India’s quick commerce race is increasingly becoming a two-horse contest and Swiggy’s Instamart appears to be losing ground. New disclosures in Zepto’s updated draft red herring prospectus (UDRHP) show that while Instamart continues to add orders at scale, it is capturing a shrinking share of industry growth as rivals Blinkit and Zepto expand at a faster pace. Over just two years, Instamart’s share of total orders among the three largest quick commerce players has dropped sharply from 34.3% in FY24 to 20.9% in FY26, indicating that most of the category’s incremental demand is now flowing elsewhere. The numbers provide one of the clearest snapshots yet of how competitive positions have shifted in India’s most intensely contested consumer internet market. In FY24, Instamart processed 175.5 million orders, accounting for 34.3% of the combined orders handled by Blinkit, Zepto and Instamart. Blinkit led the market with 203 million orders and a 39.7% share, while Zepto recorded 132.9 million orders with a 26% share. The gap widened in FY25 as Instamart processed 270.2 million orders, compared to 489.9 million orders for Blinkit and 340.3 million orders for Zepto. Consequently, Instamart's share of total orders among the three players declined to 24.5%, while Blinkit and Zepto increased their shares to 44.4% and 30.9%, respectively. By FY26, Blinkit further strengthened its lead with 916.6 million orders, followed by Zepto at 640.2 million orders. Instamart recorded 412.2 million orders during the year. Although its order volume continued to grow, its share fell further to 20.9%, down from 34.3% in FY24, as Blinkit and Zepto captured a larger share of the market's growth. The data indicates that a notable portion of the new demand in quick commerce is being captured by Blinkit and Zepto. Over the last two years, Instamart’s share of total orders declined by more than 13 percentage points, from 34.3% in FY24 to 20.9% in FY26. The UDRHP also provides a snapshot of the financial performance of the three players for FY26. Blinkit reported revenue from operations of Rs 37,779 crore and an adjusted EBITDA loss of Rs 277 crore. Zepto posted revenue of Rs 22,624 crore with an adjusted EBITDA loss of Rs 5,042 crore. Instamart, meanwhile, reported revenue of Rs 3,859 crore and an adjusted EBITDA loss of Rs 3,511 crore. However, the revenue figures are not directly comparable as Swiggy follows different business and accounting models. The disclosure comes as Zepto prepares for its public market debut and competition in the quick commerce sector continues to intensify, with players investing aggressively in dark stores, logistics infrastructure and customer acquisition to gain market share. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or covera
