Zepto vs Blinkit vs Instamart: Which quick commerce platform leads in revenue and profitability ahead of Zepto IPO?

Zepto IPO is moving closer to its stock market debut after the quick commerce firm filed its updated draft red herring prospectus (UDRHP) with market regulator SEBI this week.

The company plans to raise funds via a combination of fresh issue and offer-for-sale by existing shareholders. Zepto IPO fresh issue is around ₹8,010 crore and offer-for-sale (OFS) of over 11.34 crore shares. Exact value of fresh issue and OFS will be disclosed later.

Zepto is yet to announce an official IPO opening date but multiple media reports indicate that the Zepto IPO is likely to come in July 2026. After listing, Zepto will be the first standalone quick commerce company to make its debut in the Indian stock market. Previously, Eternal and Swiggy have successfully made their stock market debut in 2021 and 2024.

Zepto operates in the highly competitive Indian quick-commerce market and competes with Eternal’s Blinkit and Swiggy’s Instamart and other players like Flipkart’s Minutes, Amazon and BigBasket. All these companies operate in the fast growing quick commerce sector. As per Zepto DRHP, gross merchandise value (GMV) of quick commerce industry reached $11.3 billion in CY2025 and is projected to expand 5 to 7 times between CY25 and CY30 to reach a market size of $60 to 83 billion by CY2030.

But who is winning this quick-commerce race? Let’s find out. But first check how quick commerce players earn their revenue.

How do Blinkit, Zepto and Instamart earn revenue?

All the three players earn their revenue from the above stream with product margin being the biggest source of revenue. Traditional grocery products generally have low single-digit, while some product categories like Electronics accessories, Beauty products, Baby care products have margins between 20% to 50%. Meanwhile, private-label products margins are much higher.

FY26 revenue breakdown

Key notes

• Above data highlights clear divergence in the Indian quick-commerce market. Blinkit leads in both scale and efficiency, while Zepto is growing rapidly but burning significant cash to gain market share. Meanwhile, Swiggy’s Instamart remains a distant third in revenue terms.
• As seen from the above table, all three quick commerce players continue to report losses despite strong revenue growth, which highlights the capital-intensive nature of quick commerce business where companies invest heavily in dark stores setup, logistics infrastructure and delivery networks.
• Blinkit's revenue of ₹37,779 crore was significantly ahead of Zepto and Instamart. In fact the company has been reporting adjusted EBITDA profit of ₹4 crore and ₹37 in the last two quarters of FY26.
• Zepto FY26 revenue more than doubled to ₹22,623 crore (rise of 103% YoY), reflecting robust customer acquisition and rapid scaling. But the company also reported the adjusted EBITDA loss of ₹5,041 crore, indicating heavy investment in business.
• Swiggy’s Instamart generated revenue of ₹3,859 crore (up 81.2% YoY), which was much lower than its two key rivals and reported adjusted EBITDA loss of ₹3,511 crore.

Key operational metrics

Key insights from operational metrics

• Above data highlights three distinct strategies followed by these quick commerce players. Blinkit is the market leader by scale with highest number of orders, Zepto leads in customer reach, while Instamart stands out for higher-value transactions.
• Blinkit leads in scale and execution, processing 91.6 crore total orders during FY26 and handling around 25 lakh orders per day, significantly ahead of Zepto and Instamart.
• The dark store network of Blinkit is 2,243 as of 31 March 2026, which is nearly double that of its competitors, giving it a strong delivery and expansion advantage.
• In terms of average order value, Instamart commands the highest basket size compared to ₹525 for Blinkit and ₹300-350 for Zepto.

Disclaimer:

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