Blinkit vs Swiggy: Revenue, Profit and Business Model
Blinkit reported ~$4.4B of revenue in FY2026 and — of net income. Swiggy reported ~$2.7B of revenue in FY2026 and a net loss of ~$481.9M.
Latest financial snapshot
Financial summary
Blinkit
Blinkit's quick-commerce segment revenue grew from ~$93.5 million (₹806 crore) in FY23 (a partial year after the August 2022 acquisition) to ~$267 million (₹2,301 crore) in FY24, ~$604 million (₹5,206 crore) in FY25 and ~$4.38 billion (₹37,779 crore) in FY26. Most of the FY26 jump is an accounting effect: after the September 2025 move to owning inventory, revenue includes the full price of goods sold. The operating trend shows up elsewhere. Blinkit's NOV grew at a 104% CAGR between FY23 and FY26, and its adjusted EBITDA turned positive for the first time in the December 2025 quarter (~$464,000 (₹4 crore)), then rose to ~$4.29 million (₹37 crore) in the March 2026 quarter and ~$11.8 million (₹102 crore) in the June 2026 quarter. Q1 FY27 revenue of ~$1.82 billion (₹15,664 crore) was about 77% of Eternal's consolidated revenue.
Swiggy
Swiggy raised money privately from investors including Prosus (Naspers), Tencent, SoftBank Vision Fund, Accel and Invesco before its November 2024 IPO, which raised ~$1.31 billion (₹11,327 crore). Revenue from operations grew from ~$662 million (₹5,705 crore) in FY2022 to ~$1.77 billion (₹15,227 crore) in FY2025 and ~$2.67 billion (₹23,053 crore) in FY2026, while the consolidated net loss was ~$362 million (₹3,117 crore) in FY2025 and ~$482 million (₹4,154 crore) in FY2026 as Instamart expansion weighed on margins. The loss trend improved through FY2026: the quarterly net loss fell from ~$139 million (₹1,197 crore) in Q1 FY2026 to ~$92.8 million (₹800 crore) in Q4 FY2026 and ~$91.8 million (₹791 crore) in Q1 FY2027, when revenue reached ~$790 million (₹6,812 crore). Swiggy sold its roughly 12% stake in bike-taxi company Rapido in September 2025 for about $278 million (₹2,400 crore), and at its August 2026 capital markets day set a target of ~$1.16 billion (₹10,000 crore) in adjusted EBITDA by FY2031.
Revenue and profit by year
Blinkit
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$4.4B | — | 0.0% | +625.7% | Source |
| FY2025 | ~$603.9M | — | 0.0% | +126.2% | Source |
| FY2024 | ~$266.9M | — | 0.0% | +185.6% | Source |
| FY2023 | ~$93.5M | — | 0.0% | — | Source |
Swiggy
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$2.7B | ~-$481.9M | -18.0% | +51.4% | Source |
| FY2025 | ~$1.8B | ~-$361.6M | -20.5% | +35.4% | Source |
| FY2024 | ~$1.3B | ~-$272.6M | -20.9% | +36.1% | Source |
| FY2023 | ~$958.7M | ~-$484.8M | -50.6% | +44.9% | Source |
| FY2022 | ~$661.8M | ~-$421M | -63.6% | — | Source |
Where the revenue comes from
Blinkit
- Sale of Goods (Owned Inventory)
Since September 1, 2025, Blinkit buys stock from brands and distributors and sells it directly, so the full value of goods sold is booked as revenue. This is now the bulk of reported revenue.
- Advertising (Blinkit Ads)
Brands pay for sponsored search results, banners and product placements inside the app. Eternal does not break out Blinkit's ad revenue.
- Customer Delivery and Platform Fees
Delivery charges, handling fees and small-cart fees paid by customers on qualifying orders.
- Marketplace Commissions (Before September 2025)
Until the inventory switch, Blinkit earned commissions and warehousing fees from sellers listing products on its marketplace, which is why revenue was much smaller before FY26.
Swiggy
No segment breakdown is published.
Business model and strategy
Blinkit
How it makes money
Blinkit runs a network of small warehouses that are closed to walk-in shoppers (dark stores), placed close to dense residential areas. Customers order in the Blinkit app, staff pick and pack the order inside the store, and delivery partners ride it to the door, usually within minutes.
Growth strategy
Blinkit's stated plan rests on three levers: assortment expansion, geographic expansion and demand densification. Assortment means taking more cities closer to the roughly 80,000 SKUs offered in Delhi-NCR and adding categories such as electronics, toys, beauty and premium groceries.
Competitive advantage
Blinkit's edge is store density and assortment built ahead of rivals. It ended June 2026 with 2,443 dark stores, more than any competitor, and a 2026 CLSA count found 969 Blinkit stores across India's top 10 cities against 828 for Zepto and 627 for Flipkart Minutes.
Swiggy
How it makes money
Swiggy operates a multi-engine hyperlocal marketplace and on-demand logistics aggregation business model spanning food delivery, quick commerce, dining discovery, and consumer courier services. Its core revenue streams include: restaurant commission fees ranging from 15% to 28% on every food delivery order; direct consumer fees comprising delivery fees, surge pricing, and per-order platform handling fees;
Growth strategy
Swiggy's growth strategy centers on three engines: driving wallet share through the Swiggy One membership across food and grocery; scaling dark store density to reduce delivery times to under 10 minutes; and expanding high-margin enterprise advertising for consumer packaged goods.
Competitive advantage
Swiggy's advantages are its own large delivery fleet, order-batching and dispatch technology, a strong position in India's largest cities, the Swiggy One membership that ties food and grocery spending together, and an Instamart dark-store network built since 2020.
Questions about Blinkit vs Swiggy
Which company has higher revenue — Blinkit or Swiggy?
Blinkit reported ~$4.4B (FY2026), while Swiggy reported ~$2.7B (FY2026). By last reported revenue, Blinkit is the larger business, with Swiggy reporting a smaller revenue base.
What is the market cap of Blinkit vs Swiggy?
Swiggy has a market capitalisation of $8.8B. A public market cap figure for Blinkit was not available (it may be privately held).
Which is more financially efficient — Blinkit or Swiggy?
Swiggy generates $446k / employee in revenue per employee. A comparable figure for Blinkit requires matching employee and revenue data from the same reporting period.
How do Blinkit and Swiggy make money?
Blinkit and Swiggy generate revenue in fundamentally different ways. Blinkit: Blinkit runs a network of small warehouses that are closed to walk-in shoppers (dark stores), placed close to dense residential areas. Swiggy: Swiggy operates a multi-engine hyperlocal marketplace and on-demand logistics aggregation business model spanning food delivery, quick commerce, dining discovery, and consumer courier services.
Is Blinkit bigger than Swiggy?
By last reported revenue, Blinkit (~$4.4B (FY2026)) is the larger company compared to Swiggy (~$2.7B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Blinkit vs Swiggy overview