Global brokerage Jefferies believes that recent capital-raising moves by quick-commerce players, including Zepto’s proposed IPO and Swiggy’s planned Rs 10,000-crore QIP, are unlikely to trigger a price war in India’s fast-growing quick-commerce segment.
In its latest note, Jefferies said that despite increasing competition and fresh funding, the industry is gradually shifting towards profitability-focused growth rather than aggressive discount-led expansion.
Blinkit Remains the Industry Leader
According to Jefferies, Blinkit, owned by Eternal (Zomato), continues to dominate the quick-commerce market. The brokerage highlighted Blinkit’s best-in-class profitability, attributing it to a growth-first strategy, high order density, and aggressive dark store expansion across key urban markets.
Blinkit’s scale advantage and improving unit economics place it in a strong position compared to peers, even as competition intensifies.
No Immediate Risk of Price Competition
Jefferies noted that additional capital from Zepto’s IPO and Swiggy’s QIP is more likely to be used for network expansion, technology investments, and supply-chain strengthening, rather than for unsustainable price cuts.
The brokerage added that the quick-commerce space has matured significantly, with players becoming more disciplined about cash burn, margins, and return on capital, reducing the likelihood of a destructive pricing battle.
Quick-Commerce Outlook Remains Stable
While competition will remain intense, Jefferies believes the sector is entering a more rational phase, where scale, execution, and profitability will matter more than deep discounting. Market leaders with strong balance sheets and operational efficiency are expected to benefit the most.
Keywords: Zepto IPO news, Swiggy QIP, quick commerce India, Blinkit profitability, Jefferies on quick commerce, Zepto Swiggy competition, Indian quick commerce market
