Where does Zepto's GOV stand in front of rivals?
Zepto's GOV is set to surpass Rs 2,400 crore in May, up 220% year-on-year, with an annualised run rate of $3.4 billion. It trails Blinkit's $4.4 billion but outpaces Instamart's $2.2 billion. Zepto has also reported improved Ebitda and reduced cash burn, contrasting rivals' rising losses amid dark store expansion.
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
Quick commerce platform Zepto's gross order value (GOV) will cross Rs 2,400 crore this month , up a whopping 220% from about Rs 750 crore in May 2024, its cofounder and chief executive Aadit Palicha said in a LinkedIn post on Sunday.This represents an annualised gross sales run rate of around $3.4 billion, or around Rs 28,800 crore, which could be higher than rival Swiggy Instamart Palicha had last month said the Bengaluru-based company's annualised GOV run rate is expected to cross $4 billion soon.So, where does it stand compared to its key rivals? Eternal 's Blinkit , which is the market leader in quick commerce, reported a 134% year-on-year increase in its GOV for the March quarter at Rs 9,421 crore. Its annualised GOV is $4.4 billion (around Rs 37,684 crore).Swiggy Instamart 's GOV doubled year-on-year to Rs 4,670 crore for the March quarter, translating into an annualised GOV of $2.2 billion (Rs 18,680 crore).GOV is simply the total value of all orders placed on a platform. However, different players define it differently. Zepto, unlike its rivals, includes ad revenue.GOV considers the maximum retail price (MRP) of goods sold on a platform. In the case of fruits and vegetables, which don't have an MRP, all the three players use the final selling price of the product.GOV also includes various fees and charges that are levied on the users, including handling charges, processing fees, convenience charges and the actual delivery fees paid by the consumers.However, GOV as a metric, does not account for the discounts extended by the platform, brands or banks and credit card partners.Blinkit recently announced a new metric for calculation called net order value (NOV) during its January-March quarter results. The company calculates NOV by subtracting discounts (funded by the platform and its brand partners) from GOV.The decision to include this metric comes after the company observed a widening gap between Blinkit's GOV and the actual amount paid by the customer. This is happening because a product's MRP (maximum retail price) is usually significantly higher than its market selling price, the company noted in its Q4 results announcement.Swiggy Instamart also started announcing its NOV numbers from the March quarter's results along with the GOV numbers.Blinkit is heavily focused on expanding its dark store network to outpace competitors in the rapid delivery space. Currently, it has over 1,300 dark stores, and plans to have 2,000 stores by the end of 2026.Swiggy Instamart and Zepto are closely matched in terms of dark store count, operating over 1,000 stores each.Palicha said in the LinkedIn post that Zepto was ramping up store additions.Tatas-owned BigBasket has a network of over 500 dark stores, while Flipkart Minutes, one of the most aggressive players in the space, operates around 400 mini-warehouses and plans to increase this to 800 by year-end.Palicha said a majority of Zepto's dark stores will be fully Ebitda -positive by the next quarter. He said the company's Ebitda has improved by 2,000 basis points (20 percentage points) between January and May 2025, with cash burn down 65% during the same period.Meanwhile, Blinkit and Instamart's losses have been expanding as these companies step up on their dark store additions.The growth in Eternal's quick commerce arm pushed operating revenue to surge 64% on-year to Rs 5,833 crore, but its expansion plans cost the company and pushed up the operating losses by 75% sequentially to Rs 178 crore.For Instamart, adjusted Ebitda loss increased to Rs 840 crore against Rs 304 crore in the year-ago period.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
13 minutes ago
- Time of India
Rs 2000 notes worth Rs 6,181 crore still in circulation after two years of withdrawal, says RBI
NEW DELHI: The 2000-rupee notes worth Rs 6,181 crore still remain in circulation after two years of withdrawal, official Reserve Bank of India data released on Monday said. "Thus, 98.26% of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned," the central bank said. The Reserve Bank of India RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation on May 19, 2023. Since then, their presence in the economy has seen a sharp decline—from Rs 3.56 lakh crore in circulation on the day of the announcement to just Rs 6,181 crore as of May 31, 2025, according to the RBI. However, they continue to be a legal tender. The option to deposit or exchange Rs 2000 banknotes at bank branches was available until October 7, 2023. After that date, the facility remains accessible exclusively at the Reserve Bank's 19 issue offices. Starting October 9, 2023, RBI issue offices have been accepting Rs 2000 banknotes from individuals and entities for direct deposit into their bank accounts. Additionally, people can mail Rs 2000 notes from any post office across India to an RBI issue office for the amount to be credited to their accounts. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Fashion Value Chain
14 minutes ago
- Fashion Value Chain
BHARAT 2030: Tier-II & III Cities Will Shape India's Rs. 10 Lakh Crore Real Estate Future
As India's real estate growth enters a new phase, a silent but significant transformation is underway that is shifting the centre of gravity away from the countrys traditional metros. In his latest strategic report titled 'BHARAT 2030: The Silent Surge of Tier-II and Tier-III Cities', Ashwinder R. Singh-Chairman of the CII Real Estate Committee (North), Vice Chairman of BCD Group, and Advisor to NAR India- maps the future trajectory of growth and inclusion in Indian real estate. Ashwinder R. Singh As per the report, the new wave of expansion is not driven by temporary demand overflow, but by long-term structural shifts in aspirations, affordability, and accessibility. Tier II cities like Raipur, Salem, Belagavi, Hosur, Jabalpur, Aurangabad, Tirunelveli, Siliguri, Baddi, Udaipur, and Warangal are emerging as the real engines of India's next growth story. Tier III cities like Ayodhya, Dharwad, Sangli, Haldwani, Ajmer, Barshi, Kharagpur, Nanded, Agartala, and Kollam have historically remained under the radar but are now stepping into the spotlight, building the next Rs. 10 lakh crore of India's real estate economy. Ashwinder R. Singh – Chairman of the CII Real Estate Committee (North), Vice Chairman of BCD Group, and Advisor to NAR India, states, 'For decades, India's real estate narrative revolved around the top 7-8 metro cities. But that story is being rewritten. What we're witnessing is not just spillover from saturated metros; it's a fundamental reshaping of the growth landscape. Cities once considered peripheral are now emerging as vibrant hubs for housing, employment, infrastructure, and investment.' The report identifies this shift not as a cyclical deviation from the dominance of metros like Delhi, Mumbai, or Bengaluru, but as a deeper reordering of India's urban development model. It pinpoints the specific growth corridors that exemplify this transformation. Bhubaneswar is leading the way with walkable neighbourhoods rooted in smart city design and cultural context. Jabalpur and Gwalior are witnessing township-led growth spurred by improved highway networks and air connectivity. Cities like Salem and Tirunelveli are becoming health-tech magnets, following the lead of Coimbatore. In central India, warehousing hubs are emerging in Raipur, Siliguri, and Belagavi, driven by their strategic locations and enhanced connectivity. Industrial corridors in Hosur, Aurangabad, and Pithampur are evolving into EV manufacturing zones, generating demand for both workforce and executive housing. Even the knowledge suburbs of Chandigarh, such as Baddi, Barotiwala, and Derabassi, are transforming from industrial satellites into integrated living ecosystems. Meanwhile, cities like Lucknow and Ayodhya are undergoing a renaissance, fuelled by government investment, institutional development, and spiritual tourism. One of the most powerful insights from Singh's report is that infrastructure in these cities is leading development. Infrastructure in Tier-II and Tier-III cities is becoming the new imperative for Indian real estate, with expressways, regional airports, railways, and metro lines laying the groundwork for expansion. Corporates are entering early, drawn by cost advantages and access to local talent. Land remains both affordable and available, enabling large-scale, community-led developments. Rising household incomes, improved education, and digital reach are driving aspirations upward. Besides, local governments are offering faster approvals and policy support, making these cities more investor-friendly. The growing trend of reverse migration is further accelerating this shift, as people return home in search of a better quality of life. In terms of strategy, the report encourages developers to enter early, focusing on plotted developments, affordable housing, and township models, while partnering with local players and ensuring timely delivery to build trust and value. Investors need to look beyond the herd, identifying locations where infrastructure aligns with policy intent, signalled by upcoming highways, GCCs, rail links, and institutional projects. Policymakers must treat these cities as testing grounds for reform, enabling faster digital approvals, promoting sustainable urban mobility, and incentivising ESG-led development for long-term impact. India@2030 will not be defined solely by the skylines of Delhi, Mumbai, or Bengaluru. It will take shape in the quieter, determined rise of Tier II and III cities. This transformation is about more than just economic growth; it's about achieving balance, enabling inclusion, and unlocking opportunity across geographies. About the Author Ashwinder R. Singh is Chairman – of the CII Real Estate Committee (North), Vice Chairman & CEO – BCD Group, and Advisor – NAR India. He has authored three leading industry books, regularly delivers keynotes at top real estate forums, and is widely regarded as one of India's strongest advocates for channel partners and broker networks.
Hans India
19 minutes ago
- Hans India
Centre launches new scheme to make India global hub for making electric cars
New Delhi: The government on Monday notified guidelines for its forward-looking scheme to enable fresh investments from global manufacturers in the electric cars segment and promote India as a global manufacturing hub for e-vehicles. To encourage global manufacturers such as US tech giant Tesla to invest under the scheme, the approved applicants will be allowed to import completely built-in units (CBUs) of electric four-wheelers with a minimum CIF (cost insurance and freight value) of $35,000 at reduced customs duty of 15 per cent for a period of 5 years from the date that the application is approved. . Approved applicants would be required to make a minimum investment of Rs 4,150 crore in line with the provisions of the scheme. The maximum number of e-4Ws allowed to be imported at the reduced duty rate will be capped at 8,000 units per year. The carryover of unutilised annual import limits would be permitted. According to the notification, the maximum number of EVs to be imported under this scheme will be such that the maximum duty foregone per applicant will be limited to Rs 6,484 crore, or the committed investment of the applicant of a minimum of Rs 4,150 crore, whichever is lower. The Standard Operating Procedure (SOP) issued under the Production Linked Incentive (PLI) Scheme for Automobile and Auto Component (PLI Auto Scheme) would be followed to assess the DVA of the eligible product as required under the scheme. Certification of DVA of an eligible product manufactured in India by the approved applicant would be done by testing agencies approved by the Ministry of Heavy Industries. Investment should be made for the domestic manufacturing of the eligible product. In case the investment under the scheme is made on a brownfield project, a clear physical demarcation with the existing manufacturing facilities should be made, the notification states. Expenditure incurred on new plant, machinery, equipment and associated utilities, and engineering research and development (ER&D) would be eligible. The expenditure incurred on land will not be considered. However, buildings of the main plant and utilities will be considered as part of the investment provided it does not exceed 10 per cent of the committed investment, the notification further states. Expenditure incurred on charging infrastructure would be considered up to a maximum of 5 per cent of the committed investment, it explains. The applicant's commitment to set up manufacturing facilities, achievement of DVA, and compliance with conditions stipulated under the scheme shall be backed by a bank guarantee from a scheduled commercial bank in India equivalent to the total duty to be forgone, or Rs 4,150 crore, whichever is higher, during the scheme period. The bank guarantee should be valid at all times during the tenure of the scheme, the notification added. The scheme shall help to attract investments from global EV manufacturers and promote India as a manufacturing destination for e-vehicles. The scheme will also help put India on the global map for manufacturing of EVs, generate employment and achieve the goal of 'Make in India', according to the official statement. This landmark initiative is aligned with India's national goals of achieving net zero by 2070, fostering sustainable mobility, driving economic growth, and reducing environmental impact. It is designed to firmly establish India as a premier global destination for automotive manufacturing and innovation, the statement added.
