13:09
India's quick commerce (qcom) market is growing at 40 per cent year-on-year, with the combined dark store network of Blinkit, Instamart and Zepto expanding by nearly 48 per cent over the past year, according to a latest report by Equirus.
The report estimates the country's digital commerce market at around Rs 8 trillion in 2026, with qcom accounting for nearly Rs 1.08 trillion.
The combined dark store networks of the three leading platforms expanded to 5,026 locations in May 2026, up from 3,405 locations a year earlier, reflecting aggressive investments in last-mile delivery infrastructure. The report added that categories such as ice cream, beverages and face care have emerged as the strongest seasonal gainers.
Equirus, however, cautioned that near-term consumer demand could face pressure from adverse weather conditions. According to the report, prolonged weather-related food inflation could cap FMCG volume growth at 3-4 per cent, posing risks to rural consumption recovery.
The report also noted that India's retail inflation rose to 3.93 per cent in May 2026 from 3.48 per cent in April, driven by higher food prices and rising personal care costs.
While inflation remained within the Reserve Bank of India's tolerance band, geopolitical developments affecting fuel and freight, along with weather-related supply disruptions, continue to warrant close monitoring, the report added.
Despite these headwinds, India's retail sector remained resilient through FY26, supported by stable consumption, digital-led channel expansion and healthy demand across food and grocery, apparel and quick-service restaurants.
The report highlighted that the consumer investment ecosystem remained active during June. The sector recorded 10 private equity deals and two venture capital transactions, with consumer private equity (PE) fundraising amounting to around Rs 12 billion during the month. The average deal size stood at nearly Rs 1 billion.
-- Udisha Srivastav, Business Standard
