One quick thing: Pre-IPO lock-in expiries worth $15 billion to hit market in May, Swiggy in focus

In today’s newsletter:

• Blinkit, Zepto, Swiggy hit over 4 mn daily orders
• TCS slashes variable pay for seniors, again
• EV startups feel the legacy heat

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Zomato’s recent comments about food delivery growth slowing down due to the rise of quick commerce are not without merit.

The top three rapid delivery companies—Blinkit, Zepto, and Swiggy Instamart—accounted for nearly 90% of the 5 million orders placed across quick commerce platforms each day in March this year.

• Blinkit led the market, delivering around 1.65–1.75 million orders daily in March, according to data we sourced
  
  
• Zepto followed closely, with 1.45–1.55 million orders per day during the month
  
  
• Swiggy Instamart secured third place, with 1.05–1.15 million daily orders

Together, the three companies delivered 4.15–4.45 million orders per day in March 2025—a more than 100% increase from the 1.95–2.25 million daily orders recorded in March 2024

• In total, all the five quick commerce companies—including BigBasket and Flipkart Minutes—delivered around 5 million orders per day in March 2025, the data showed 

However, BigBasket and Flipkart Minutes operated at a smaller scale: 

• BigBasket delivered 0.5 million orders each day in March
  
  
• Flipkart Minutes fulfilled 0.2 million orders each day during the month

While Blinkit is clearly in the lead and Zepto holds second place for now, a definitive winner is yet to emerge.

• Zepto added 7.88 million new customers in December 2024 but only 2.16 million in March 2025, according to Sensor Tower

Blinkit also showed signs of moderation, adding 5.11 million new users in December 2024 and 4.9 million in March 2025.

• BigBasket and the standalone Swiggy Instamart app gained new users during the same period

Meanwhile, Swiggy has shut down Genie, its hyperlocal delivery service that competed with Uber Package and Porter.

• The company found its revenues underwhelming and has now redirected its focus toward strengthening food delivery and scaling Instamart

• Manoj Muthu Kumar, Swiggy’s VP who led Genie, will now focus on other verticals

Dig deeper

Tata Consultancy Services, India’s largest software exporter, has once again cut the quarterly variable allowance for senior staff.

• Senior employees received only about 20–30% of their variable pay for the January–March quarter, we were told

TCS says 70% of its staff received full variable pay, though sources note this mostly covers junior employees with smaller payouts. 

• Variable pay for seniors is given out every quarter based on business unit-wise performance in the company
  
  
• This marks the third consecutive quarter of variable pay cuts

This development comes close on the heels of another big update: TCS is deferring its annual wage hike cycle amid persistent macroeconomic uncertainties.

• Last year, TCS made headlines for linking variable pay to office attendance — employees needed at least 85% in-office presence to qualify for the full payout

Dig deeper

April 2025 flipped the script in the electric two-wheeler market, and India’s EV race just got a plot twist.

For the first time, legacy giant TVS Motor overtook Ola Electric, clocking 19,736 unit sales. 

• Bajaj Auto roared into third place with 19,001 units, marking a 151% year-on-year growth

With a record-breaking 91,791 e-scooters sold in April—a 40% jump from last year—the EV battleground is more competitive than ever.

TVS’s expanded iQube lineup and its deep dealer network are winning over buyers in Tier II and Tier III towns.

Bajaj Auto is banking on the trusted Chetak name to appeal to families and value-conscious riders, while actively expanding its dealership footprint across India.

Legacy OEMs are finding new life in EVs by doing what they’ve always done best: building trust. 

• With strong after-sales service, widespread access to spare parts, and brand familiarity, they’re connecting with a wider, savvier audience—one that’s no longer wowed by flashy features alone

Add in rising fuel prices and a two-month extension of EMPS subsidies, and the players have the perfect tailwind for adoption, especially in the Tier II and Tier III towns. 

Go deeper

• Elon Musk criticised the US government as inefficient and suggested that AI should take over some tasks currently performed by public workers.

• The UAE will introduce AI into the public school curriculum this year, as the Gulf nation seeks to become a regional powerhouse in AI development.

Sharing is caring—especially when it's between couples or roommates and helps save money.

YouTube is testing a two-person Premium and Music Premium plan in India, France, Taiwan, and Hong Kong. 

• The pilot aligns with YouTube’s growing subscription push

For Rs 219 (Premium) or Rs 149 (Music), two users in the same Google family group get ad-free and offline access. Find out more

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