Blinkit vs Zepto: Revenue, Profit and Business Model
Blinkit reported ~$4.4B of revenue in FY2026 and — of net income. Zepto reported ~$2.6B of revenue in FY2026 and a net loss of ~$685M.
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.
Zepto
Zepto's revenue from operations grew from ~$235 million (₹2,026 crore) in FY23 to ~$517 million (₹4,454 crore) in FY24, ~$1.29 billion (₹11,110 crore) in FY25 and ~$2.62 billion (₹22,624 crore) in FY26. The net loss was ~$545 million (₹4,700 crore) in FY25 and ~$685 million (₹5,905 crore) in FY26. In Q4 FY26, revenue rose 75% year on year to ~$870 million (₹7,498 crore). The quarter's net loss was ~$179 million (₹1,539 crore) and the adjusted EBITDA loss was ~$145 million (₹1,248 crore), a 29% improvement on Q4 FY25. On an adjusted EBITDA basis, the loss per order fell from ₹142.7 to ₹59.4. Major funding rounds include $665M at a $3.6B valuation (June 2024), $340M at $5B (August 2024) and $450M at $7B (October 2025).
Revenue and profit by year
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.
Zepto
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.
Zepto
How it makes money
Zepto earns money in three main ways. It earns a margin on goods sold from its dark stores, either directly or through sellers on its marketplace. It charges customers delivery, handling and small-cart fees, and offers a paid membership. It also sells advertising to consumer brands, which grew from ~$5.68 million (₹49 crore) in FY24 to ~$190 million (₹1,636 crore) in FY26 according to its prospectus.
Growth strategy
According to the draft prospectus, IPO proceeds are earmarked for new dark stores (~$189 million (₹1,629 crore)), lease rentals for existing stores (~$201 million (₹1,735 crore)), technology and cloud infrastructure (~$154 million (₹1,325 crore)) and marketing. The company is also expanding its advertising business, Zepto Cafe and its product range.
Competitive advantage
Zepto has a dense dark-store network, with 1,139 stores at 31 March 2026 and plans for 1,904 more funded partly by the IPO. It has a fast-growing advertising business. It also runs Zepto Cafe, which raises order value by adding food and drinks to grocery baskets. Unlike its main rivals, it is a standalone quick-commerce company, so all of its capital and management attention goes to this one business.
Questions about Blinkit vs Zepto
Which company has higher revenue — Blinkit or Zepto (Zepto Limited)?
Blinkit reported ~$4.4B (FY2026), while Zepto (Zepto Limited) reported ~$2.6B (FY2026). By last reported revenue, Blinkit is the larger business, with Zepto (Zepto Limited) reporting a smaller revenue base.
How do Blinkit and Zepto (Zepto Limited) make money?
Blinkit and Zepto (Zepto Limited) 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. Zepto (Zepto Limited): Zepto earns money in three main ways.
Is Blinkit bigger than Zepto (Zepto Limited)?
By last reported revenue, Blinkit (~$4.4B (FY2026)) is the larger company compared to Zepto (Zepto Limited) (~$2.6B (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 Zepto overview