Digitizing India Series: QC Dark Store Network Analysis #14: Blinkit store adds pick up with focus rising on Tier-2/3 cities; Instamart and Zepto adds subdued

研报英文原文证据摘录

Digitizing India Series: QC Dark Store Network Analysis #14: Blinkit store adds pick up with focus rising on Tier-2/3 cities; Instamart and Zepto adds subdued

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

21 July 2026

Digitizing India Series

QC Dark Store Network Analysis #14: Blinkit store adds

pick up with focus rising on Tier-2/3 cities; Instamart and

Zepto adds subdued

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

report here: Vol 13), with store counts and analysis for June 2026 for the three QC TMT Research

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

>280 cities. We found that: (1) Blinkit’s quarterly monthly DS add run- (65) 6801-3237

rate remains stable and is ahead of track to reach 3,000 DS by Mar-27 (1QFY27: ankur.rudra@jpmorgan.com

75 vs. 4QFY26: 72), while Zepto and Instamart saw moderate increases. (2) On J.P. Morgan Securities Singapore Private Limited

an absolute level, both Zepto and Instamart remain significantly behind Blinkit on Bhavik Mehta, CFA

aggregate DS and the net add pace (see Figure 2DarkstorecounttrendMonthlystoreaditionsrun-rateremainsstagnantatBlinkit,withZeptoandInstamartatsingle-digitads and Figure 3Monthlystoreaditionsrun-rateremainsconsistentatBlinkit,withZepto/Instamartatlowtens/high-single-digitads). (3) Store vintage (91-22) 6157-3871

bhavik.mehta@jpmchase.com

is highest at Instamart (93% of DS >6M old), closely followed by Zepto (90% J.P. Morgan India Private Limited, J.P. Morgan

of DS > 6M old) and then Blinkit with (83% of DS >6M old); Blinkit’s vintage has Tower, Santacruz(E), Mumbai - 400098, SEBI

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