Swiggy’s Instamart Rises: Reclaims 2nd Spot from Zepto on Quick Commerce Charts
The Indian quick commerce battleground just witnessed a notable shift: Swiggy’s Instamart has ascended back to the second spot, edging past Zepto in terms of Net Merchandise Value (NMV). This development, based on the week of August 4–11, 2025, marks a pivotal moment in what continues to be a highly competitive space.
The NMV Numbers: Blinkit Still Reigns
-
Blinkit: Dominates with ₹845 crore in NMV—about 52% market share.
-
Swiggy Instamart: Comes in second with ₹405 crore, capturing 25%.
-
Zepto: Drops to third with ₹375 crore, or 23% share.
This uptick is the first time in several months that Instamart has overtaken Zepto, underscoring the impact of Swiggy’s renewed investment push.
Quick Commerce: A Recap of Market Dynamics
Zypto’s Rise & Shrink of Instamart
-
Late 2024: Zepto surged ahead to become the second-largest player, per Motilal Oswal, with Blinkit leading (46%), Zepto at 29%, and Instamart at 25%.
-
HSBC Report: Zepto grew from about 15% (Mar 2022) to 28% (Jan 2024), while Instamart fell from 52% to 32%, and Blinkit grew to around 40%, showcasing intensifying competition.
Daily Orders & Growth Trajectories
-
March 2025 Snapshot: Combined, the top players—Blinkit, Zepto, and Instamart—delivered 4.15–4.45 million orders daily, more than double YoY.
-
Blinkit: ~1.65–1.75 million.
-
Zepto: ~1.45–1.55 million.
-
Instamart: ~1.05–1.15 million
Expansion & Strategy Moves
-
Instamart expanded into 100+ cities, especially targeting Tier II and III towns. One in four new users in 2025 came from these markets.
-
It also ramped up its dark store count to 1,021 by Q4 FY25, although additions slowed significantly in Q1 FY26, with just 41 new stores bringing the total to 1,062.
Competitive Pressures & Cost Challenges
-
Brokerage Concerns: Ambit Capital raised issues around Instamart being about 50% smaller than Blinkit on GMV and lagging in revenue by 57%, which could impact profitability.
-
Handling Fees & Pricing: All major players—Blinkit, Instamart, Zepto—are introducing or tweaking delivery/handling charges to manage costs and losses.
-
Instamart CEO Amitesh Jha emphasized that competition remains fierce, especially with players like Amazon and Flipkart stepping into the quick commerce space.
What This Means for Swiggy & Quick Commerce
Positive Momentum for Instamart
Reclaiming second place by NMV signals that Swiggy’s strategy is yielding results. Focused expansion and marketing efforts are translating to measurable performance gains.
But the Profit Puzzle Persists
Despite growth on volume and value, quick commerce remains a razor-thin-margin business. Instamart's challenge isn't just to scale, but to scale profitably—a dilemma echoed across the industry.
Market Remains Fluid
With Amazon’s Amazon Now and Flipkart’s Minutes entering the fray, and existing giants continually optimizing, the market is far from consolidated. Instamart will need to keep innovating to stay competitive.
Final Thoughts
Swiggy’s Instamart taking back the second spot in NMV is a testament to its resilience and strategic recalibration. Yet, in a market defined by city-wide appeals of 10-minute deliveries, the real test lies ahead—balancing speed and reach with sustainable economics. The winner in quick commerce will be the one who masters both.