Zepto files updated DRHP as it battles Blinkit, Instamart in India's $83B quick commerce race

Blinkit leads on scale and profitability with FY26 revenue of Rs 37,779 crore and a slim Rs 277 crore loss. Zepto grows fast (Rs 22,623 crore, +103%) but posts a Rs 5,041 crore EBITDA loss while planning Rs 1,629 crore in dark-store investment through FY30 ahead of its IPO.

— FiledThu, 16 Jul, 2026, 05:30 IST·First seen Thu, 16 Jul, 2026, 05:30 IST·Source Financial Express · BrandWagon

What happened

Zepto files updated DRHP for IPO amid intensifying quick commerce competition with Blinkit and Instamart. Blinkit leads on scale and profitability; Zepto grows

Key facts

  • $83 billion market by 2030
  • GMV $11.3 billion in 2025
  • 2,140 orders/day/dark store Q4FY26
  • Blinkit 2,243 stores
  • Zepto/Instamart ~1,139 stores each
  • 47.97 million annual transacting users
  • Rs 1,629 crore dark store investment FY27-FY30
  • Rs 1,735 crore rentals
  • Blinkit 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
  • Zepto ad revenue 7.9% of NRV

Why this matters

With Blinkit dominating on scale and profitability in an $83B market, Zepto's pre-IPO positioning creates acquisition or partnership optionality if its aggressive dark-store expansion fails to close the profitability gap.

What to watch

  • Zepto IPO price band and anchor-investor demand
  • Quarterly EBITDA loss trajectory vs dark-store capex pace
  • Blinkit take-rate and contribution-margin trend as competitive benchmark
  • Platform fee / delivery charge hikes across all three apps
  • Any funding round or secondary sale signaling investor sentiment shift
  • Order-frequency and AOV data showing demand durability vs discount dependence
  • Zepto times IPO window and finalizes price band leaning on growth over profitability
  • Blinkit (Eternal) accelerates dark-store additions to defend scale lead while protecting margin
  • Instamart (Swiggy) counters with fee tweaks and category expansion to avoid being squeezed to No.3
  • All players push private label and advertising revenue to close the loss gap
  • Institutional investors reprice quick-commerce cohort against Blinkit's profitability yardstick