Quick Note - Quick commerce in India - Making sense of Zepto

研报英文原文证据摘录

Quick Note - Quick commerce in India - Making sense of Zepto

Global Markets Research

10 June 2026Quick commerce in India

EQUITY: TECHNOLOGY

Making sense of Zepto Research Analysts

India Internet

Abhishek Bhandari, CFA - NFASLQuick Note abhishek.bhandari@nomura.com

+91 22 403 74120We studied the DRHP filed by Zepto [unlisted; one of the largest quick commerce (QC)

platforms in India by GMV] and present the key comparisons between Zepto, Blinkit Karan Nain - NFASL

[owned by Eternal (ETERNAL IN, Buy)] and Instamart [owned by Swiggy (SWIGGY IN, karan.nain@nomura.com

Buy)]. +91 22 676 26540

Comparative analysis of operational parameters indicates higher OPD for Zepto

We compared the key operational parameters of the three leading quick commerce

platforms — Blinkit, Instamart and Zepto.

• Zepto’s order per day per dark store (OPD/store) at ~2,140 was ~60% higher than

Blinkit and ~100% higher than Instamart in 4QFY26.

• Average order value (AOV) at ~INR387 has largely been flat for the past 12 quarters

for Zepto vs a ~19% and 58.7% increase for Blinkit and Instamart, respectively. The

AOV of Zepto is 45% lower than the AOV of Swiggy (as of 4QFY26).

• Zepto’s dark store count at end-4QFY26 was roughly the same as Swiggy’s ~1,139

and ~50% of Blinkit’s count of 2,243.

• Zepto’s annual transacting users were 47.97mn in 4QFY26 vs 38.38mn in 4QFY25.

Operating losses continue to be higher than Instamart and Blinkit

Zepto had an adjusted EBITDA loss of ~INR12.5bn in 4QFY26 vs INR8.6bn loss for

Instamart and positive INR3.7bn adjusted EBITDA for Blinkit. Zepto noted that advertising

revenues wer ~7.88% of its net receivable value (equivalent to net order value of the other

platforms, in our view). For FY26, Zepto had adj. EBITDA losses of INR50.4bn vs