Blinkit Commands 50% Of Indian Quick Commerce Market: Deepinder Goyal

Former Eternal CEO Deepinder Goyal said Blinkit holds a dominant position in India’s quick commerce market, accounting for nearly a 50% share in the rapidly growing segment. 

“We are 50% of the market. So let’s say we are roughly ₹180 Bn in terms of quarterly net order value [NOV]. Everyone else put together is also around the same,” Goyal told Financial Times in an interview.

He added that Blinkit operates differently from competitors that are still focused on aggressive cash burn and discounting strategies.

“The rest of the industry is in a burn-to-earn mode, where they are spending $2 Bn for $5-6 Bn worth of NOV. We don’t indulge in discounts, we don’t slash our delivery fee to zero. So we are actually making money,” Goyal said. 

On competition in the sector, including from Amazon, Goyal said he remains confident about the company’s position.

“We also have deep pockets. If it comes to outspending Amazon, we can. But let’s leave that aside, nobody wants to go down that path,” he said, expressing confidence that Blinkit is well positioned to emerge as a winner in the segment. 

The remarks come amid intensifying competition in India’s quick commerce sector, with players such as Blinkit, IPO-bound Zepto, and Swiggy Instamart expanding aggressively and burning significant cash to capture a market expected to become a ~$40 Bn opportunity by 2030.

Ecommerce giants Amazon and Flipkart are also ramping up investments in the space.

Amazon is scaling its quick commerce service Amazon Now, which CEO Andy Jassy said is growing 25% MoM in India. Amazon Now plans to expand to 100 cities with over 1,000 micro-fulfilment centres.

Flipkart, which plans to expand the dark store network for its quick commerce service Minutes to 250 cities by June 2026, is also reportedly working on a standalone app for the service. 

Meanwhile, Swiggy, which continues to be in losses, is looking to move to an inventory-led model, like Blinkit. However, its bid to become an Indian-Owned and Controlled Company (IOCC) for this transition failed as it couldn’t secure the necessary votes. Nevertheless, it plans to make another attempt to get the approval from the shareholders.

Notably, Blinkit showed a sharp improvement in profitability in the March quarter. Its adjusted EBITDA rose over 9X to ₹37 Cr from ₹4 Cr in Q3 FY26. In the year-ago quarter, the company had posted an adjusted EBITDA loss of ₹178 Cr.

Net order value (NOV) surged 95.4% YoY and 8.2% QoQ to ₹14,386 Cr, on the back of aggressive scale-up and 216 net new store additions. Blinkit’s total dark store count stood at 2,243 at the end of the quarter.

The company said select mature markets are nearing its 5-6% steady-state margin target but flagged that intense competition and continued investments in expansion could lead to uneven margin progression.

Overall, Eternal reported a 4.5X jump in net profit to ₹174 Cr in Q4 FY26 from ₹39 Cr a year ago. Operating revenue surged 196% YoY and 6% QoQ to ₹17,292 Cr.

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