Quick commerce platforms Blinkit, owned by Eternal, and Swiggy’s Instamart have reportedly increased their market share in the April-June quarter, according to industry analysts and brokerage reports. This growth contrasts with Zepto, which has seen a slowdown in user growth and is currently tightening its cash expenditure.
ICICI Securities estimates that Blinkit’s gross order value (GOV) grew over 25% quarter-on-quarter in Q1 of fiscal 2026, while Instamart’s GOV rose by approximately 22%. Both outpaced the overall quick commerce sector, which expanded by less than 20% sequentially, indicating that these two platforms are capturing greater market share. Year-over-year, Blinkit is projected to see a 140% rise in GOV, with Instamart following at 110%.
The parent companies of Blinkit and Instamart are publicly listed but have yet to announce their April-June results. Zepto, their closest competitor, remains privately held and does not disclose quarterly figures.
In the January-March period of FY25, Blinkit’s GOV surged 134% from the previous year, exceeding Instamart’s 101% growth. Despite this, Blinkit posted an operational loss of Rs 178 crore for the quarter, nearly five times higher than a year ago. Instamart’s losses expanded nearly threefold to Rs 840 crore, largely due to aggressive dark store expansion.
“Blinkit and Instamart’s market share is increasing because of new customer additions and existing quick commerce users shifting apps and increasing AOV,” said Satish Meena, founder of Datum Intelligence. He noted that a significant portion of this shift comes from Zepto users concerned about pricing and customer service issues.
Datum Intelligence data shows daily active users (DAUs) for Blinkit and Zepto were both 5.5 million in December 2024. By June 2025, Zepto’s DAUs dropped to 4.9 million, while Blinkit’s rose to 6.2 million. Instamart, launched as a standalone app in January, had 1.1 million DAUs in June and is also available within the main Swiggy app.
With competition cooling, companies are emphasizing profitability by optimizing unit economics, improving average order values (AOV), and reducing dark store additions. ICICI Securities highlights that marketing spends by Blinkit and Instamart have remained subdued in Q1 FY26, focusing instead on discounts for higher-value orders. Instamart’s ‘Maxxsaver’ and Zepto’s ‘Super Saver’ programs incentivize bulk purchases with better discounts.
“Our recently added segment, which gives more discounts to users on bulk orders, has been very popular among users and doing well,” a senior quick commerce executive said. Platforms are also expanding SKUs in existing dark stores to enhance customer choice.
Additionally, quick commerce companies have introduced various fees — including platform, handling, convenience, and small-cart charges — to bolster revenue and margins.
Expansion of dark stores and mother warehouses by Blinkit, Instamart, and Zepto is expected to slow in Q1 FY26 compared to the previous quarter. JM Financial analysts estimate Blinkit and Instamart added about 250 and 80 new dark stores respectively, down from 294 and 316 stores in Q4 FY25. This moderation reflects that Instamart and Zepto have exceeded near-term targets of over 1,000 stores, while Blinkit remains on track to meet its goal of 2,000 dark stores by December 2025.
