Zepto’s updated draft red herring prospectus showed that the IPO-bound company has raced ahead of Swiggy Instamart in order value and volumes, while still trailing Eternal-owned Blinkit in terms of scale and profitability, giving public investors the clearest view yet of where India’s top three quick commerce platforms stand.For the January-March quarter of FY26, Blinkit reported a net order value of Rs 14,386 crore, compared with Zepto’s calculated net order value of Rs 7,591 crore and Instamart’s Rs 5,674 crore, according to data compiled by ET from the DRHP. Blinkit remained the largest company by some distance, with its net order value more than twice that of Instamart.The comparison is significant because Zepto’s IPO will make it the first standalone quick commerce company to list in India. Blinkit and Instamart are housed inside listed companies Eternal and Swiggy, respectively.Zepto’s DRHP now gives a more direct look at the company’s order throughput, store network and burn ahead of its listing. The hard public disclosures also vindicate what brokerage Bernstein said in May. In its report, the brokerage said Zepto had surpassed Instamart in monthly active users and daily order volumes, while Blinkit continued to lead the market. ETtech