Blinkit’s revenue share from Delhi-NCR falls to 40% as it strengthens hold over other regions

To be sure, the industry is less than four years old and will evolve over time. However, most believe that different players will dominate separate markets and all of them will co-exist.

Zomato-owned Blinkit, the quick commerce major known for its dominance in the Delhi-NCR belt, has seen its revenue share from the region drop from 47 percent a few quarters ago to below 40 percent at the end of the July-September period, the company’s chief financial officer (CFO) Akshant Goyal said.

The company has, over the past months, reduced reliance on the Delhi-NCR region and worked on tightening its grip over other markets in India, which are now contributing more to the company’s top line than they did previously.

“Sequentially, the share of Delhi-NCR in our business continues to fall. A couple of quarters ago, the share was around 47 percent but today that number is less than 40 percent. As we build out the markets beyond Delhi-NCR, our focus area during the first few quarters of the business, we are seeing our growth in other cities (increase),” CFO Goyal told analysts on October 22 while discussing the company’s results. 

His comments come at a time when analysts and experts have said the $5.5-billion quick commerce market, like the food delivery industry, is fragmented and has different players dominating separate regions.

“On a gross order value (GOV) basis, we believe we are the largest player in all the major metros outside of Chennai and Hyderabad (Telangana),” he added. Blinkit is currently live in 40 markets like Delhi, NCR, Kolkata, Lucknow, Mumbai, Bengaluru, Ahmedabad, and other smaller cities such as Ludhiana, Meerut, Panchkula, Haridwar, and more.

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Blinkit’s CEO Albinder Dhindsa, in May 2024, had said his company was larger than peers like Swiggy Instamart, dominant in Bengaluru, and Zepto, a key player in Mumbai.

“...in Bengaluru and Mumbai, for instance, we believe (that) we are the largest player in terms of gross order value (GOV) already,” CEO Dhindsa had said then.

To be sure, the industry is less than four years old and will evolve over time. However, most believe that different players will dominate separate markets and all of them will co-exist.

“Retail always has space for a lot of players. I don't know whether quick commerce will turn out to be different or not. We don't understand quick commerce that well yet to confidently say that it's going to be a winner takes all kind of a game,” Zomato chief Deepinder Goyal had told Moneycontrol in an exclusive interview.

“It will likely be a winner takes it all at store level, or at a hyperlocal level. So different areas will have a different winner.”