Swiggy’s quick commerce arm Instamart, has reclaimed the number two position from Zepto based on net merchandise value (NMV), according to the latest market share data obtained by Moneycontrol. Meanwhile, Eternal’s Blinkit maintained its market-leading position and further increased its share, the figures show.
In the week of August 4-11, Blinkit had an NMV of Rs 845 crore comfortably ahead of Swiggy’s NMV of Rs 405 crore and Zepto’s Rs 375 crore. Based on NMV, Blinkit had a 52 percent market share, Swiggy was number two with a market share of 25 percent and Zepto was in third place with a 23 percent market share, the data showed.
Net Merchandise Value, or NMV, is the actual value of goods sold after accounting for returns and cancellations.
This is the first time in several months that Swiggy has overtaken Zepto in market share terms, as it continues to invest in Instamart. Zepto, on the other hand, has reined in expenses in the last few months as it looks to become profitable ahead of a possible fundraise and eventual public market listing.
Zepto climbed to the number two position in November last year, per a report by Motilal Oswal, which is also a key investor in Zepto. Moneycontrol had reported in November 2024 that Blinkit was the top quick commerce player with a 46 percent market share ahead of Zepto, which has captured 29 percent of the market and Swiggy Instamart was third among major players accounting for 25 percent, as per the report which cited order volume data.
Swiggy did not reply to Moneycontrol’s queries. Zepto denied the numbers, saying they were inaccurate.
"Zepto's NMV, value of goods sold at final selling price net of refunds and cancellations, for August 4th to 11th was not Rs 375 crore. That number is incorrect; the actual number is exactly Rs 432.17 crore for August 4th to 11th," a Zepto spokesperson told Moneycontrol.
The shift in market share comes amid an intensifying landscape where the top three players -- Blinkit, Swiggy's Instamart and Zepto -- continue to grow and capture a significant portion of the market but there is increasing rivalry from players such as Flipkart Minutes and Tata's BigBasket.
Further, Zepto is stitching together a fresh round where the company could raise as much as $500 millon from existing investors at a valuation of $7 billion, Moneycontrol had reported earlier. Swiggy, on the other hand, said Instamart will grow further as its losses appear to have peaked.
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