tates the q-commerce giant is now more valuable than Zomato’s core food delivery business.  In contrast to other parts of the world where q-commerce lost its appeal after Covid-19, India’s q-commerce market has experienced an uptick, with companies increasing investments to further capture the bigger piece of the lucrative pie.  Zomato’s acquisition of Blinkit has already paid off, as Goldman Sachs estimates Blinkit’s implied value at about US$1.43 per share, translating to a total valuation of about US$13 billion, much more than the US$600 million value at the time it was acquired.  Meanwhile, Instamart’s parent company, Swiggy, is gearing up for its public debut this year. The company is expected to raise about US$1.25 billion through its Initial Public Offering. In its most recent private financing round, in early 2022, Swiggy was valued at US$10.7 billion.  Behind the notable growth pace The convenience and discount offers have redirected consumers from traditional bricks-and-mortar retail stores to q-commerce apps. In India, orders from q-commerce companies are usually delivered between 10 and 32 minutes. A network of ‘dark stores’, which are dedicated to fulfilling online orders, supports the system.  “Nowhere else in the world can you order something for, say, $5 and get it for just slightly more than $5 at your doorstep in minutes,” Arvind Singhal, commerce industry consultant, told the South China Morning Post.  Goldman Sachs estimated the total value of quick-commerce orders in the year ended March to be US$5 billion. The market is led by Blinkit, which holds a more than 40 per cent share of the q-commerce market, followed closely by Instamart and Zepto. Goldman Sachs stated that the main drivers of the market’s rapid growth included an unorganised grocery sector, high population density in urban areas, and a favourable ratio of delivery costs to average order values.  “Many have also shifted their planned e-commerce spending to q-commerce,” Kushal Bhatnagar, associate partner at Redseer Strategy Consultants, said in the company’s report, adding Gen Zs and Millennials residing in cities like Bangalore, Delhi NCR and Mumbai continued to be the flag bearers of this category.  “Q-commerce has been able to sustain the Covid-led momentum it received from 2019 to 2022, by registering 77 per cent growth in its GMV last year,” Bhatnagar said.  Consulting firm Redseer predicts a 40-45 per cent GMV CAGR for q-commerce in the next three years. Is there still room for more players?Goldman Sachs believes the market is large enough to accommodate up to five profitable players by financial year 2030. Meanwhile, JM Financial states that q-commerce has captured only a modest 7 per cent of the potential market, with a total addressable market estimated at US$45 billion.  “To cater to the growing demand, q-commerce platforms are expected to add at least 500 new dark stores across the country, with a focus on the top 30-50 cities. Further, existing dark stores are expected to deliver higher throughputs, thereby resulting in a stronger economic profile for the platforms,” Bhatnagar said.  Zepto plans to double its count of dark stores or warehouses to 700 between this year and next year, entering 10 new cities, including Ahmedabad, Chandigarh and Jaipur. “With its ability to offer instant gratification and unparalleled convenience, q-commerce is set to redefine the way Indians shop and provide immense investment and growth opportunities for industry players,” Bhatnagar said.