Internet - India: Comparing KPIs for top 3 quick-commerce platforms: Analyzing key trends

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Internet - India: Comparing KPIs for top 3 quick-commerce platforms: Analyzing key trends

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Internet - India

Comparing KPIs for top 3 quick-commerce

platforms: Analyzing key trends

Industry Overview

Zepto: better NOV share but higher losses than Instamart 11 June 2026

In this report we have compared key KPIs of top 3 quick commerce (QC) platforms Equity

Blinkit, Instamart and Zepto. A theoretical market share calculation amongst the top 3 India

platforms indicates that Eternal remains the top platform with 52% NOV share in 4Q26, Internet

followed by Zepto at 27% and Instamart’s share at 21%. However, in terms of Sachin Salgaonkar >>

profitability, Zepto’s losses are higher than those of Instamart. Zepto in 4Q reported adj Research Analyst

EBITDA loss of Rs 12.5bn (-17% of NOV) compared to Instamart’s Rs 8.6bn loss (-15% BofAS+91 22India6632 8667

on NOV). We consider the market shares in the sector to be fluid and believe a clearer sachin.salgaonkar@bofa.com

picture on top platforms would be evident as and when the discounts are pulled down. Pankaj Mehendiratta >>

Research Analyst

BofAS India

+91 22 6632 8684KPIs reflection of focus on different consumer base in QC

pankaj.mehendiratta@bofa.com

An analysis of last few quarters indicates that Zepto has consistently shown NOV growth

Kaushik Gurumurthy, CFA >>

faster than Instamart in the last 8 quarters. However, this has come at the expense of its Research Analyst

losses widening (refer Exhibit 3 and Exhibit 4). Blinkit’s strong execution is evident from BofAS India +91 22 6632 8357

its stronger growth than Zepto in most quarters, while reporting lowest losses and also kaushik.gurumurthy@bofa.com

reducing them over time. Zepto’s net AOV is lower than Blinkit and Instamart given its