Quick commerce players Zomato’s Blinkit, Instamart of Swiggy and Zepto has seen gross order value (GOV) surging.

Zepto has tripled its annualised GOV and has touched $3 billion within just eight months. This is a significant jump from the $1 billion milestone in annualised GOV it reached in April last year, according to a Goldman Sachs research note.

“In April 2024, we shared with Goldman Sachs in a research note that Zepto had crossed $1b in Annualised GOV. 8 months later, in January 2025, we are now at approximately $3b in Annualised GOV (₹24,500 crore),” he said in a post.

Zepto Co-founder and CEO Aadit Palicha said that this achievement is due to the execution, rigour, and discipline of the Zepto team. He expressed confidence that this momentum will continue, with a clear path toward profitability in the near term.

In case of Zomato and Swiggy, the GOV growth has been faster than their food delivery business. For FY24 Zomato’s Blinkit reported a GOV of ₹6,132 crore in Q2 FY25, for Instamart (Swiggy) reported a GOV of ₹3,382 crore during the same period.

According to a report by Motilal Oswal, Zepto the second largest quick commerce player in the market with a market share of 29 per cent. Zomato’s Blinkit is in lead with 46 per cent market share, Instamart is in third place with a 25 per cent share. Motilal Oswal wealth team ran the mandate for Zepto’s latest fundraise.

Zepto recently set up a new entity, Zepto Marketplace Private Ltd, to simplify its operations, and has also received approval from the National Company Law Tribunal (NCLT) to make Kiranakart Pte. Ltd Zepto’s holding company.

This comes at a time when the company is looking to go for an IPO, including raising over ₹2,900 crore from domestic investors like Motilal Oswal and more, to increase domestic shareholding.

Published on January 18, 2025