Blinkit Propels Zomato Past DMart in Market Value as Quick Commerce Takes Center Stage

Zomato Ltd has overtaken Avenue Supermarts (DMart) in market capitalization, fueled by a sharp rally in its shares driven by the explosive growth of its quick commerce arm, Blinkit. The shift marks a pivotal moment in India’s retail and e-commerce landscape, where speed and convenience are redefining consumer expectations.

 

Key Highlights:

 

Zomato’s market cap surged to nearly USD 20 billion, surpassing DMart’s valuation, as Blinkit’s contribution to the parent company’s value hit USD 13 billion, according to Goldman Sachs.

 

Blinkit’s gross order value (GOV) reached INR 9,421 crore in Q4 FY25, up 134% year-on-year, nearly matching Zomato’s food delivery GOV of INR 9,778 crore.

 

Blinkit now commands a 45% share of India’s quick commerce market, ahead of Swiggy Instamart (27%) and Zepto (21%).

 

Strategic Drivers

 

Zomato has infused over INR 4,300 crore into Blinkit since its 2022 acquisition, including INR 1,500 crore in February 2025 to accelerate dark store expansion.

 

Blinkit’s higher take-rate of 18.1% versus Zomato’s 14.6% in food delivery has boosted profitability and investor confidence.

 

Regulatory tailwinds, including IOCC status, have enabled Blinkit to shift toward an inventory-led model, improving margins and operational control.

 

Outlook: With Blinkit’s valuation now eclipsing Zomato’s core food business, the company is expected to double down on quick commerce. Analysts anticipate Blinkit will drive future growth, potentially becoming the dominant force in India’s USD 150 billion online grocery market.

 

Sources: Economic Times, Financial Express