Zomato extended its lead in food delivery users, reaching 24.1 million versus Swiggy’s 17.2 million in Q2 FY26. While both grew, the gap between the two widened, underscoring Zomato’s stronger engagement and ecosystem advantage in a maturing market.
Swiggy’s Out-of-Home business grew 52% YoY to ₹1,118 crore in Q2 FY26, extending the strong recovery from FY25. The rise underscores sustained consumer demand for travel and outdoor convenience, positioning the segment as a key driver of Swiggy’s next phase of growth.
Swiggy Instamart’s per-store order volume slipped to 1,025 orders per day in Q2 FY26, extending a downward trend from previous quarters. The moderation reflects a near-term impact of network expansion and rebalancing, as the platform transitions from scale-driven growth to efficiency-led execution.
Swiggy Instamart expanded from 421 to 1,102 dark stores between Q1 FY24 and Q2 FY26. Following record additions in FY25, store openings have stabilized, signaling a deliberate pivot toward efficiency, density optimization, and profitability.
Blinkit’s NOV surged 137% YoY in Q2 FY26, compared to 72% for Instamart, cementing its position as the market growth leader. The trend highlights Blinkit’s sustained post-acquisition momentum while Swiggy pivots to balance growth and profitability.
Blinkit’s Net Order Value share surged to 70% in Q2 FY26, overtaking Swiggy Instamart’s 29.6%. The trend reflects Blinkit’s aggressive growth and ecosystem leverage, while Instamart prioritizes sustainable operations over scale expansion.
Swiggy’s dark store mix is shifting beyond metros with 36% of stores in smaller cities versus 24% of GOV share. This reflects a strategic expansion into India’s rising consumption hubs, balancing network reach with revenue efficiency.
Swiggy’s average dark store size grew 34% YoY to 3,889 sq. ft. in Q4 FY25, highlighting its focus on efficiency and deeper assortments.
Tier-II and Tier-III cities account for over 93% of Ixigo’s total transactions- a share that has remained steady for four years.
Ixigo’s annual active users grew from 291 Mn in FY22 to 544 Mn in FY25, while transacting users rose faster- up 66% in two years.
Trains continue to account for nearly half of Ixigo’s gross bookings, with flights contributing around 37% and buses ~13%. The mix reflects Ixigo’s balanced approach -leveraging trains for user scale and air/bus segments for profitability and transaction value growth.
Ixigo’s GTV rose to ₹43,475 Mn in Q2 FY26, up over 2× since FY23. After a 65% surge in FY25, growth has moderated to 23% YoY, marking a healthy normalization at scale as Ixigo deepens engagement and drives higher transaction value per user.
Ixigo’s active user base has grown from 65 Mn in FY23 to 80 Mn in Q2 FY26, peaking at 86.6 Mn in FY25. The platform’s steady user retention post-IPO reinforces its leadership in affordable travel, driven by strong adoption across non-metro markets and sustained repeat engagement.
Reliance Retail’s retail area has more than doubled since FY21 to 77.8 Mn sq. ft. in Q2 FY26. Following rapid expansion, the company is now shifting focus from footprint growth to productivity, efficiency, and omnichannel integration.
After two years of decline, Reliance Retail’s revenue per square foot has stabilized around ₹10,000 - a sign of efficiency gains and a stronger product mix across formats. The post-FY25 uptick points to renewed consumer momentum and higher store-level productivity.
MakeMyTrip’s air ticketing business has stabilized near 60% of total bookings, while hotels, packages, and buses now contribute over 40%. This mix evolution signals a strategic shift toward a diversified, full-stack travel platform driven by premium and regional demand.
