Quick commerce players Blinkit and Swiggy Instamart led dark store expansions across Indian cities including Delhi, Hyderabad, and Mumbai, while Zepto moderated its pace, according to JP Morgan’s latest report, which tracked dark store additions till March 2025.
The brokerage found diverging trends in dark store additions and city footprints across more than 150 cities.
JP Morgan highlighted that Blinkit and Swiggy’s Instamart added approximately 250–300 dark stores each during fourth quarter of fiscal 2024-25. In contrast, Zepto added around 105 stores, continuing its slower expansion seen in recent quarters, suggesting a potential peak in its growth intensity.
Swiggy’s Instamart has also narrowed the gap with Zepto in terms of store count and performance. Instamart’s total dark store count is now close to Zepto’s, driven by higher platform subsidies and wider availability, which are reflected in JP Morgan’s price and availability tracker.
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