Quick Commerce War Heats Up: Blinkit, Instamart, Zepto Build INR 40,000 Crore Cash Pile

One of the biggest cash piles in the nation's consumer internet market is currently supporting India's quick-commerce development, but the figures conceal a significant shift of capital during the previous 12 months. According to market financial research, after spending close to INR 9,000 crore between the last nine and eleven months, the top three players—Blinkit parent company Eternal, Swiggy, and Zepto—collectively hold over INR 40,000 crore in cash.

The increase in funds comes after a string of sizable fundraising events and capital infusions in recent months, as quick-commerce companies increase their expenditures on inventory, delivery infrastructure, and dark-store development in strategic metropolitan locations. Swiggy's INR 10,000-crore qualified institutional placement (QIP), which significantly changed its balance sheet, was the source of the most recent cash build-up. The company's consolidated cash balance at the end of the second quarter was INR 4,605 crore, but it is anticipated that its reserves will increase to about INR 14,605 crore after the QIP proceeds are completely recorded.

Eternal Leading the Race

Eternal continues to lead the balance sheet despite Swiggy's significant increase in cash. With cash and cash equivalents of INR18,314 crore at the end of the second quarter, the parent company of Blinkit continued to be the segment's most heavily capitalised participant. Eternal has been able to make significant investments in Blinkit, including the addition of dark shopfronts and the expansion of offers, thanks to the financial buffer.

With a substantial war fund of its own, Zepto completes the trio. The pure-play quick-commerce company has a cash balance of over $900 million, or about INR 8,085 crore, after the recent $450 million fundraise. It is stepping up its efforts in major urban regions and getting ready for a potential IPO early next year. The headline cash balances also show that all three businesses went through a difficult time. In Q3, Swiggy's cash balance was INR 8,183 crore, of which INR 4,500 crore came from its initial public offering.

In Q2 of FY26, cash dropped to INR 4,605 crore, indicating a burn of almost INR 3,578 crore over nine months. With its INR 8,500-crore QIP included, Eternal declared a cash balance of INR 19,235 crore in Q3 FY25. In Q2, the company made INR 10,813 crore. With a cash balance of INR 18,314 crore as of Q2 FY26, it had burnt about INR 921 crore. As of November 2024, Zepto's cash balance was $1.4 billion, or around INR 12,596 crore. As of their fundraising in October of this year, it had dropped to $900 million (approximately INR 8,097 crore), meaning that it would have burnt up roughly $500 million (nearly INR 4,498 crore) in less than a year.

The Future of Quick Commerce in India

The capital deployment is being driven by the fast commerce segment's rapid expansion in India. Competitive intensity is expected to stay high over the coming quarters, according to analysts following the industry, particularly after Zepto's fundraising reset capital expectations.

As of right now, the data indicates that the industry is still incredibly well-funded. With over INR 40,000 crore in total funds, the next round of the quick-commerce competition will be determined by the ability to turn that capital into a sustainable scale without degrading unit economics, not by who can raise the most money.