Platforms

Axis AMC exits DMart over quick-commerce squeeze

Pure Contra PMS fully sold Avenue Supermarts in July, citing format wars that could hit medium-term margins.

Rhea Kapoor, Platforms & SaaS·12 September 2026·4 min read

Delivery bags and scooter parked outside a small urban grocery entrance at dusk

Axis AMC Alternates completely exited its holding in Avenue Supermarts within the Pure Contra PMS strategy during July, with the move detailed in a 8 September portfolio update. The fund flagged intensifying retail format competition from quick-commerce platforms.

The PMS sold out of DMart entirely in July and rotated into names such as Jio Financial and Paytm. Commentary pointed to rising competitive intensity across modern retail formats.

For a kirana or dark-store operator the signal is clear: hypermarket like-for-like growth has already slowed in mature cities, and fund managers are pricing in further margin pressure from 10-15 minute delivery.

Axis AMC exited DMart on concerns of intensifying retail format wars.

The exit adds to institutional caution around pure-play large-format grocery while potentially supporting flows into digital or hybrid plays. It leaves more free float for other buyers.

Watch September flows data and the next DMart same-store disclosure for confirmation of whether the q-comm hit is still accelerating.

Filed under Platforms·Rhea Kapoor

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