QIP, IPO, Bubble. Why Swiggy, Zepto, and Blinkit see quick commerce differently

Описание: Swiggy just raised a billion dollars in its IPO last year. Now it needs another ₹10,000 crores. That's not a great sign.

On Two by Two this week, hosts Praveen Gopal Krishnan and Rohin Dharmakumar try to make sense of the chaos in India's quick commerce space. Joining them are Ashwin Mehta ( https://www.linkedin.com/in/ashwin-me... ), head of research at Ambit Capital, and Anand Kalyanaraman (   / anand-kalyanaraman-35685bb3   ), finance editor at The Ken.

Here's what happened: Zepto suddenly dropped all fees, forcing Swiggy to scramble and match. Blinkit's CEO is out there declaring the bubble could burst any day now, even though his company is comfortably winning. And everyone's burning cash like there's no tomorrow.
The conversation breaks down why this sector is heading for trouble. They argue India can only support around 12,000 dark stores, and we're already at 70% of that. They discuss why Swiggy keeps reacting to what Zepto does instead of leading its own way. And here's a striking stat: the average quick commerce user spends ₹45,000 a year per household. That tells you exactly who this market is really for and why it might be more limited than everyone thinks.

It's a messy race where nobody's backing down and the next 12 months will decide who survives.
________

This episode was produced by Uddantika Kashyap and mixed and mastered by Rajiv CN, our resident sound engineer.

If you liked this episode of Two by Two, please share it with your friends, family and colleagues who would be interested in listening. And if you have more thoughts on the discussion, we'd love to hear your arguments as well. You can write to us at [email protected] or comment below.
________

This episode is part of our premium podcast series, normally available exclusively to subscribers. We're temporarily making it accessible to all listeners, but this open access is time-limited. Once the free period ends, the episode will return to subscriber-only status.
For permanent, unlimited access to our complete catalog without time restrictions or concern about content availability, subscribe to The Ken or via Apple Podcasts.
Thank you for tuning in.

Two by Two
Episode 18, Season 2
December 11, 2025

★ Episode details: https://share.transistor.fm/s/446d52ea

★ Additional episodes: https://the-ken.com/two-by-two/