Eternal, Swiggy Lose $15 Billion as Amazon and Flipkart Invade 10-Minute Delivery
Updated
Updated · Bloomberg · Jun 29
Eternal, Swiggy Lose $15 Billion as Amazon and Flipkart Invade 10-Minute Delivery
1 articles · Updated · Bloomberg · Jun 29
Summary
$15 billion in combined market value has been wiped from Eternal and Swiggy as investors react to Amazon and Flipkart pushing into India’s rapid-delivery market.
Eternal has fallen 28% from its October record high, while Swiggy has dropped about 47% from its September peak, showing sharper pressure on the smaller incumbents.
Blinkit owner Eternal and Instamart owner Swiggy helped build the 10-minute delivery segment, which now faces a tougher fight as Amazon and Walmart-backed Flipkart scale up.
The selloff underscores how quickly India’s quick-commerce boom is shifting from a startup-led growth story to a capital-intensive battle with global e-commerce giants.
Amid a $15B market crash, how is one Indian delivery firm turning a profit while rivals falter?
Is the 10-minute delivery promise a path to profit or a race to the bottom for Indian e-commerce?
India’s Quick Commerce Race 2026: Market Share Shifts, Profitability Paradox, and the Battle for Sustainable Growth
Overview
India’s quick commerce sector is undergoing a period of intense competition and rapid change, driven by aggressive investments from e-commerce giants like Amazon and Flipkart. Building on earlier rapid expansions by Blinkit, Zepto, and Instamart, the market is now marked by heavy spending on customer acquisition and operational scaling. This dynamic environment is setting the stage for a critical evolution, as companies race to expand their reach and improve efficiency. The current phase highlights both the opportunities and challenges facing the industry, with strategic shifts shaping the future of quick commerce in India.