Swiggy Instamart falls further behind Blinkit as losses widen 30% and JM Financial values arm at zero
FY26 losses widened 30% to Rs 4,000cr+ on Rs 4,200cr ad spend. Instamart added just 0.5M MTUs to 13.3M while Blinkit added 3.6M in a single quarter to 27M+. AOV slipped to Rs 700 from Rs 746. Stock down 40% since September; JM Financial ascribes zero value to Instamart.
Swiggy Instamart lags Blinkit sharply: MTU growth, AOV, and losses all deteriorating despite CEO Majety's margin-over-growth pledge. FY26 losses widened 30% to Rs 4,000cr; stock down 40%; JM Financial values Instamart at zero.