Archive · 26 Aug 2026
Flipkart Minutes Overtakes Instamart As Quick-Commerce Race Intensifies
Quick-commerce companies deliver groceries and other items very quickly from small nearby warehouses called dark stores.
A CLSA report says Flipkart Minutes now has slightly more of these stores than Swiggy Instamart in India’s 10 biggest quick-commerce markets.
Blinkit still has the most stores by a large margin.
Zepto and BigBasket are also important competitors.
More nearby stores can help companies deliver faster and keep more products available.
They can also reduce costs when each store gets many orders.
But opening too many stores can be expensive if there are not enough customers.
Instamart and Zepto are still spending heavily to grow, while Blinkit has begun reporting an operating profit.
The report said stronger competition could make growth harder and worsen losses.
Flipkart Minutes operates 627 dark stores across India’s top 10 quick-commerce markets, ahead of Instamart’s 615.
Blinkit leads the mapped market with 969 stores, followed by Zepto with 828 and BigBasket with 497.
Bengaluru is the most contested city, with 735 stores across five platforms; Blinkit narrowly leads Zepto.
CLSA said dense store networks can improve delivery speed, product availability and operating efficiency.
The report warned that excessive expansion could leave stores underused and increase losses, particularly for Instamart and Zepto.
- Who
- Flipkart Minutes, Swiggy Instamart, Blinkit, Zepto and BigBasket are the main platforms compared in the CLSA report.
- What
- Flipkart Minutes overtook Instamart in dark-store count and pincode coverage across the 10 markets mapped by CLSA.
- When
- The CLSA report was released Wednesday; the companies’ latest reported results covered the June quarter.
- Where
- The comparison covered Bengaluru, Delhi, Hyderabad, Mumbai, Chennai, Pune, Kolkata, Gurugram, Lucknow and Ahmedabad.
- Why
- Companies are expanding dark-store networks to improve delivery speed, product availability and operating efficiency, although overexpansion can increase losses.
Network Expansion Benefits
Expansion Risks
Store density
Network Expansion Benefits
CLSA said a denser network can shorten delivery distances, improve delivery speed, broaden nearby product availability and strengthen operating leverage.
Expansion Risks
The report warned that density is not automatically an advantage if local demand is insufficient to fill stores.
Competitive growth
Network Expansion Benefits
Flipkart Minutes’ rapid expansion has helped it surpass Instamart in store count and pincode coverage in the 10 mapped markets.
Expansion Risks
CLSA said rising competitive intensity could slow growth, while rapid expansion may create duplicated infrastructure, higher delivery costs and longer losses.
Financial performance
Network Expansion Benefits
Blinkit’s scale has begun translating into operating profit, with a reported adjusted Ebitda profit of ₹102 crore in the June quarter.
Expansion Risks
Instamart and Zepto continue to invest heavily in growth; Instamart reported a ₹778 crore adjusted Ebitda loss, while Zepto’s net loss widened to ₹5,905 crore.
- Flipkart Minutes stores
- 627 across the 10 markets mapped by CLSA
- Instamart stores
- 615 across the same 10 markets
- Blinkit stores
- 969 in the mapped markets; about 27% of the 3,536 total stores
- Zepto stores
- 828 across the 10 markets
- BigBasket stores
- 497 across the 10 markets
- Bengaluru market
- 735 stores across the five platforms
- Blinkit June-quarter result
- Adjusted Ebitda profit of ₹102 crore, according to the article
- Instamart June-quarter result
- Adjusted Ebitda loss of ₹778 crore, according to the article