Zepto files updated DRHP as India's $83B quick commerce race sharpens vs Blinkit, Instamart

Blinkit leads on scale (2,243 dark stores) and profitability (Rs 277 crore loss) while Zepto plans a Rs 1,629 crore dark store expansion through FY30. Eternal FY26 revenue hit Rs 37,779 crore (+625%); Zepto posted Rs 22,623 crore (+103%) but a Rs 5,041 crore EBITDA loss. Market projected at $60-83 billion by 2030.

— FiledWed, 15 Jul, 2026, 23:01 IST·First seen Wed, 15 Jul, 2026, 23:01 IST·Source Financial Express · BrandWagon

What happened

Zepto files updated DRHP for IPO as India's quick commerce race intensifies against Blinkit and Instamart. Blinkit leads on scale and profitability; Zepto plans

Key facts

  • $83 billion market by 2030
  • $11.3 billion GMV 2025
  • 2,140 orders/day/dark store (Zepto)
  • Blinkit 2,243 dark stores
  • Zepto & Instamart ~1,139 stores each
  • 47.97 million transacting users
  • Rs 1,629 crore dark store investment FY27-FY30
  • Rs 1,735 crore rental
  • Eternal FY26 revenue Rs 37,779 crore (+625%)
  • Zepto Rs 22,623 crore (+103%)
  • Instamart Rs 3,859 crore (+81.2%)
  • Zepto EBITDA loss Rs 5,041 crore
  • Instamart loss Rs 3,511 crore
  • Blinkit loss Rs 277 crore
  • ad revenue 7.9% of NRV

Why this matters

With the quick commerce market projected at $60-83 billion by 2030 and Eternal's revenue up 625%, the widening profitability gap between Blinkit and Zepto sets up consolidation pressure and premium valuations for any category challenger or logistics tuck-in.

What to watch

  • Final IPO price band and subscription levels (retail vs QIB)
  • Quarterly EBITDA loss trajectory / contribution margin per order
  • Dark store count growth rate vs cash burn ratio
  • Discounting intensity signals across all three players
  • Regulatory noise on quick commerce (FDI, local retailer backlash)
  • Zepto locks anchor investors and finalizes price band, likely signaling toward path-to-profitability milestones in roadshow
  • Blinkit/Eternal accelerates dark store additions to entrench scale lead before Zepto's capital arrives
  • Instamart (Swiggy) responds with margin messaging to defend third-place valuation
  • Zepto reprioritizes FY30 expansion toward high-density metros to compress unit economics