India's e-commerce sales in 2023, amounting to $60 billion to $65 billion, fell short of China's Singles' Day sales by a significant margin.

India's business model is showing hopeful signs, unlike many other parts of the world where businesses are withdrawing, consolidating, or closing. Many city dwellers are embracing the convenience of receiving goods in their homes within ten minutes. Blinkit, Zepto, and Swiggy's Instamart are planning to become profitable.

The possibility that 10-minute deliveries could upend e-commerce intrigues analysts. Zomato acquired Blinkit in 2022 for less than $600 million, according to Goldman Sachs. The value of Zomato has already surpassed that of its parent company, Decacorn Food Delivery.

HSBC reported that Blinkit holds a 40% market share in fast commerce, closely followed by Zepto and Swiggy's Instamart. Walmart-owned Flipkart intends to join the fast commerce field as early as next month, demonstrating the industry's potential even more.

The industry is attracting a lot of interest from investors as well. Zomato processes over 3 million orders daily and is valued at $19.7 billion, despite its low profitability. Meituan, a large Chinese company, processes over 25 times more daily orders and is valued at $93 billion in the market. Zepto, a company that became a unicorn less than a year ago, is currently undergoing new fundraising. The valuation of this funding round is expected to be over $3 billion.

Customers are also seeking the convenience of fast transactions. According to a recent Bernstein survey, 60% of millennials aged 18 to 35 prefer rapid commerce platforms over other channels. Digital channels are even being adopted by people over 36, with over 30% of them preferring speedy commerce.