WEDNESDAY, 7 OCTOBER 2026

QHAAT

Today in Indian Retail

Ecommerce

Swiggy clears path for Instamart inventory model

Shareholders approve India-owned structure so the quick-commerce arm can stock goods like Blinkit and chase better margins.

, Editor··4 min read

Dark store shelves stocked with packaged groceries and essentials under bright warehouse lights
Dark store shelves stocked with packaged groceries and essentials under bright warehouse lights

Swiggy shareholders have approved changes that let the company become Indian-owned and controlled, unlocking an inventory-led model for Instamart after years of marketplace-style operations.

The shift mirrors the move Eternal’s Blinkit made last year. Blinkit has since posted five straight quarters of margin improvement and turned contribution-positive in the March 2026 quarter.

Instamart’s own contribution margin improved to negative 0.2% in the latest quarter from negative 1.8% earlier. Management sees the inventory change adding roughly 80 basis points over time, though it will raise working-capital needs.

The inventory shift could add roughly 80 basis points to Instamart’s contribution margin.

The timing is deliberate. Quick commerce is expanding beyond groceries into higher-margin categories while Amazon Now and Flipkart Minutes scale dark stores. Zepto, meanwhile, is preparing its own capital raise.

Swiggy has also refreshed senior leadership across food delivery and quick commerce as it targets longer-term profitability.

Filed under Ecommerce·Ananya Rao

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