Quick commerce is expanding rapidly in India: company-reported FY26 figures show sharp growth in orders and sales, alongside large dark-store networks. But those figures are not directly comparable across platforms, and rapid expansion does not by itself establish market share, sustainable profitability or typical delivery-worker earnings.
What the platforms reported in FY26
The figures below come from company disclosures and use different measures. NOV (net order value), GOV (gross order value), orders, customers and store counts describe different parts of the business; their growth rates should not be treated as a league table.
| Platform and source | Reported scale or growth | Period and definition |
|---|---|---|
| Blinkit, reported by Eternal Limited in its FY26 annual report | Quick-commerce NOV of ₹48,567 crore, up 117% year over year; orders up 116%; average monthly transacting customers up 117% | FY26; company-reported. Blinkit had 2,243 stores across more than 250 cities as of March 2026. |
| Instamart, reported by Swiggy Limited in its FY26 results | GOV of ₹7,881 crore, up 68.8% year over year; average order value of ₹700 | FY26; company-reported. Instamart had 1,143 stores across 129 cities at the year ended March 31, 2026. |
| Zepto, investor-relations page | Order-volume CAGR of more than 119% and more than 2.3 million orders per day | CAGR between FY24 and FY26; daily orders for Q4 FY26. Company-reported. |
The measures and periods differ, so these disclosures show expansion, not which platform is largest on a like-for-like basis. The reviewed company sources do not establish an independently verified national market-share series or a comparable consumer-adoption rate.
Why dark stores matter to the model
Quick-commerce platforms fulfil orders from small, local fulfilment sites—often called dark stores—rather than relying only on conventional retail shops or distant warehouses. Keeping inventory near customers can support rapid fulfilment, while adding sites extends coverage and increases local density.
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Swiggy reported that Instamart’s dark-store network covered 4.8 million square feet at FY26 year end. Eternal said Blinkit continued adding stores to reach new localities and increase density where demand exceeded capacity. These disclosures illustrate the infrastructure behind expansion; they do not independently establish a sector-wide delivery-time guarantee.
Fast growth does not settle profitability
Revenue growth, order growth and store expansion are not the same as positive operating earnings. For FY26, Eternal reported Blinkit’s adjusted EBITDA margin at -0.6%; in Q4 FY26, it reported a margin of 0.3% of NOV and adjusted EBITDA break-even for the quarter. Swiggy reported an Instamart adjusted EBITDA loss of ₹858 crore for the quarter ended March 31, 2026, alongside a contribution margin of -1.8%.
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These are company-defined measures with different denominators and scopes, so they should not be compared as if they were the same profitability test. A quarterly break-even result on one reported measure also does not establish sustained profitability across a full year.
Why Blinkit’s reported revenue needs context
Eternal said quick-commerce revenue grew 626% in FY26 after the business shifted substantially to inventory ownership. Under that model, reported revenue includes the full sale value rather than only marketplace commission, making the revenue figure not comparable with prior years on the same basis. For a year-over-year trend, Eternal’s stated NOV growth is the more relevant disclosed measure; it should still be understood as the company’s reported metric.
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A September 2026 arXiv preprint describes a pilot in New Delhi that collected delivery-worker earnings screenshots and supplemented them with incentive data from Blinkit stores. The authors report considerable variability and dependence on incentives in that pilot. Its narrow setting does not make it a representative estimate of earnings for all workers, cities or platforms.
The reviewed sources do not establish a representative national estimate of quick-commerce worker earnings. They also do not establish a like-for-like national market-share series or justify a single delivery-time claim as a fact about the whole sector.
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What the next phase may emphasize
Swiggy CEO Sriharsha Majety said in the company’s FY26 results release: “In quick commerce, the next phase will be defined by anticipating consumer needs, not merely fulfilling them.” That is an executive’s strategic view, not independent evidence that the industry has reached a particular stage or that any platform has achieved a proven advantage.
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