Instamart’s Share Among Q-Commerce Players Declines From 34% to 21% in 2 Years

India’s quick commerce market is becoming  increasingly dominated by  Blinkit and Zepto, while Swiggy’s Instamart has witnessed a decline in market share over the past two years, according to disclosures in Zepto’s updated draft red herring prospectus (UDRHP). 

According to a UDRHP report, Instamart processed 412.2 million orders in FY ’26, up from 175.5 million orders in FY ’24. However, its share of total orders among the three largest quick commerce players declined to 20.9% in FY ’26 from 34.3% in FY ’24.

During FY ’24, Blinkit led the quick commerce market with 203 million orders, accounting for 39.7% of total orders among the three players followed by  Instamart with a 34.3% share. Zepto processed 132.9 million orders, representing 26% of the total. 

The gap widened in FY ’25 as Blinkit processed 489.9 million orders and Zepto 340.3 million orders, compared to Instamart’s 270.2 million orders. Instamart’s market share fell to 24.5%, while Blinkit and Zepto increased their shares to 44.4% and 30.9%, respectively.

In comparison, Blinkit recorded 916.6 million orders in FY ’26, while Zepto processed 640.2 million orders. Blinkit remained the market leader, followed by Zepto.

The UDRHP also disclosed the FY ’26 financial performance of the three players. Blinkit reported revenue from operations of Rs 37,779 crore (US $ 4,524 million) and an adjusted EBITDA loss of Rs 277 crore (US $33 million), while Zepto posted revenue of Rs 22,624 crore ( US $2,710 million) with an adjusted EBITDA loss of Rs 5,042 crore ( US $604 million).

Meanwhile, Instamart reported revenue of Rs 3,859 crore ( US $462 million) and an adjusted EBITDA loss of Rs 3,511 crore (US $ 421 million). However, the revenue figures are not directly comparable as Swiggy follows different business and accounting models.