TL;DR — 2024‑2025 in a snapshot • Gross Order Value (GOV): ₹9,421 crore in Q4 FY25 (+134 % YoY) • Revenue: ₹1,709 crore in Q4 FY25; ₹2,301 crore for FY24 (+122 % YoY) • Market share: 45 % of India’s quick‑commerce orders (Swiggy Instamart 27 %, Zepto 21 %) • Valuation: US $10.5‑13 billion (Goldman Sachs, 2024‑2025) • Expansion: 2,000 dark stores targeted by Dec 2025 after a fresh ₹1,500 crore infusion in Feb 2025 • IPO buzz: No separate Blinkit IPO yet, but Zepto plans to file its DRHP in Q1 2025
Blinkit’s blistering pace has officially propelled it past Zomato’s core food‑delivery business on almost every key metric the market cares about. With GOV touching ₹9,421 crore in Q4 FY25—within striking distance of Zomato Food’s ₹9,778 crore—and a dominant 45 % market share, the quick‑commerce specialist has cemented its leadership in India’s $6‑7 billion same‑hour grocery segment.
The Rise of Blinkit: A Quick Commerce Phenomenon
In what could be termed a significant shake-up in the Indian e-commerce space, Blinkit, a quick commerce giant, has now surpassed the valuation of Zomato's traditional food delivery business. Goldman Sachs places Blinkit’s valuation at a staggering $13 billion, marking a six-fold increase from just a few months prior in March 2023. This leap is not just in numbers; it reflects a profound shift in market dynamics and investor confidence
Growth Metrics Revisited: From Triple‑Digit GOV to Revenue Surge
When we first broke the story in January 2025, Blinkit’s 103 % YoY GOV growth already looked impressive. Fast‑forward just two quarters and that curve has steepened: GOV jumped 134 % YoY to ₹9,421 crore in Q4 FY25, while quarterly revenue accelerated 122 % YoY to ₹1,709 crore. For the full fiscal year 2024, Blinkit booked ₹2,301 crore in revenue—answering thousands of queries for “blinkit gross order value FY24” and “blinkit revenue 2024.”
Goldman Sachs now values the unit at US $10.5‑13 billion, a six‑fold leap from March 2023 and firmly above Zomato’s food‑delivery valuation—preserving the narrative that “Blinkit surpasses Zomato” in enterprise value.
Market Leadership: 45 % Share and Growing
Despite new entrants (Flipkart Minutes, Amazon Fresh 30‑min) and entrenched rivals, Blinkit now commands 45 % of India’s quick‑commerce pie. Swiggy Instamart holds 27 %, Zepto 21 %, with the remainder split among niche players. Those figures answer the high‑volume query “blinkit market share 2024.”
Competitive Landscape 2025
Zepto’s Looming IPO
Zepto is preparing to file its DRHP in Q1 2025, eyeing an $800 m–$1 b raise at a $5 billion valuation. Its current 15‑city network and aggressive dark‑store rollout put it on a collision course with Blinkit in Tier I metros.
Swiggy Instamart’s Post‑IPO Push
Fresh off its parent’s 2024 listing, Swiggy Instamart added 316 dark stores in Q4 FY25, expanding to 124 cities and tightening service SLAs to 18 minutes.
Market Growth Context
India’s quick‑commerce GMV ballooned to $6‑7 billion in 2024, a 5× jump from 2022, and now represents over two‑thirds of all e‑grocery orders. In that expanding pie, Blinkit’s absolute GOV lead widens every quarter.
Financial Trajectory & Path to Profitability
Goldman still pegs EBITDA breakeven for Blinkit in Q4 FY25, helped by unit economics tailwinds:
Average order value ↑ 17 % YoY (₹627)
Delivery cost / order ↓ 14 % YoY (₹55)
Advertising & in‑app brand monetisation at 2.4 % of GOV
Regulatory Tailwinds: IOCC Status Unlocks an Inventory Model
In April 2025, Eternal Ltd (formerly Zomato) attained Indian‑Owned and Controlled Company (IOCC) status, allowing Blinkit to move from a pure marketplace to a partial inventory‑led model without FDI violations. Expect higher gross margins as private‑label SKUs roll out in H2 FY26.
Investment & Expansion
Since the 2022 acquisition, Zomato has injected ₹4,300 crore into Blinkit—₹1,500 crore in Feb 2025 alone—fast‑tracking the dark‑store target of 2,000 outlets by Dec 2025 (pulled forward 12 months).
Blinkit vs Zomato Food Delivery: Revenue Head‑to‑Head
Metric (Q4 FY25) | Blinkit | Zomato Food Delivery |
Gross Order Value | ₹9,421 Cr | ₹9,778 Cr |
YoY Growth | 134 % | 38 % |
Take‑rate (net rev/GOV) | 18.1 % | 14.6 % |
The near‑parity in GOV, paired with higher take‑rates, fuels investor chatter around a potential “blinkit vs zomato food delivery revenue comparison.”
IPO Watch: Will Blinkit Tap the Public Markets?
Searches for “Blinkit IPO” have surged 4× since January. Management insists there is no separate listing plan yet; any public‑market debut would likely happen as part of Eternal Ltd. Still, Zepto’s forthcoming DRHP could pressure Zomato to crystallise value sooner.
What’s Next for Quick Commerce?
Category expansion into ready‑to‑cook and pharmacy
AI‑driven demand forecasting for sub‑10‑minute fulfilment
Consolidation likely as mid‑tier players struggle with cash burn
Conclusion
Blinkit’s 2025 scorecard shows how fast India’s quick‑commerce race is evolving. With record GOV, a fortified 45 % market share, and regulatory green lights, the company now sets the pace—not just for Swiggy Instamart and Zepto but for Zomato’s own legacy business. Whether an IPO materialises or not, Blinkit’s surge underscores a fundamental shift in Indian e‑commerce: consumers now expect groceries faster than restaurant meals—and Blinkit is winning that expectation.
