Competition Heats Up: Blinkit and Instamart Negotiate Increment in Market Possession During Q1
In the rapidly evolving landscape of India's quick commerce sector, the first quarter of the financial year 2026 (FY26) has seen a significant shift in market share among the top players. Two major players, Blinkit (formerly known as Eternal) and Instamart (owned by Swiggy), have experienced substantial growth, while Zepto, a previous market leader, seems to have encountered a slowdown.
Blinkit, the current frontrunner in the quick commerce sector, reported a quarter-on-quarter (QoQ) growth of more than 25% in its gross order value (GOV), with a projected year-on-year (YoY) increase of 140%. The company's monthly active users surged to 6.2 million in June 2025, surpassing Zepto's 4.9 million users that month. Blinkit currently commands approximately 45% of the market, according to estimates from 2024, and this figure is expected to continue growing.
Instamart, on the other hand, saw a 22% QoQ growth in its GOV and is projected to experience a 110% YoY growth. Market share estimates put Instamart at around 27% of the quick commerce market.
Meanwhile, Zepto, which previously held about 21% market share, has reported a stalled growth and a reduction in monthly active users to 4.9 million in June 2025. This indicates a likely decline in its market share during Q1 FY26. The company is reportedly making efforts to curb cash burn and turn profitable as it gears up for its initial public offering (IPO) in 2026.
The overall quick commerce sector grew less than 20% sequentially, suggesting that Blinkit and Instamart gained share at Zepto’s expense. ICICI Securities, a leading financial services company, expects Instamart's GOV to see a 110.1% increase in Q1 FY26, while projecting Blinkit to post an adjusted EBITDA loss of INR 150 Cr during the same period, a decrease from INR 178 Cr in Q4 FY25.
In the food delivery sector, Swiggy, the parent company of Instamart, may have gained marginal market share, potentially implying a decline in Zomato's share. ICICI Securities expects Zomato's GOV to rise 17% YoY and 10.8% QoQ in Q1 FY26. Swiggy's net loss surged 95% to INR 1,081.2 Cr in Q4 FY25, but the company expects this figure to decline 76% YoY to INR 1,060 Cr in the June quarter.
Swiggy's quick food delivery service 'Bolt' accounted for 12% of its food delivery orders in Q4, indicating a growing focus on this segment. Zepto cofounder and CEO Aadit Palicha stated last month that the company wants to increase domestic ownership.
This shift in the quick commerce market underscores the intense competition and rapid growth in the sector. As companies continue to innovate and expand their services, consumers can expect more convenience and choice in the days ahead.
In the domain of quick commerce, Blinkit, with its technology-driven approach, demonstrated a projected year-on-year growth of 140% in its gross order value, hinting at the increasing integration of tech in sports-like competition among market players. On the other hand, Instamart, another major player, showcased a 110% year-on-year growth, highlighting the blend of technology and sports-like strategies in the industry.
