Analysis · Commerce & Consumer Brands

Swiggy Instamart CEO says no to discount-driven growth

By Startup Enthusiast · 29 January 2026

What they do

Swiggy Instamart delivers groceries and essentials in minutes through dark stores

CEO Amitesh Jha says the company avoids discount-heavy strategies that cause platform switching

Instamart calls orders per day a vanity metric and focuses on repeat customers instead

Swiggy Instamart CEO Amitesh Jha says the company avoids a discount-heavy growth strategy.
Jha believes discount-driven customer acquisition leads to rapid platform switching without loyalty.
The company prefers long-term structural growth through better SKUs (product varieties) and customer understanding.
Jha says healthy growth means repeat customers, not chasing short-term offers.
Instamart labels orders per day (OPD) as a vanity metric that does not reflect real demand or business health.
Instamart avoided lowering order thresholds to INR 99 to inflate OPD.
The company splits its user base into two cohorts: sticky loyal users and early/maturing users.

JioMart claimed to be India's second-largest quick commerce player by volume, behind Blinkit and ahead of Swiggy Instamart and Zepto.
JioMart quick commerce averaged 1.6 million orders per day in Q3 FY26.
Instamart's losses rose 50% YoY to INR 791 crore in Q3 FY26, while revenue grew 76% to INR 1,016 crore.
Swiggy's consolidated net loss widened 33% YoY to INR 1,065 crore in Q3 FY26.
Swiggy shares ended the trading session 1.17% higher at INR 327.40.

Swiggy Instamart delivers groceries and essentials in minutes through a network of dark stores (warehouses for quick delivery).
It operates 1,136 dark stores as of Q3 FY26, adding 34 stores in that quarter.
The company offers MaxxSavers, an automatic in-app feature that gives up to INR 500 savings on orders over INR 999.
Instamart's average order value in Q3 FY26 was INR 746, up 40% year-on-year.
Total orders in Q3 FY26 were 10.6 crore, up 45% year-on-year.
Instamart's revenue in Q3 FY26 was INR 1,016 crore, up 76% year-on-year.
The company's adjusted EBITDA loss in Q3 FY26 was INR 908 crore, up 57% year-on-year and 7% quarter-on-quarter.