India’s digital payments ecosystem has entered a scale phase - 12,549 crore transactions worth ₹1,572 lakh crore in H1 FY25, up from just 1,479 crore in H1 2019. The next phase of growth will focus less on access and more on value capture, reliability, and cross-border expansion.
UPI now drives 85% of India’s total payment volumes, yet accounts for only 9% of total value — a clear sign of India’s micro-transaction economy at scale. RTGS, conversely, handles less than 1% of total transactions but nearly 70% of value, sustaining the high-value backbone of the financial system.
Bata India’s revenue slipped to ₹801 crore in Q2 FY26, down 4.3% YoY - the brand’s third consecutive quarter of negative growth. Despite steady topline around ₹900 crore, Bata’s recovery remains uneven amid muted consumer sentiment in discretionary retail.
Swiggy and Zomato’s out-of-home GOV surged past ₹3,500 crore in Q1 FY26, underscoring a still-expanding dining economy. After an exceptional FY25, growth is now stabilising at healthier, sustainable levels - signalling market maturity rather than slowdown.
Healthier choices are reshaping India’s beverage market. Low- and no-sugar products now form over 55% of Varun Beverages’ portfolio, up from 42% two years ago, underscoring a strategic pivot toward better-for-you beverages and a more resilient product mix amid rising consumer health awareness.
Non-carbonated beverages powered Varun Beverages’ growth in early CY25, rising 175% YoY in Q1 amid portfolio expansion and higher energy drink consumption. CSD maintained steady single-digit growth, while the water segment contracted sharply (-28.6% in Q3 CY25) due to seasonality.
Varun Beverages recorded steady volume growth through CY24, peaking at 402 million cases in Q2. Despite a 3% YoY dip in Q2 CY25 on a high comparison base, the underlying trend remains robust, with volumes recovering sequentially in Q3 (+2.6%).
Alcohol use in India is disproportionately higher among the poor — driven by accessibility and habit - while affluent consumers are moving toward controlled, premium, and socially acceptable drinking patterns, signaling India’s dual-track alcohol economy.
After two years of triple-digit rebound, MakeMyTrip’s growth has normalized. While air ticketing stabilizes, hotels and bus bookings continue to grow faster, underscoring the platform’s evolution from a recovery story to a steady, multi-segment growth engine.
Swiggy Instamart’s average order value rose 22% in the past year to ₹488, narrowing the gap with Blinkit’s ₹524. The convergence highlights category maturity, with both players shifting focus from transaction volume to profitability and richer order baskets.
Zomato’s share of the out-of-home segment rose to nearly 69% in Q2 FY26, up from 52% in Q1 FY24. Swiggy Dineout’s contribution declined to 31%, reflecting a decisive shift in consumer preference and platform engagement toward Zomato’s dine-out ecosystem.
Zomato continues to command around 57% of India’s food delivery market by gross order value, while Swiggy holds 43%, marking a period of relative stability after earlier shifts. The data highlights how both players are focusing on deeper engagement rather than aggressive share grabs.
Swiggy Instamart’s NOV as a percentage of GOV slipped to 70% in Q2 FY26, down 15 percentage points over the year. The decline highlights deeper discounting and sustained marketing intensity as competition in quick commerce heats up.
Blinkit’s user base rose to 20.8 million in Q2 FY26, compared to Swiggy Instamart’s 12 million, reinforcing its leadership in India’s quick commerce space. The gap between the two widened further as Blinkit benefited from stronger Zomato integration and higher order stickiness.
Zomato extended its lead in food delivery users, reaching 24.1 million versus Swiggy’s 17.2 million in Q2 FY26. While both grew, the gap between the two widened, underscoring Zomato’s stronger engagement and ecosystem advantage in a maturing market.
Swiggy’s Out-of-Home business grew 52% YoY to ₹1,118 crore in Q2 FY26, extending the strong recovery from FY25. The rise underscores sustained consumer demand for travel and outdoor convenience, positioning the segment as a key driver of Swiggy’s next phase of growth.
