Two quick-commerce stories, one week: Zepto resets, Blinkit accelerates
Zepto is the most-discussed unlisted company in Indian consumer tech, and its IPO plans have been a thread in this newsletter. The reported facts: the listing has been pushed back, and the valuation investors are willing to pay has fallen sharply. The same week, a brokerage note expects the category leader to speed up.
The Zepto reset. Business Standard reported on July 31 that Zepto is delaying its IPO by about two quarters as investors push for a lower valuation. Its last fundraise, in October 2025, was at $7 billion; reporting puts what investors are now willing to pay at $2.5–3 billion. Co-founder Aadit Palicha was quoted saying the company intends to list only after demonstrating stronger operating metrics rather than accept an unfavourable valuation. Zepto plans a roughly ₹1,000 crore pre-IPO round and a revised filing, with a refiling considered later in 2026 or after the festive season. Cash on hand is reported at about ₹2,800 crore, against ₹18,288 crore at Eternal (Blinkit's parent) and ₹14,367 crore at Swiggy.
The Blinkit outlook. On September 29, Motilal Oswal said quick commerce is regaining momentum, citing easing competitive intensity, festive seasonality, store additions and better unit economics. It expects Blinkit's net order value growth to accelerate to 23% quarter-on-quarter in Q2 FY27 (from 19.1% in Q1), Instamart's to rise to 14.4% (from 3.1%), and Blinkit to run at about 4.5 million daily orders with adjusted EBITDA near 1% of NOV. It put a ₹430 target on Eternal. These are a brokerage's estimates, not reported results.
Founder takeaway: for D2C brands, the platform you list on is a counterparty, not just a channel. Scale and cash decide who keeps funding discounts, ad programmes and dark-store expansion through a festive season. Check your listing mix, payment cycles and exposure per platform — and don't let any single one account for most of your quick-commerce revenue.
Ownly's zero-commission bet is now a multi-city story
Rapido's food-delivery arm Ownly has expanded from Bengaluru to Hyderabad, with further launches planned in six major markets before a nationwide rollout. Reported numbers: over 60,000 daily orders in Bengaluru, 25,000+ restaurants onboarded there by August, $240 million raised in May at a roughly $3 billion post-money valuation, and zero commission for partner restaurants with a flat ₹25 delivery fee currently waived. For comparison, the report cites a ₹17.58 per-order platform fee at incumbent platforms and commissions that can reach 30–40% of order value in some cases.
The counter-case: the same coverage notes that delivery costs, rider incentives, discounts, payments, support and refunds still have to be funded. Zero commission is a launch posture, not yet a proven business model. Restaurants gain leverage from a second option, but should not assume the terms stay free.
Founder takeaway: use Ownly as a negotiating data point and a diversification test, not as a replacement. Track what share of your orders and margin comes from each channel, and test it in a controlled way rather than moving volume wholesale.
ITC buys the rest of Yoga Bar for about ₹645 crore
On September 28, ITC acquired the remaining 52.5% of Sproutlife Foods, the company behind Yoga Bar, for about ₹645 crore, making it a wholly owned subsidiary. Sproutlife reported FY2025-26 turnover of ₹452 crore, up from ₹200 crore the year before. It is a clear example of a large FMCG group buying out a D2C-born better-for-you brand once it has proven scale.
Also this week: Flipkart added about 14 million cubic feet of warehousing (a 50% increase) ahead of Big Billion Days; Mount Everest Breweries filed for a ₹230 crore IPO; and Ranbir Kapoor launched Flux Theory, a body-wash brand sold on Amazon, Flipkart, Myntra and quick commerce, entering a bath-and-shower category cited at ₹35,370 crore in 2025 retail sales.
Founder takeaway: the exit path for a food D2C brand is visible and recent. The common thread in strategic buyers' interest is repeat purchase and growth that is already proven, so build your data on repeat rate and channel mix early.
Menus rebuilt around protein and portion size — what McDonald's is weighing
One signal this week from the US, where the biggest restaurant chains are changing menus around a shift in how people eat.
GLP-1 and portion-flexible menus
Globally: McDonald's CEO Chris Kempczinski said that when people go on GLP-1 weight-loss drugs, "they still crave our foods, but what they're buying, the portions they are buying, changes." McDonald's is reported to be exploring protein-led, portion-flexible items such as a crispy chicken bowl, grilled chicken snack wraps and egg bites. Chipotle promotes "GLP-1 friendly" high-protein options and Burger King is testing smaller Whopper bites. The report cites Gallup showing GLP-1 use for weight loss nearly quadrupled in two years, and households cutting fast-food spending about 8% within six months of starting the drugs.
Will it work in India? The drug-driven part is a US story; we don't have Indian usage data to size it. But the underlying behaviour — buyers wanting more protein, smaller portions and options that flex — already shows up in India's fitness-led, health-conscious urban segments, and Bengaluru is a natural test market. Low-risk ways to try it: a clearly labelled high-protein bowl, a half-portion option on two or three dishes, and a protein figure on delivery menus. It's a menu test, not a rebrand.
Open threads from earlier issues
FSSAI front-of-pack labels: the Supreme Court reserved judgment on September 28. As of this writing we found no published written order; we'll report it the day it lands.
Bengaluru commission deadline: no public confirmation of resolution from the platforms or the hotel bodies found as of this writing.
Diversify before the festive peak, not after it.
Whether you're a restaurant leaning on one delivery app or a D2C brand leaning on one quick-commerce platform, this week's news says channel power is shifting. Pull last month's order and margin split by channel, pick one second channel to test for Diwali, and decide your cap on any single platform's share.
Two questions, one for each room
Restaurant owners: have you tried Ownly or another zero-commission channel yet, and what share of your orders does your top delivery platform account for today?
D2C & FMCG founders: what share of your quick-commerce revenue comes from your single largest platform — and have you set a limit on it? Reply and tell us; we collect these and turn the most common ones into future issues, no names attached.