On a typical day in any metro, the hum of two-wheelers zipping through traffic is increasingly being driven by the new age of urban retail: quick commerce. Be it Blinkit, Zepto, or

Instamart, a growing segment of Indians now turns to these ‘10-minute delivery’ apps for everything from ice cream to electronics—delivered in under 15 minutes.

And the numbers back the frenzy. According to a joint report by Bain & Company and Flipkart, India’s quick commerce sector accounted for more than two-thirds of all e-grocery orders in 2024.

What’s more, it quintupled its total market share from 2022 to hit $6-7 billion and made up nearly a 10th of all e-retail spending in 2024.

and increasingly, niche categories like skincare. But it hits a wall when it comes to categories like apparel or electronics.

“Dark stores, which are the backbone of quick commerce, will have a limitation on what they can actually profitably carry,” says Ravi Kapoor, Partner and Retail and Consumer Goods Leader,

PwC India. “Apparel obviously is a fairly big category… It’s not seemingly going to become mainstream anytime soon, where I need to get a particular clothing item in the next 30 minutes, and

I really see value in it, unless it's one of those occasional pieces”.

The inherent need for touch, feel, and return options in fashion further limits its viability for ultra-fast delivery models. Moreover, despite the hype, quick commerce still makes up a

sliver of total retail. Take Hindustan Unilever (HUL), for instance. In its Q4FY25 update, the company noted that quick commerce is currently just 2% of its overall business—although it

accounts for a third of its total e-commerce sales. Moreover, HUL’s margin dilution wasn’t driven by quick commerce, and in fact, organised trade—where more premium products are

sold—continues to remain more margin-accretive. The broader e-commerce channel currently contributes about 5–7% to HUL’s total revenues, with ambitions to scale that up to 15% in the coming

years.

Nestlé, meanwhile, saw e-commerce—led by strong quick commerce growth—contribute 8.5% to domestic sales in FY25. The company reported a 4.5% year-on-year growth in revenue during Q4FY25,

despite inflationary pressures. While urban demand remained somewhat soft, the company expects it to rebound in the second half of FY26, aided by channel expansion and tailored consumer

interventions.

Marico, too, is making measured bets on quick commerce. In FY26, it is expected to account for 3% of Marico’s India business and 7% of its food portfolio. While the numbers are modest, the

company is aiming to sustain double-digit revenue and operating profit growth over the year, building on an annualised volume growth of more than 5%.

Dabur has taken a slightly different route—leaning heavily into premiumisation across healthcare and hair care categories, with a pronounced push through e-commerce and modern trade. The

company is targeting a double-digit CAGR in revenue and profit by FY28, and expects high single to near-double-digit growth in FY26. While foods and beverages may grow at a slower clip, the

digital channel remains central to this broader strategy.

The answer, in large part, lies in geography. The success of quick commerce has been driven by high-density urban areas, where delivery economics work better and consumers are more willing

to pay for speed.

“Quick commerce solidification will continue, focusing on tier-one markets, primarily the top 51 million-plus markets that we are talking about,” says Kapoor. “We have our doubts how

relevant this model will be to really upset the existing retail paradigms in smaller markets.”

The ‘10-minute delivery’ apps are increasingly endeavouring to diversify their GMV basket as FMCG still forms a lion's share of 80% (upwards of 90% in non-metros). What’s expected is that

the size and growth of other categories may remain low beyond metros. “Amidst this, large kirana stores have accelerated home delivery services of goods, which may increase difficulties for

quick commerce in such geographies,” according to a report by Elara Capital.

While large players like Blinkit and Zepto are present in 80-plus cities and operate hundreds of dark stores (Zepto alone runs more than 900), unit economics beyond metros remain shaky.

“There is going to be considerable profitability pressures which will force the expansion of space and speed in the overall quick commerce space as well,” Kapoor adds.

A key differentiator between traditional e-commerce and quick commerce is what’s being bought—and why. Ice cream is a perfect example. As Karan Taurani, senior vice president of Elara

Capital, points out, “Ice cream is one product which is impulse buying in nature, as it melts and the consumer wants to consume it within 10–15 minutes. So yes, quick commerce is going to be

a very strong growth engine for ice cream sales this summer around”.

For most brands, the question isn’t whether to choose one over the other—it’s how to leverage both. Quick commerce is emerging as a strong component in many companies’ go-to-market

strategies.

“E-commerce and quick commerce have emerged as an important channel for DS Group, effectively addressing customers' increasing demand for quick deliveries and have become essential

components of our operational strategies,” says Rajiv Kumar, vice chairman of DS Group. In fact, in the salt and spices segment, they are ahead of the industry, with e-commerce and quick

commerce contributing more than 15% to their total sales.

Meanwhile, skincare brand Plum’s founder, Shankar Prasad shares that quick commerce is between 15–20% of the online revenue for them. “It’s still small, but it’s growing”.

Yet profitability remains elusive. Prasad believes that quick commerce platforms are focused on growth over profitability “because right now it is that part of the curve in the industry's

growth. You will have people burning money but with visibility to saying at what point do I break even,” he adds.  

The traditional e-commerce giants are not sitting idle. Flipkart and Amazon have both rolled out their own quick commerce arms, attempting to blend the depth of traditional e-commerce with

the immediacy of the ‘10-minute delivery’. Their goal: to retain consumers within their broader ecosystems.

“Flipkart & Amazon have obviously got a fair degree of quick commerce operations in play already,” says Kapoor, adding that while Meesho is not trying to ape the quick commerce delivery, it

is not happy with the four-day delivery. “They’re trying to bring down the delivery schedules, but in a way which is profitable. So the idea is to keep the consumer within its wider cohort”.

Meanwhile, offline players like DMart are feeling the heat. “DMart continues to face QC-led pressure in metros, prompting it to expand DMart Ready,” points out Taurani. He adds that price

wars in grocery and FMCG, where 70–80% of quick commerce baskets lie, may drive “sustained margin pressure in the near to medium term”.

Yet, even at that impact, the channel is influencing consumer expectations around convenience and speed. Kapoor believes the real impact of quick commerce is in getting consumers more

comfortable with digital buying altogether. “If I transact on quick commerce, I don’t just stay there. I become more comfortable exploring other categories because I see the concept of trust

coming in.”  

The future of quick commerce in India is a blend of promise and pressure. The Bain-Flipkart report predicts continued momentum but warns that profitability challenges and rural scalability

could throttle growth. “We have our doubts how relevant this model will be to really upset the existing retail paradigms in smaller markets,” says Kapoor.