Amazon, Flipkart's Quick Commerce Push: US$15 Billion Selloff In Eternal, Swiggy

India's quick commerce race is becoming more crowded, and investors are reacting to the growing competition. The share price of the owner of Blinkit, Eternal, has fallen 28% from its all-time high in October. Swiggy has dropped around 47% from its September peak. Together, the two companies have lost more than US$15 billion in market value.

Amazon And Flipkart Are Increasing Competition

Amazon, which entered the rapid delivery business last year, plans to expand its Amazon Now service from more than 15 cities and towns to over 300 locations across India. At the same time, the company has committed an additional US$13 billion investment towards its AI and cloud infrastructure in the country.

Flipkart is also scaling up aggressively. Flipkart Minutes has already expanded to 1,000 dark stores across 130 cities in less than two years and plans to increase that network to 1,500 dark stores in more than 180 cities over the coming months.

Blinkit continues to hold the top position with 2,243 dark stores, whereas Swiggy's Instamart is running 1,143 stores (as of 31 March 2026). But at the same time, Reliance Retail is trying to seriously expand its market footprint through JioMart, which already has a network of over 3,100 stores located in more than 1,200 cities.

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What Does This Mean For Quick Commerce Market?

The competition is also affecting newer players. Zepto, which is preparing for its IPO, has seen its unlisted share price fall more than 32% since February.

Blinkit reached EBITDA-level profitability in the December quarter of FY26. But Swiggy's quick commerce business reported an annual loss of around US$460 million. Meanwhile, Zepto's losses were more than US$600 million.

Several market experts believe competition could remain intense for years as companies continue to open dark stores and offer discounts to gain market share. At the same time, demand for rapid deliveries is expanding beyond metro cities into Tier 2 and Tier 3 markets. This shows that quick commerce is continuously growing even as the battle among companies is becoming more aggressive.

Source:

Business Line