Zepto pulls ahead of Swiggy Instamart on orders, but heavy burn continues.
This and more in today's ETtech Top 5.Also in the letter:■ OpenAI races to Wall Street■ Ather's fresh fundraise■ Inside WWDC 2026 Zepto overtakes Instamart in order count, trails Blinkit in scale and profitability 131612382(L-R) Albinder Dhindsa (Eternal), Aadit Palicha (Zepto) and Sriharsha Majety (Swiggy)Zepto's updated draft red herring prospectus (UDRHP) shows the quick commerce startup has moved ahead of Swiggy Instamart in both order value and volume, even as it continues to trail Eternal-owned Blinkit in scale and profitability.Zepto filed the UDRHP with Sebi on Monday for a $1 billion (Rs 9,500 crore) initial public offering.What's happening?In the January-March quarter of FY26, Blinkit's net order value (NOV) stood at Rs 14,386 crore.Zepto's NOV stood at Rs 7,591 crore.Instamart’s was Rs 5,674 crore, less than half of Blinkit's NOV. 131612879Why this matters: Zepto's IPO will make it the first standalone quick-commerce company to list in India.
Blinkit and Instamart sit inside already-listed parents, Eternal and Swiggy, respectively.Zepto earnings:Q4 revenue: Rose 75% to Rs 7,498 crore.Q4 net loss: Narrowed to Rs 1,539 crore.Meanwhile, for FY26,Revenue: More than doubled to Rs 22,624 crore in FY26.Net loss: Widened to Rs 5,905 crore.Shareholding structure: The DRHP opens up Zepto’s shareholding, which had so far remained largely private.
