Analyst favours Eternal over Zepto ahead of quick-commerce IPO race
Complete Circle’s Gurmeet Chaddha cites Blinkit’s quick-commerce position, steady food-delivery growth and District’s traction in preferring Eternal to Zepto. He expects Amazon’s expansion to create greater pressure for Zepto and Swiggy.
What happened
Complete Circle’s Gurmeet Chaddha prefers Eternal over Zepto, citing Blinkit’s quick-commerce leadership, stable food-delivery growth and District’s traction.
Why this matters
Zepto and Swiggy may need partnerships, capability acquisitions or capital-backed differentiation to defend against Amazon’s expansion and Eternal’s broader platform moat.
What to watch
- Zepto IPO filing timing, valuation expectations, anchor-investor demand and use-of-proceeds disclosures.
- Amazon Now/quick-commerce launch cadence, serviceable pincodes, delivery promise and promotional intensity.
- Blinkit order-growth, adjusted EBITDA/contribution-margin trends, dark-store additions and average order value.
- Evidence of rising discounts, ad spend or delivery-partner incentives at Zepto, Swiggy Instamart and Blinkit.
- District user growth, merchant adoption and monetization, which would strengthen Eternal's diversification argument.
- Regulatory scrutiny of dark-store operations, labor practices, inventory sourcing or predatory-pricing allegations.
- Eternal may emphasize Blinkit contribution-margin progress, cross-platform customer synergies and District traction in investor communications.
- Zepto may accelerate pre-IPO disclosures on cohort retention, dark-store productivity, private-label mix and city-level profitability.
- Amazon is likely to expand quick-commerce coverage selectively in major metros, using Prime, marketplace seller inventory and logistics infrastructure to lower customer acquisition costs.
- Swiggy and Zepto may defend share through targeted promotions, assortment expansion and denser dark-store networks rather than broad nationwide discounting.