India's qcom mkt grows 40%, dark store network expands nearly 48%: Report

India's quick commerce market expanded 40 per cent year-on-year, while the combined dark store network of Blinkit, Instamart and Zepto grew nearly 48 per cent, says an Equirus report

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 the latest report by Equirus.

 

The report estimates the country's digital commerce market at around ₹8 lakh crore in 2026, with qcom accounting for approximately ₹1.08 lakh crore.

 

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. India received only 53.1 mm of rainfall between June 4 and June 22, against the normal 97.6 mm, a 46 per cent deficit that made June 2026 one of the driest Junes in more than a century. According to the report, prolonged weather-related food inflation could cap FMCG (fast-moving consumer goods) 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 further 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 ₹12 billion during the month. The average deal size stood at nearly ₹1 billion.

 

Within the retail segment, FirstClub emerged as the largest private equity transaction of the month, accounting for around 43 per cent of the total consumer PE deal value in June. According to Equirus, the company plans to utilise the capital to expand its dark-store network, warehouse infrastructure, technology capabilities and new product categories.