The next battle in quick commerce

Three important things happened in quick commerce over the last 10 days. Eternal reported a third straight quarter of adjusted EBITDA profit for Blinkit, with management raising its long-term margin guidance to around 6% and the business now accounting for 76% of the company’s consolidated adjusted revenue. Swiggy reported that Instamart had finally reached contribution-margin break-even, a target management had set five quarters earlier, and said that now that the milestone had been reached, the company intends to trade some of those gains for faster growth. Both results were largely expected.

And then late last week, Zepto decided to put on hold its IPO plan, at least for now. The decision wasn’t entirely unexpected, but it still caught much of the industry by surprise.