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Datum Charts

Swiggy Instamart’s NOV Drops to 70% as Discounting Intensifies in Quick Commerce Battle

Swiggy Instamart’s NOV as a percentage of GOV slipped to 70% in Q2 FY26, down 15 percentage points over the year. The decline highlights deeper discounting and sustained marketing intensity as competition in quick commerce heats up.

,   and  Datum Intelligence
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Table of Contents

Swiggy Instamart’s Net Order Value (NOV) - the share of gross order value retained after discounts and delivery incentives — declined steadily from 85% in Q2 FY25 to 70% in Q2 FY26.

The consistent drop signals increased use of discounting and marketing spends to sustain order volumes amid intensifying competition from Blinkit and Zepto.

What It Means

  • Erosion of Margin Efficiency: The fall in NOV indicates rising customer acquisition costs and delivery subsidies, putting pressure on Swiggy’s profitability.
  • Competitive Response: With Blinkit’s surge in user growth and stronger integration with Zomato Gold, Swiggy appears to be matching price offers and expanding basket incentives to defend share.
  • Shift in Growth Strategy: The focus has moved toward volume retention over contribution margin, suggesting a recalibration in short-term monetization priorities.

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