BENGALURU: The quick commerce industry in India is projected to expand significantly, with HSBC forecasting 5,000-5,500 dark stores operational by fiscal year 2025-26. The sector is expected to achieve a gross order value ranging between $35 billion and $40 billion during the financial year 2027-28, as detailed in HSBC’s research findings.
Major players such as Blinkit, Zepto, and Swiggy’s Instamart have aggressively expanded their networks in recent quarters. Blinkit, which is Zomato’s quick commerce business, operates over 1,000 stores as of the December quarter of the 2024-25 financial year and plans to increase this to 2,000 by the end of the fiscal year. The rapid pace at Blinkit included the addition of 216 stores in just one quarter. Similarly, Zepto has grown its network to 850 stores and is expected to cross 1,000 this year. Swiggy’s Instamart is also on track to reach 1,000 stores in the near term.
According to HSBC, this phase of aggressive expansion is likely nearing its peak. “We believe leading companies like Zepto will focus on optimising capacities after reaching 1,000 stores, while Blinkit and Swiggy are expected to moderate their expansion plans,” the brokerage said in an analyst note released Wednesday. The report also highlighted that by the end of the 2024-25 financial year, the sector’s store capacity will likely be sufficient to meet FY28 throughput expectations. A slowdown in store additions is expected to allow companies to shift their focus towards optimising operations and improving profitability.
Dark store additions
* Expected
Source: HSBC
(**Others include Big Basket, Amazon Tez, Flipkart Minutes and Reliance Retail)
