Zepto IPO: Comparing Zepto with Blinkit and Swiggy Instamart on Orders, Revenue and Profitability

India's quick commerce market is witnessing rapid expansion, with the industry projected to grow from around $11.3 billion in CY2025 to $60-83 billion by CY2030, representing a 5-7x market expansion. As Zepto prepares its proposed Initial Public Offering (IPO), investors are comparing its operating metrics with listed peers such as Blinkit and Swiggy Instamart. 

While Blinkit operates under Eternal Limited and Instamart is the quick commerce business of Swiggy Limited, Zepto has emerged as one of the fastest-growing pure-play quick commerce platforms in the country. 

Zepto, Blinkit and Instamart: Operational Scale Compared 

Blinkit remained the largest player in FY26 with 916.60 million orders, ahead of Zepto's 640.18 million orders and Swiggy Instamart's 412.20 million orders. 

On a daily basis, Blinkit processed around 2.51 million orders per day, followed by Zepto at 1.75 million orders per day and Instamart at 1.12 million orders per day. 

Blinkit also operated the largest network with 2,243 dark stores, while Swiggy Instamart had 1,143 dark stores, and Zepto operated 1,139 dark stores. 

Revenue Comparison Across Quick Commerce Platforms 

In FY26, Blinkit's standalone quick commerce revenue stood at ₹3,77,790 million, making it the largest among the three players. 

Zepto reported revenue from operations of ₹2,26,235.84 million, while Swiggy Instamart generated ₹38,590 million in quick commerce revenue during the year. 

Zepto's order volumes have expanded rapidly, with the company reporting a 119.50% CAGR in order volume between FY24 and FY26. 

Read More: Zepto IPO: Company Files Updated DRHP, Plans ₹8,010 Crore Fresh Issue 

Profitability Remains a Key Focus 

Quick commerce companies continue to invest heavily in network expansion and customer acquisition, making profitability an important metric for investors. 

Blinkit reported the lowest Adjusted EBITDA loss of ₹2,770 million, while Swiggy Instamart posted an Adjusted EBITDA loss of ₹35,110 million. 

Zepto reported an Adjusted EBITDA loss of ₹50,415.54 million, although the company has reduced its Adjusted EBITDA loss per order to ₹78.75 in FY26 from ₹136.15 in FY25, reflecting improving unit economics. 

At the consolidated level, Eternal Limited, which operates Blinkit, remained the only entity among the three with a positive basic EPS of 0.40. 

Swiggy reported a basic EPS of -16.87, while Zepto reported a basic EPS of -5.05.  

Conclusion 

Based on FY26 performance, Blinkit, Zepto and Swiggy Instamart differ in terms of order volumes, revenue, dark store network and profitability metrics. As Zepto prepares for its proposed IPO, these operating and financial indicators provide investors with a comparative view of the quick commerce landscape in India. 

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.  

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