Digitizing India Series QC Dark Store Network Analysis #13: Pivot to network densification; Blinkit on track for 3K by Mar-27; Instamart picks up pace

研报英文原文证据摘录

Digitizing India Series QC Dark Store Network Analysis #13: Pivot to network densification; Blinkit on track for 3K by Mar-27; Instamart picks up pace

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

10 June 2026

Digitizing India Series

QC Dark Store Network Analysis #13: Pivot to network

densification; Blinkit on track for 3K by Mar-27;

Instamart picks up pace

In this report, we continue to analyze QC Dark Store (DS) network builds (previous Head of APAC Telecoms and India

report here: Vol 12), with store counts and analysis for April-May 2026 for the TMT Research

three QC incumbents, i.e. Eternal’s Blinkit, Swiggy Instamart and Zepto (unlisted) Ankur Rudra, CFA AC

across >240 cities. We found that: (1) Blinkit’s quarterly monthly DS add run- (65) 6801-3237

rate remains stable and it is on track to reach 3,000 DS by Mar-27 (pro-rated ankur.rudra@jpmorgan.com

1QFY27: 71 vs. 4QFY26: 72), while Zepto and Instamart saw moderate increases. J.P. Morgan Securities Singapore Private Limited

(2) On an absolute level, both Zepto and Instamart remain significantly behind Bhavik Mehta, CFA

Blinkit on aggregate DS and the net add pace (see Figure 3Monthlystoreaditionsrun-rateremainsstagnantatBlinkit,withZeptoandInstamartatsingle-digitads). (3) Store vintage (91-22) 6157-3871

bhavik.mehta@jpmchase.com

remains highest at Zepto (91% of DS >6M old), followed by Blinkit and J.P. Morgan India Private Limited, J.P. Morgan

Instamart at joint second (86% of DS >6M old); Blinkit’s vintage has matured Tower, Santacruz(E), Mumbai - 400098, SEBI

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

materially as DS add QQ rates have moderated. (4) City footprint saw a decline

Harshit Sharma

with a reduction in tail cities across all three platforms (-19 cities on Blinkit, -14

(91-22) 6157-5879