Quick commerce is bracing for its next big showdown as Swiggy and Zepto prepare to tap public markets for nearly fifteen thousand crore, intensifying a battle for the number two slot behind Blinkit. Investor interest has surged as the sector expands, but so have concerns around rising cash burn and the cost of customer acquisition.
Industry executives tracking the category say Swiggy and Zepto are under pressure to strengthen their balance sheets at a time when the leader Blinkit commands more than half the market. Blinkit’s parent Eternal reported cash reserves of eighteen thousand three hundred and fourteen crore at the end of September, giving it a sizable head start in a sector where frequent promotions and fee waivers heavily influence order volumes.
Swiggy currently holds four thousand six hundred and five crore in cash, while Zepto is estimated to have around seven thousand crore. Swiggy’s management is on the road with a qualified institutional placement of up to ten thousand crore, and Zepto is preparing a confidential filing to raise about four thousand crore. If both go through as planned, Swiggy’s cash position could climb to roughly seventeen thousand crore after the completion of its stake sale in Rapido.
Evidence of escalating competition is already visible. Analysts say Zepto’s push with widespread fee waivers has helped it temporarily edge past Swiggy’s Instamart in order volumes. Instamart has responded in kind, leading to another spike in burn rates across the industry. Swiggy’s cash burn for the September quarter stood at seven hundred and forty crore, while Eternal reported five hundred and forty three crore. Zepto’s monthly burn is estimated to have crossed five hundred crore on a gross order value of about two thousand crore.
The sector remains far from consensus on what fuels long-term leadership. Some firms emphasise volumes, while others bet on stable average order values. The larger picture, however, is clear. India’s quick commerce market, pegged at sixty four thousand crore in FY25 by gross order value, is forecast to reach two lakh crore by FY28, making this fundraising race one of the industry’s most consequential yet.
