India’s quick commerce sector is seeing renewed interest and entering a new phase of competition. With Zepto moving closer to its stock market debut after filing an updated Draft Red Herring Prospectus (DRHP), investors are deliberating on the changing dynamics in the fastest-growing internet businesses.
How does Zepto compare with the two listed players already competing in the segment, namely Eternal’s Blinkit and Swiggy’s Instamart?
Although all the three companies are chasing the same customer who wants groceries, snacks, electronics and daily essentials delivered within minutes, their operating strategies, profitability profiles and growth priorities look quite different.
Let’s take a look at some of the most important trends shaping India’s quick commerce race –
The market opportunity is getting bigger
The key reason behind investor paying close attention to this quick-commerce sector stocks is the sheer size and the opportunity ahead –
According to Zepto’s DRHP, India’s quick commerce market reached a Gross Merchandise Value (GMV) of approximately $11.3 billion in 2025.
The company estimates that the industry could expand between 5-7x over the next five years, reaching a market size of $60-83 billion by 2030.
This means that the competition is no longer just about gaining market share today. Companies are positioning themselves for what could become one of India’s largest consumer internet categories.
Zepto leads on order intensity
Another important factor to watch is the store productivity metric.
As per Nomura’s estimates, Zepto recorded around 2,140 orders per day per dark store during the Q4FY26. This was significantly higher than both Blinkit and Instamart.
While Blinkit currently operates the largest dark store network among the three players, Zepto appears to be generating more orders from each individual location.
As part of its expansion strategy, Zepto plans to invest nearly Rs 1,629 crore over FY27-FY30 to increase its dark store footprint across existing and new geographies. Additionally, the company has earmarked around Rs 1,735 crore towards rental payments for its existing dark store network.
Quick commerce operational snapshot
| Metric | Zepto | Blinkit | Instamart |
| Orders per day per dark store | ~2,140 | Lower than Zepto | Lower than Zepto |
| Dark store count | ~1,139 | 2,243 | ~1,139 |
| Annual transacting users | 47.97 million | NA | NA |
Zepto Vs Blinkit Vs Instamart: Revenue growth
When it comes to scale, Blinkit currently remains ahead.
The quick commerce business of Eternal generated revenue of Rs 37,779 crore during FY26. Zepto reported revenue of Rs 22,623 crore, while Instamart posted revenue of Rs 3,859 crore.
FY26 financial comparison
| Particulars | Zepto | Blinkit | Instamart |
| Revenue | Rs 22,623 crore | Rs 37,779 crore | Rs 3,859 crore |
| Revenue Growth | 103% YoY | 625% YoY | 81.2% YoY |
| Adjusted EBITDA | Loss of Rs 5,041 crore | Loss of Rs 277 crore | Loss of Rs 3,511 crore |
Profitability remains the biggest challenge for QSR firms
Although there is strong growth, quick commerce companies are still spending heavily to acquire customers, expand dark stores and improve delivery capabilities.
According to the brokerage report, Zepto reported an adjusted EBITDA loss of roughly Rs 5,041 crore in FY26. Instamart posted a loss of around Rs 3,511 crore.
Blinkit, meanwhile, reported a significantly smaller adjusted EBITDA loss of Rs 277 crore.
Another difference lies in advertising income. Zepto’s advertising revenue contributes to nearly 7.9% of its net receivable value. This also points to the growing importance of non-delivery income streams in the business model.
The next phase will be about expansion
While all three companies remain focused on growth, their expansion strategies are beginning to diverge.
Zepto plans to add around 1,904 new dark stores between FY27 and FY30, according to its DRHP.
Blinkit has indicated plans to increase its dark store count to 3,000 by March 2027, while Instamart is focusing on improving utilisation of its existing network before accelerating expansion.
What investors need to watch
The quick commerce sector has already moved beyond being a niche convenience service. It is becoming a mainstream retail channel with billions of dollars in transaction value.
Zepto’s upcoming IPO will provide investors with another way to participate in this theme.
Store productivity, customer growth, profitability, advertising income and expansion strategy are all becoming equally important.
Disclaimer: This article serves informational and educational purposes only and outlines the competitive and financial metrics of listed and upcoming entities within the quick commerce sector based on Draft Red Herring Prospectus (DRHP) filings and market reports. It does not constitute a buy, sell, or hold recommendation, nor does it form an offer or solicitation to subscribe to any upcoming Initial Public Offering (IPO) or listed equity shares mentioned. Given the significant capital expenditure, operational losses, and volatile valuations characteristic of new-age internet companies, retail investors should carefully review the complete risk factors detailed in the respective SEBI-filed offer documents and consult a SEBI-registered investment advisor before making any financial commitments. This disclaimer has been generated using AI to support user well-being and responsible content consumption.
