Bernstein analysts outlined five high-frequency data points that illustrate how Eternal’s Blinkit and Zomato platforms are setting the pace for growth and innovation in these segments, leapfrogging competition and shaping evolving consumer behaviors.
1) App downloads
In 2025, quick commerce apps led by Blinkit saw a surge in downloads, outpacing traditional e-commerce players. QC apps’ share of downloads rose from under 20% in early 2024 to nearly 50% by end-2025, indicating a dramatic shift in consumer preferences toward convenience and speed.
2) Blinkit leads in QC market share
Blinkit holds a commanding 32% share in QC app downloads and about 30% of monthly active users (MAUs), ahead of rivals Instamart, Zepto, BigBasket, and JioMart. While Instamart is catching up in downloads, MAU data shows Blinkit well ahead, with Zepto losing momentum after aggressive early expansion. Recent quarters have seen BigBasket and JioMart regain lost ground, broadening competition even as Blinkit consolidates its lead.3) Zomato remains food delivery leaderIn food delivery, Zomato maintains the largest market share both for downloads and MAUs (54–58%). Swiggy, however, is steadily increasing its share, aided by investments in faster delivery and new services. Bernstein notes that while competition is intensifying, the market has essentially become a two-player race between Zomato and Swiggy.
4) User engagement converging
FD platforms like Zomato and Swiggy convert about 40% of active users into monthly transacting customers, supported by loyalty programs and a mature, stable structure. Quick commerce platforms show a lower conversion rate (~30%), reflecting intense competition and deal-hunting behaviors, but engagement and user base growth remain strong for Blinkit.
5) Blinkit surpasses Zomato in MAUs
In Q2FY26, Blinkit crossed Zomato in monthly active users—~66 million versus ~55 million. Transaction growth is expected as delivery density and product offerings expand, and Blinkit’s monthly transacting users (~20.8 million) are rapidly approaching Zomato’s (~24.1 million). Bernstein predicts Blinkit may soon overtake Zomato in transaction volume as QC’s daily usage and utility-driven frequency gain traction.
Demand for QC is steady across the week with only a 9% weekend spike, while FD shows a sharper 20% weekend increase, marking QC as a daily lifestyle companion versus FD’s episodic use. This has operational implications, with QC requiring efficient capex and network planning to avoid peak-hour outages and customer leakage.
Overall, Bernstein rates both Eternal and Swiggy as Outperform, citing Eternal’s strength in scaling QC and FD, robust user growth, and ecosystem synergies between Blinkit and Zomato. As India’s e-commerce landscape evolves, Eternal stands out as the flagbearer, with these five data points underscoring its dominance across bite-sized delivery and full-service food ordering.
