Zepto Pulls Ahead of Instamart

Zepto Pulls Ahead of Instamart, But Blinkit Still Dominates India’s Quick Commerce Race

India’s quick commerce battle is entering a new phase. While Zepto has overtaken Swiggy Instamart on several operating metrics, Blinkit continues to maintain a significant lead in scale, according to a recent Bernstein report.

The report highlights how the competition is now shifting from aggressive expansion to operational efficiency, dark store productivity, and order density as companies prepare for the next stage of growth — and profitability.

Zepto Becomes India’s No. 2 Quick Commerce Player

Bernstein’s latest analysis shows Zepto has moved ahead of Instamart in monthly active users (MAUs), daily orders, and dark store count, making it the second-largest quick commerce player in India across multiple operational metrics.

Zepto currently operates around 1,255 dark stores across 61 cities, compared to Instamart’s approximately 1,181 dark stores spread across 128 cities. This suggests Zepto is building higher density in fewer markets, improving efficiency and throughput.

Industry estimates peg Zepto’s daily order volume at nearly 1.5–1.6 million orders, compared to Instamart’s estimated 1.2 million.

Blinkit Still Leads by a Wide Margin

Despite Zepto’s rapid growth, Blinkit remains the undisputed leader in India’s quick commerce market.

The company currently operates more than 2,200 dark stores across over 240 cities, significantly ahead of both Zepto and Instamart. Bernstein expects Blinkit to continue widening its lead due to superior store productivity and higher order throughput.

Blinkit reportedly processes nearly 3 million daily orders, almost double Zepto’s scale.

Analysts also note that Blinkit’s mature dark stores handle significantly higher daily orders per store compared to competitors, improving unit economics and operating leverage over time.

Dark Stores Have Become the Core Battleground

Quick commerce companies are aggressively expanding dark store networks to improve delivery speed and customer density.

Bernstein’s report indicates that dark store expansion remains central to the growth strategy of all major players, including Zepto, Blinkit, Instamart, Flipkart Minutes, and Amazon Now.

Current estimates suggest:

• Blinkit: 2,200+ dark stores
• Zepto: ~1,255 dark stores
• Instamart: ~1,181 dark stores
• Flipkart Minutes: ~741 dark stores
• Amazon Now: 350–450 dark stores

The focus is increasingly shifting from just adding stores to improving utilisation, basket sizes, and profitability per order.

Profitability Remains a Challenge Across the Sector

Even as the sector scales rapidly, profitability remains elusive.

Quick commerce firms continue spending aggressively on customer acquisition, discounts, dark store expansion, and logistics infrastructure. Leading players collectively hold more than Rs 40,000 crore in cash reserves while continuing to burn capital aggressively.

Swiggy has recently reported improving contribution margins in Instamart, helped by higher order density and better network utilisation.

Meanwhile, analysts expect volatility in profitability to continue across the sector as companies compete intensely for market share.

Zepto’s IPO Ambitions Add More Momentum

Zepto’s rapid operational growth comes at a critical time as the company prepares for its upcoming IPO.

The company has reportedly received regulatory approval for a $1 billion public offering and is targeting a listing later this year.

Investors are closely watching whether Zepto can narrow the scale gap with Blinkit while simultaneously improving profitability and operational efficiency.

The Quick Commerce War Is Far From Over

India’s quick commerce market is evolving from a speed-focused race into a scale-and-efficiency battle.

While Zepto has successfully overtaken Instamart on several key metrics, Blinkit’s lead in dark store scale, order throughput, and operational maturity still gives it a strong edge.

The next phase of competition will likely be defined not just by how fast groceries arrive, but by which platform can build the most efficient and sustainable delivery network in India’s rapidly growing instant commerce ecosystem.

Source: https://www.moneycontrol.com/news/business/startup/zepto-ahead-of-instamart-on-dark-stores-maus-and-orders-trails-blinkit-as-quick-commerce-race-intensifies-bernstein-13919325.html