India’s quick commerce sector witnessed a public clash of philosophies as Swiggy’s Group CEO Sriharsha Majety took a pointed swipe at rival Zepto during the company’s Q2FY26 earnings call. Without naming Zepto directly, Majety criticized the practice of chasing volume growth at the expense of profitability, stating, “We won’t chase volume growth with poor average order values.” The remark came in response to an analyst referencing Zepto’s claim of crossing 2 million daily orders during the Diwali period.
The comment triggered a swift rebuttal from Zepto CEO Aadit Palicha, who defended his company’s strategy and claimed that Zepto burns less cash per order than Swiggy’s Instamart. The exchange has reignited discussions around sustainable growth, unit economics, and the future of India’s fast-growing quick commerce industry.
🧠 Key Highlights from Swiggy’s Q2FY26 Analyst Call
| Topic | Sriharsha Majety’s Remarks |
|---|---|
| Volume vs Value | “We won’t chase volume growth with poor AOVs.” |
| Profitability Focus | “We’re playing the long game.” |
| Competitive Landscape | “It’s easy to see listed players’ numbers, harder for private ones.” |
| Strategic Direction | “We prioritize contribution margins and sustainable growth.” |
Majety’s comments reflect Swiggy’s shift toward profitability over aggressive expansion.
📊 Quick Commerce Performance Snapshot – October 2025
| Company | Daily Orders (Reported) | Avg Order Value (Estimated) | Cash Burn per Order (Claimed) |
|---|---|---|---|
| Zepto | 2 million | ₹280–₹300 | Lower than Instamart (per Palicha) |
| Swiggy Instamart | ~1.6 million | ₹350–₹370 | Not disclosed |
| Blinkit | ~1.2 million | ₹320–₹340 | Moderate |
Zepto’s volume surge has raised questions about its long-term unit economics.
🗣️ Aadit Palicha’s Response to Majety’s Remarks
In an interview with Moneycontrol, Palicha countered Majety’s critique, stating:
“Instamart burns more cash per order than Zepto. We’ve delivered more orders and done so more efficiently over the last two quarters.”
Palicha emphasized Zepto’s operational efficiency and defended its strategy of scaling rapidly while maintaining cost discipline.
🧭 Strategic Philosophies: Swiggy vs Zepto
| Dimension | Swiggy (Sriharsha Majety) | Zepto (Aadit Palicha) |
|---|---|---|
| Growth Strategy | Value-led, margin-focused | Volume-led, efficiency-driven |
| Order Prioritization | High AOV, fewer orders | High volume, optimized logistics |
| Cash Burn Management | Controlled expansion | Lean operations, tech-led savings |
| Long-Term Vision | Sustainable profitability | Market dominance with cost control |
The divergence in approach highlights the evolving dynamics of India’s quick commerce race.
🧠 Industry Reactions and Investor Sentiment
| Stakeholder Group | Reaction Summary |
|---|---|
| Venture Capitalists | Mixed views; some favor Zepto’s blitzscaling, others back Swiggy’s discipline |
| Analysts | Caution against unsustainable growth metrics |
| Consumers | Largely indifferent; focus on speed and reliability |
| Competitors | Monitoring the debate for strategic recalibration |
The clash has prompted broader reflection on what defines success in quick commerce.
📈 Financial Metrics and Market Share Trends
| Metric | Swiggy Instamart | Zepto | Blinkit |
|---|---|---|---|
| Market Share (Q2FY26) | 34% | 38% | 28% |
| GMV Growth YoY | 18% | 24% | 15% |
| Active Cities | 30+ | 40+ | 25+ |
| Repeat Order Rate | 62% | 59% | 55% |
Zepto’s aggressive expansion has helped it edge ahead in market share, but Swiggy maintains stronger repeat engagement.
📌 Conclusion
The public exchange between Swiggy’s Sriharsha Majety and Zepto’s Aadit Palicha has brought India’s quick commerce strategies into sharp focus. While Zepto celebrates scale and speed, Swiggy is doubling down on profitability and sustainable growth. As competition intensifies, the sector’s future may hinge not just on who delivers fastest—but who delivers value, both to customers and investors.
Disclaimer: This article is based on publicly available statements and financial disclosures. It is intended for informational purposes only and does not constitute investment or business advice.
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