Zepto takes productivity lead as India’s quick-commerce race shifts to IPO-scale networks
Blinkit leads on revenue and dark-store count, while Zepto reports about 2,140 daily orders per store and plans nearly 1,904 additions through FY30. The sector’s scale push continues despite heavy EBITDA losses, with advertising becoming a key margin lever.
What happened
Zepto, Blinkit and Instamart are escalating India quick-commerce expansion as Zepto nears an IPO. Blinkit leads in dark-store count and revenue, Zepto leads
Key facts
- India quick-commerce GMV: $11.3 billion in 2025
- Projected GMV: $60-83 billion by 2030
- Zepto: about 2,140 orders per dark store per day in Q4FY26
- Blinkit dark stores: 2,243
- Zepto dark stores: about 1,139
- Instamart dark stores: about 1,139
- Zepto annual transacting users: 47.97 million
- Zepto dark-store expansion investment FY27-FY30: Rs 1,629 crore
- Zepto existing-network rent allocation: 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%
- FY26 adjusted EBITDA losses: Zepto Rs 5,041 crore; Instamart Rs 3,511 crore; Blinkit Rs 277 crore
- Zepto advertising revenue: 7.9% of net receivable value
- Zepto planned dark-store additions FY27-FY30: about 1,904
- Blinkit target: 3,000 stores by March 2027
Why this matters
With Blinkit leading in revenue and store count while Zepto accelerates toward nearly 1,904 new locations, partnerships or acquisitions that add dense local supply, delivery capacity, or ad-tech capabilities are becoming more strategic.