“I think the rapid growth of trade has also been a surprise to us. We didn’t think it would grow this much,” Goyal said at the ET Startup Awards event.
Zomato’s fast commerce arm Blinkit reported revenue of Rs 942 crore during the first quarter of FY25, a significant increase from Rs 384 crore in the same period last year. Blinkit also reported a gross order value (GOV) of Rs 4,923 crore, up 130% year-on-year (YoY) in the April-June quarter.
“Blinkit isn’t really devouring kiranas at all. It is not even affecting companies like Dmart. I think we are more or less eating into the Amazons and Flipkarts, the e-commerce sector as well as modern retail in the bigger cities,” Goyal added.
Fast trading platforms increasingly function as horizontal online marketplaces, offering a wider range of products and recording higher sales. Key players in the sector include Mumbai-based Zepto and Swiggy’s Instamart, while Walmart-owned Flipkart has also joined the fast commerce competition with its Minutes service.
In its quarterly report, Blinkit said it was not taking market share from small mom-and-pop kirana stores or value-focused large-format retailers like Dmart. Albinder Dhindsa, CEO of Blinkit, attributed this growth primarily to increased consumption and a shift in market share from next-day e-commerce and mid-range modern retail in major cities.
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“Value-focused items available in these formats are difficult to replicate in our business, especially in categories like staples, where price sensitivity is higher and we don’t have the ability to sell open storage units that brick-and-mortar stores can sell.” . “the report added. Blinkit is looking to take its The total number of dark stores will reach 2,000 by the end of 2026..
According to Bofa Securities, India’s fast-trading market is expected to grow to nearly $22 billion in gross merchandise value (GMV) by 2027, from around $2.8 billion in 2023.
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