India’s leading quick-commerce players, Swiggy Ltd. and Eternal Ltd. (owner of Blinkit), are outperforming both domestic indices and Chinese peers amid growing investor optimism over their path to profitability. Swiggy shares surged 20% and Eternal rose 11% in June 2025, as the quick-commerce segment in India shows strong potential despite rising competition from global giants like Amazon and Flipkart.
India’s booming quick-commerce sector is delivering more than groceries — it’s now producing market-leading stock performance. Shares of Swiggy Ltd. surged 20% in June 2025, while Eternal Ltd., the parent company of Blinkit and Zomato, rose 11%, outperforming the NSE Nifty 100 Index and even outpacing e-commerce peers in China.
Swiggy, based in Bengaluru, Karnataka, is one of India’s most prominent food and grocery delivery companies. Eternal Ltd., headquartered in Gurugram, Haryana, owns Blinkit, India’s leading quick-commerce platform, and Zomato, a top food delivery service.
This rally in Indian e-commerce contrasts sharply with China, where industry giants like Meituan and JD.com Inc. have lost over $70 billion in combined market value since March due to an intense price war.
India’s quick-commerce segment, which enables delivery of essentials in under 10 minutes, is heating up — and so is investor confidence. According to data from JM Financial Ltd., Blinkit, Swiggy’s Instamart, and Zepto collectively control around 88% of the Indian market.
Despite new entrants like Amazon India and Flipkart India Pvt., analysts say the early movers are better positioned to maintain dominance due to robust supplier networks and established logistics systems.
“These companies have learned to manage delivery costs efficiently, especially in utilizing riders optimally,” said Nirav Karkera, head of research at Fisdom.
India’s quick-commerce market could be worth up to USD 100 billion by 2030, according to Bloomberg Intelligence. Swiggy and Eternal have already built extensive fulfillment networks and are now shifting their focus from expansion to profitability. Initiatives include increasing average order values, reducing discounts, and charging additional service fees.
A note from JM Financial on June 26 indicated that losses may have already peaked for both Instamart and Blinkit, signaling a potential turnaround in margins. Eternal’s acquisition of Blinkit in 2022 has kept it in a leadership position, despite pressure from Zepto, which continues to gain ground, particularly at the expense of Swiggy’s Instamart.
Swiggy, while still unprofitable, has seen increased analyst confidence, with the highest level of buy recommendations since its late 2024 listing. Zepto’s anticipated IPO may attract some investor interest away from Swiggy and Eternal, but analysts remain optimistic about the sector’s long-term prospects.
“The incumbents continue to stretch their lead in users and store networks, even while lowering discounts and charging delivery fees,” said Aditya Soman of CLSA Ltd.. “We remain bullish on the quick-commerce opportunity in India.”
As the e-commerce sector matures, India appears poised to outpace China in quick-commerce momentum — with Swiggy and Eternal leading the charge toward profitability and sustainable growth.