Zepto’s IPO filing sharpens India’s quick-commerce race with Blinkit and Instamart
Zepto leads its peers in daily orders per dark store, while Blinkit holds the largest network and highest FY26 revenue. All three are continuing to fund dark-store growth, delivery and customer acquisition despite substantial adjusted EBITDA losses.
Zepto’s updated IPO filing spotlights India’s escalating quick-commerce battle with Blinkit and Instamart. Zepto leads in per-store order density, while Blinkit has the largest dark-store network and revenue. All three remain loss-making as they fund expansion, delivery and customer acquisition.
Why this matters
Zepto’s filing follows recent signals placing it in India’s 2025 startup IPO wave and on IPO watchlists alongside OYO and PhonePe, turning investor attention to its operating intensity versus Blinkit and Instamart.
Retail-company signals are accelerating, up 1,039,700% QoQ.