Digitizing India Series Mirror, Mirror on the Wall … #10: Screening for Pricing and Availability – Subsidies moderate; Instamart catching up on SKU availability

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Digitizing India Series Mirror, Mirror on the Wall … #10: Screening for Pricing and Availability – Subsidies moderate; Instamart catching up on SKU availability

J P M O R G A N Asia Pacific Equity Research

08 June 2026

Digitizing India Series

Mirror, Mirror on the Wall … #10: Screening for Pricing

and Availability – Subsidies moderate; Instamart

catching up on SKU availability

Eternal and Swiggy have declined by 8% and 35% YTD (NIFTY down 10%) due Head of APAC Telecoms and India

to concerns of rising competitive intensity, persistent discounting and potential TMT Research

slowing growth in their QC business. Key takeaways from this edition of Ankur Rudra, CFA AC

channel checks: Headline subsidies remain volatile with some moderation in (65) 6801-3237

Blinkit and Instamart. Grocery and Staples have seen lower discounts compared ankur.rudra@jpmorgan.com

to other categories w.r.t our previous checks. Blinkit continues to be disciplined in J.P. Morgan Securities Singapore Private Limited

pricing with Instamart maintaining even lower discounts than Blinkit for a while Bhavik Mehta, CFA

now. In contrast, Zepto still continues to be aggressive on pricing, second only to (91-22) 6157-3871

bhavik.mehta@jpmchase.com

Amazon Fresh. On Availability: In Delhi-NCR Instamart has caught up with J.P. Morgan India Private Limited, J.P. Morgan

Blinkit to emerge as joint leader. While in Bengaluru, Instamart has regained its Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

lead by surpassing Blinkit by a small margin in late-April. Blinkit remains the clear

Harshit Sharma

leader by a margin in Mumbai, with Zepto and Instamart fighting for the second

(91-22) 6157-5879

spot.