Anand Rathi Research says quick commerce players are increasingly differentiating themselves through pricing strategies, store productivity and customer retention as competition intensifies and investors focus on sustainable profitability
India’s quick commerce market is entering a new phase, with leading platforms adopting distinct operating strategies to balance growth and profitability. Blinkit, Zepto and Swiggy Instamart are increasingly competing on pricing, operational efficiency and customer retention as competition expands beyond the three leading players to include Amazon, Flipkart Minutes and JioMart, according to Anand Rathi Research,
The brokerage said Zepto has accelerated revenue growth and expanded market share by shifting from periodic discounting to an everyday low-price (EDLP) model. According to the report, the company introduced a Rs 99 threshold for free delivery and waived platform fees and surcharges in November 2025 after raising around USD 450 million.
“Zepto’s DRHP shows rapid revenue and market share gain, as the company began shifting to a model built on consistently low prices rather than periodic discounts,” the report said.
Anand Rathi estimates that the strategy helped Zepto process around 2.3 million daily orders in the fourth quarter of FY26, compared with approximately three million for Blinkit and 1.2 million for Swiggy Instamart.
The brokerage also estimated Zepto’s implied net average order value at around Rs 387 during the quarter, compared with Rs 491 for Swiggy Instamart and about Rs 529 for Blinkit. It said the lower average order value reflected “a deliberate EDLP (Every Day Low Prices) positioning rather than a structural weakness.”
Store Productivity Takes Centre Stage
According to Anand Rathi, higher order volumes alone do not guarantee profitability. Instead, the report identifies dark store productivity as one of the most important operating metrics, with greater order density helping companies spread fixed costs more efficiently.
“Zepto’s model depends on pushing throughput from ~2000 to 3000 orders per day at each store to achieve earnings before interest, taxes, depreciation and amortisation (Ebitda) breakeven versus Blinkit and Instamart at ~1.5k to 1.8k orders/day/store,” the report said.
The brokerage noted that the three leading platforms are pursuing different growth strategies. It said Blinkit is expanding product assortment, geographic reach and dark store density, while Zepto is prioritising order frequency and network density over larger basket sizes. Swiggy Instamart, meanwhile, has shifted its focus from aggressive discount-led expansion to improving unit economics. According to the report, the platform is concentrating on contribution margin improvement, network optimisation, expansion into non-grocery categories and higher-margin private-label products.
Competition Intensifies
The report said the competitive landscape is becoming increasingly crowded as Amazon, Flipkart Minutes and JioMart expand their quick commerce operations, intensifying the battle for value-conscious consumers.
“While low prices and Rs 99 free delivery threshold have got it this far, the next leg of growth will need more users. Winning them from rivals is likely to be hard especially in a sector that is getting more crowded with Amazon, Flipkart Minutes and JioMart etc. all chasing value-conscious customers,” Anand Rathi said.
The brokerage believes Blinkit remains best positioned among the leading players because of its scale and operating performance. It estimates that Blinkit processes nearly as many daily orders as Zepto and Swiggy Instamart combined and operates more than 2,200 dark stores.
“We believe investors should stick with Blinkit, as it stands as undisputed market leader, processing nearly as many orders as Zepto and Swiggy Instamart combined, with >2,200 dark stores. It is the only major player to have consistently achieved positive adjusted EBITDA in recent quarters,” the report said.
According to Anand Rathi, Eternal’s broader ecosystem also provides “structural defence against competitors like Amazon, BigBasket and Flipkart Minutes”.
