According to a recent Citi report, Swiggy Instamart is behind in India’s competitive quick commerce market, with Zomato-owned Blinkit and Zepto holding larger market shares. Swiggy currently holds a 23% market share, trailing Blinkit’s 41%. While Citi did not provide an estimate for Zepto’s share, data indicates that Zepto may have overtaken Swiggy in market position.
Zepto Overtakes Swiggy Instamart as Competition Intensifies in Quick Commerce
Citi’s report aligns with previous estimates, such as those by Motilal Oswal, which claimed Zepto had overtaken Swiggy to become the second-largest player in quick commerce. Blinkit leads with a 46% share, followed by Zepto at 29%, and Swiggy Instamart at 25%. This competition is intensifying, with companies expanding aggressively to capture more market share.
By the third quarter of FY25, Blinkit and Swiggy Instamart operate 1,007 and 705 dark stores, respectively, while Zepto has around 750 stores. Blinkit aims to reach 2,000 dark stores by December, Swiggy plans to cross 1,000 stores by March, and Zepto targets 1,200 stores by FY25’s end. While Blinkit remains the clear leader, Zepto and Instamart are vying for second place, and Zepto may now be operating on a larger scale.
Zepto’s GOV Soars, Closing the Gap with Blinkit as Swiggy Instamart Struggles
Zepto’s gross order value (GOV) tripled over the last eight months, reaching around $3 billion (~Rs 24,500 crore), putting it on par with Blinkit. Blinkit’s GOV for Q2 FY25 was Rs 6,132 crore, while Swiggy Instamart’s GOV was Rs 3,382 crore, showing it’s still behind in scale despite similar market shares.
Despite the fierce competition, analysts believe Swiggy is well-positioned to stay competitive due to its platform advantages, such as shared tech infrastructure and delivery partner fleets. The quick commerce market is expected to grow rapidly, reaching a $9 billion annualized GOV by FY25 and $26 billion by FY28.
