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Zepto has surpassed Swiggy Instamart to become the second-largest player in the quick commerce sector, according to a report by Motilal Oswal. Blinkit remains the market leader with a 46% share, while Zepto holds 29% and Swiggy Instamart accounts for 25%. Raamdeo Agrawal, chairman of Motilal Oswal, is an investor in both Zepto and Swiggy.
Commerce and Industry Minister Piyush Goyal emphasized the need for e-commerce companies to adhere to foreign direct investment (FDI) laws, urging compliance in both letter and spirit. His remarks, made during an event in Mumbai, addressed concerns over the impact of quick commerce platforms on traditional kirana stores, following accusations from the Confederation of All India Traders against companies like Blinkit, Instamart, and Zepto.
Swiggy's market debut on November 13 intensifies its rivalry with Zomato, which has seen its shares rise over 100% since 2021. While Zomato leads in key segments, Swiggy's lower valuation may allow it to catch up, particularly in food delivery, though challenges remain in quick commerce. Aditya Suresh from Macquarie Capital notes that Swiggy is 4-6 quarters behind Zomato but has a clear path to expand its monthly transacting users.
Zomato-owned Blinkit has seen its revenue share from the Delhi-NCR region decline from 47% to below 40% as it expands its presence in other Indian markets. CFO Akshant Goyal noted that the company is reducing reliance on Delhi-NCR while experiencing growth in other cities, reflecting the fragmented nature of the $5.5-billion quick commerce market.
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