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
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. Blinkit remained the largest company by some distance, with its net order value more than twice that of Instamart.
The comparison is significant because Zepto’s IPO will make it the first standalone quick commerce company to list in India. Blinkit and Instamart are housed inside listed companies Eternal and Swiggy, respectively.
Zepto’s DRHP now gives a more direct look at the company’s order throughput, store network and burn ahead of its listing. The hard public disclosures also vindicate what brokerage Bernstein said in May. In its report, the brokerage said Zepto had surpassed Instamart in monthly active users and daily order volumes, while Blinkit continued to lead the market.
The hard numbers
In the March quarter, Blinkit processed 273.9 million orders, compared with 210 million for Zepto and 112.6 million for Instamart. Zepto ended the quarter with 1,139 dark stores, almost the same as Instamart’s 1,143, but handled significantly more orders through its network. On a store-count basis, Zepto processed 2,048 orders per dark store, per day, compared with 1,357 for Blinkit and 1,094 for Instamart for the March quarter.
That higher throughput is one of the stronger operating metrics in Zepto’s favour. However, its average order value remains materially lower than those of its peers. Zepto’s net average order value stood at Rs 361 in the March quarter, compared with Rs 525 for Blinkit and Rs 504 for Instamart.
Lower basket sizes can weigh on unit economics unless offset by higher order density, advertising income, user fees and better supply-chain efficiency. ET had reported in April that Zepto was making the case to scale order volumes without significantly expanding its dark store network ahead of its IPO.
Profitability shows wide gaps between the leader and the contenders. Blinkit reported an adjusted Ebitda profit of Rs 37 crore for the quarter, while Zepto posted an adjusted Ebitda loss of Rs 1,247 crore. Instamart’s adjusted Ebitda loss stood at Rs 858 crore.
Nipping at their heels
The fight is not limited to the top three. Walmart-owned Flipkart and Amazon India are also expanding their quick commerce bets, adding another layer of competitive pressure in a category where delivery speed, dark-store density and product selection are becoming the main levers.
Flipkart Minutes, which was launched in August 2024, has been adding dark stores aggressively this year. ET reported in March that Flipkart was adding around 100 dark stores every month and was expected to take its network to about 1,200 stores by June, from 750-800 at the time. The company has also been working on a standalone app for Minutes, with a pilot expected around July and a fuller rollout before the end of the year.
Amazon, meanwhile, is also stepping up its 10-minute delivery play. Its quick commerce service Amazon Now is being expanded beyond early markets, with the company planning to take the network to over 100 cities and 1,000 dark stores. Amazon India has also announced fresh investments to strengthen operations, with quick commerce becoming a sharper focus as the company takes on Blinkit, Zepto, Instamart and Flipkart Minutes.
