Zepto readies ₹1,629 crore dark-store push as India’s quick-commerce race intensifies
Zepto’s updated IPO filing outlines ₹1,629 crore in dark-store expansion investment through FY30. Blinkit retains the largest network at 2,243 stores, while Zepto says it leads on orders per dark store, sharpening the scale-versus-productivity contest with Blinkit and Instamart.
What happened
Zepto’s updated DRHP highlights an intensifying Indian quick-commerce race with Blinkit and Instamart. Zepto leads orders per dark store, while Blinkit has the
Key facts
- India quick-commerce GMV: $11.3 billion in 2025
- Projected quick-commerce GMV: $60-83 billion by 2030
- Zepto orders per dark store: about 2,140 per day in Q4FY26
- Blinkit dark stores: 2,243
- Zepto dark stores: approximately 1,139
- Instamart dark stores: approximately 1,139
- Zepto annual transacting users: 47.97 million
- Zepto planned dark-store expansion investment: Rs 1,629 crore between FY27 and FY30
- Zepto earmarked rent: Rs 1,735 crore
- FY26 revenue: Blinkit Rs 37,779 crore; Zepto Rs 22,623 crore; Instamart Rs 3,859 crore
- FY26 revenue growth: Blinkit 625%; Zepto 103%; Instamart 81.2%
- Adjusted EBITDA loss: Zepto Rs 5,041 crore; Instamart Rs 3,511 crore; Blinkit Rs 277 crore
- Zepto advertising revenue: 7.9% of net receivable value
Why this matters
India’s quick-commerce market is consolidating around costly logistics moats, making dark-store assets, local density, and partnership-led access to demand increasingly strategic targets.