohra were summoned by the Directorate of Enforcement (ED) in April under the Foreign Exchange Management Act, and details were sought on foreign investments in the company, its shareholding and business model. ET earlier reported that ED had asked Zepto to join its probe into alleged money laundering linked to banned betting platform Parimatch.
The startup processed 210 million orders in the March quarter.
Cash burn continues
This is compared with 273.9 million by Blinkit and 112.6 million by Instamart.
Zepto ended the quarter with 1,139 dark stores, almost identical to Instamart’s 1,143, but processed significantly more orders through its network.
“Zepto will have to take a measured approach. Instamart, after its (Rs 10,000-crore) QIP, saw its losses increase when they were focusing on growth...things didn't work out for them. They had to then shift gears and compromise on growth. Now, the cost of capital is very high globally...investors are more likely to ask for a path to profitability,” said Karan Taurani, executive vice president at Elara Capital.
The competitive battle extends well beyond the top three players. Walmart-owned Flipkart and Amazon India are rapidly scaling their quick commerce businesses, adding another layer of pressure in a segment where delivery speed, dark store density and assortment have become key differentiators.
ET reported in March that Flipkart Minutes, launched in August 2024, was adding around 100 dark stores every month and was expected to grow its network to about 1,200 stores by June. It is also developing a standalone Minutes app, with a pilot expected around July followed by a wider rollout later this year.
Amazon’s quick commerce offering, Amazon Now, is expanding beyond its initial markets, with plans to reach more than 100 cities and 1,000 dark stores. The company has announced fresh investments to strengthen operations, making quick commerce a sharper strategic focus. Its India head, Samir Kumar, told ET earlier this month that Amazon Now was poised to become India’s largest quick commerce player in the near term.
