Overview

• Blinkit’s GMV jumped 124% year-on-year in Q1 FY26 while Instamart’s grew 113%, underscoring robust top-line growth for both platforms.
• Adjusted EBITDA losses held near prior-quarter levels at about ₹180 crore for Blinkit and ₹850 crore for Instamart due to sustained infrastructure expenses.
• With overall sector growth below 20%, Blinkit and Instamart increased market share by delivering sequential GMV uplifts of over 25% and 22% respectively.
• Platforms have begun curbing price discounts and trimming marketing spend as they await dark stores to mature and lift unit economics.
• Zepto deferred its IPO to 2026 to boost domestic ownership as it approaches EBITDA breakeven and recalibrates its funding roadmap.