Zepto closes scale gap with Blinkit, overtakes Instamart in Q4 — but burns more cash than both

Zepto's Q4 FY25 net revenue jumped 73% YoY to Rs 8,134 cr, up 28% QoQ from Rs 6,336 cr, per its UDRHP. The startup leapfrogged Swiggy Instamart on order volume and narrowed Blinkit's lead, but adjusted EBITDA loss of Rs 1,248 cr dwarfs Instamart's Rs 858 cr loss and Blinkit's Rs 37 cr profit.

— FiledThu, 25 Jun, 2026, 01:52 IST·First seen Thu, 25 Jun, 2026, 01:49 IST·Source Moneycontrol · Results

What happened

Zepto's Q4 NRV jumped 73% YoY to Rs 8,134 cr per its UDRHP, overtaking Instamart on order volume and closing on Blinkit, but its Rs 1,248 cr adjusted EBITDA

Key facts

  • NRV Rs 8134 cr Q4
  • +73% YoY
  • +28% QoQ
  • Q3 NRV Rs 6336 cr
  • EBITDA loss Rs 1248 cr
  • Instamart loss Rs 858 cr
  • Blinkit profit Rs 37 cr

Why this matters

The widening loss gap versus Blinkit and the IPO filing make Zepto both a consolidation target and a pricing-war catalyst, pressuring grocery, FMCG, and last-mile players to revisit quick-commerce partnerships or defensive M&A now.

What to watch

  • Zepto FY26 Q1 contribution margin and dark store count disclosure
  • Blinkit standalone EBITDA trajectory in Zomato quarterlies
  • Swiggy Instamart GOV growth deceleration in next earnings
  • SEBI feedback or DRHP-to-RHP timeline for Zepto
  • Flipkart Minutes and Amazon Now city count expansion
  • Take-rate and ad-income disclosures across the three players
  • Zepto accelerates ad revenue and private label mix to close contribution margin gap
  • Blinkit leans into the profitability moat with aggressive category expansion (electronics, fashion) funded by Zomato cash
  • Instamart pushes 10-min food + grocery bundling to leverage Swiggy app stickiness
  • Tata Neu, Flipkart Minutes, Amazon Now intensify metro pilots while leaders bleed
  • Zepto refiles DRHP with updated FY26 Q1/Q2 numbers showing margin trajectory

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