Swiggy Instamart has made a bold move in India’s quick commerce race, adding 316 new dark stores in the January–March 2025 quarter. This aggressive expansion brings its total dark store count to 1,021, making Swiggy the second-largest player in the segment after Blinkit, which has 1,301 stores.
Order Value Doubles as Competition Heats Up
The expansion paid off in terms of scale. Swiggy Instamart’s gross order value (GOV) for Q4 doubled year-on-year to ₹4,670 crore, showing a 101% surge compared to the same period last year. The company’s average order value also jumped 13% to ₹527, reflecting higher customer spending and growing demand for instant grocery delivery.
Heavy Investments Lead to Peak Losses
However, this growth came at a cost. Swiggy Instamart’s adjusted core loss widened to ₹840 crore in Q4, up from ₹307 crore a year ago. The company’s overall consolidated loss for the quarter reached ₹1,081 crore, nearly doubling from the previous year. The main reason: heavy investments in new dark stores, infrastructure, and customer incentives to capture market share from rivals.
Swiggy’s cash reserves dropped from ₹8,183 crore at the end of Q3FY25 to ₹6,695 crore in Q4FY25, largely due to this rapid expansion.
Dark Stores: The Backbone of Quick Commerce
Dark stores are dedicated delivery hubs that help Swiggy fulfill orders faster. By adding 316 new locations, Swiggy expanded its reach to 124 cities across India. About a third of these new stores were opened in 80 new cities, while the rest strengthened Swiggy’s presence in existing metros and tier I towns.
Swiggy’s total dark store footprint now covers 4 million sq ft, up 62% quarter-on-quarter, reflecting the company’s commitment to speedy deliveries and wider coverage.
Market Dynamics: Swiggy vs Blinkit vs Zepto
Swiggy’s aggressive push has narrowed the gap with Blinkit, which has consistently added around 300 dark stores each quarter. Zepto, another major player, operates over 750 dark stores. Together, the top three firms deliver more than 4 million orders daily across India.
| Company | Dark Stores (Q4FY25) | Cities Covered |
|---|---|---|
| Blinkit | 1,301 | 200+ |
| Swiggy | 1,021 | 124 |
| Zepto | 750+ | 100+ |
What’s Next for Swiggy Instamart?
Swiggy has indicated that its immediate network expansion is now largely complete. The focus will shift to increasing store utilization and densifying coverage in high-demand areas. The company expects to reach contribution break-even in the next 3–5 quarters as it optimizes operations and leverages its expanded network.