India’s booming quick commerce (q-commerce) sector—offering deliveries within 10–20 minutes—has seen a reshuffling of market leadership in FY25. According to Indira Securities, Blinkit has emerged as the clear front-runner, commanding a dominant 44% market share, followed by Zepto (30%) and Swiggy Instamart (23%). The “Others” category, which includes players like BigBasket’s BB Now and Dunzo, trails with just 3%.
This shift highlights intense competition, rapid scaling, and consumer preference in a space that has redefined urban grocery shopping in India.
FY25 Market Share Breakdown – Quick Commerce India
| Player | Market Share (%) |
|---|
| Blinkit | 44% |
| Zepto | 30% |
| Swiggy Instamart | 23% |
| Others (incl. BB Now, Dunzo) | 3% |
Blinkit’s Lead: Powered by Zomato Muscle
Acquired by Zomato in 2022, Blinkit has leveraged the parent company’s:
Capital support to scale dark stores aggressively
Tech and logistics backbone for efficiency
Zomato Gold cross-selling to tap into premium customers
By integrating deeply with the Zomato app and prioritizing high-density urban areas, Blinkit has maximized repeat orders, reduced delivery times, and driven higher average order values.
Zepto’s Growth Story: Fast, Funded & Focused
Zepto, launched in 2021 by two Stanford dropouts, has seen phenomenal growth driven by:
Strong funding from global VCs (e.g., Nexus, StepStone, Glade Brook)
Focus on top-tier cities and younger demographics
Seamless app experience and gen-Z-oriented branding
Zepto’s 30% market share reflects its ability to build customer stickiness while keeping delivery speeds consistently under 15 minutes.
Swiggy Instamart: Balancing Growth and Scale
Though a pioneer in the space, Swiggy Instamart now holds 23% share, slightly behind its younger rivals. Reasons include:
Diversion of capital toward Swiggy’s core food delivery business
Slower expansion of dark store network compared to Blinkit and Zepto
Operational restructuring to improve profitability in FY24
Nonetheless, Instamart remains strong in Tier 2 cities and is investing in private labels and bundled offers to regain lost ground.
The “Others” Category: Struggling to Keep Pace
Players like BigBasket’s BB Now, Dunzo, and local city-specific operators are part of the residual 3% share. Reasons for underperformance include:
Many of these players are pivoting to niche models or have shifted focus to B2B or hyperlocal logistics instead.
What This Means for the Sector
1. Consolidation Phase Underway
The q-commerce space is heading toward a three-player market—Blinkit, Zepto, and Swiggy—similar to what happened in ride-hailing (Ola vs. Uber) and e-commerce (Flipkart vs. Amazon).
2. Unit Economics Still Evolving
Despite rising order volumes, path to profitability remains a challenge, especially with rising delivery partner costs and intense discounting.
3. Differentiation Will Matter
Speed is no longer the only game. Players are now experimenting with:
Private brands
Subscription loyalty programs
Eco-friendly delivery options
AI-driven demand forecasting
Conclusion
FY25 has marked a pivotal shift in India’s quick commerce landscape. With Blinkit emerging as the dominant player, Zepto gaining fast, and Swiggy Instamart recalibrating, the sector is headed toward consolidation and maturity. As consumer habits continue to evolve, the race will now be about profitability, personalization, and platform loyalty—not just speed.
Written by Indira Securities SEBI Registered with 30 plus years of experience in Stock Market