“The whole use of the word quick commerce itself is incorrect in my view,” Killa said, adding, “It’s basically a part of overall e-commerce online purchases.”
That observation goes to the heart of what could become the defining debate in India’s consumer internet sector. While investors and consumers remain fixated on 10-minute grocery deliveries, Killa argues the real story is the emergence of a single online retail ecosystem where delivery speeds vary by customer need, but the underlying battle remains the same: capturing a larger share of consumer spending.
The end of the 10-minute obsession
For years, quick commerce players marketed themselves around ultra-fast deliveries. That strategy is losing relevance. “Ten to fifteen minute delivery is not the battle anymore,” Killa said. “The 10-15 minute delivery factor is increasingly becoming a hygiene factor and the battle is now more about assortment.”In his view, consumers are no longer choosing platforms solely because groceries arrive in minutes. Instead, platforms are competing to become the primary destination for a larger range of purchases.
“You will not get a larger share of his or her wallet by selling him the same things,” Killa said. “Can I get him to buy his T-shirts from me? Can I get her to buy shoes from me? Can I even get my customer to buy their electric chargers and mobile phones from me?”
This shift explains why major e-commerce companies are moving into rapid delivery while quick commerce firms are expanding their product offerings beyond groceries.
“The lines are completely blurring,” Killa said. “The fact that two of your largest e-commerce companies, (Amazon and Flipkart) have gone into this space is evidence of that.”
From groceries to everything
Killa believes the future marketplace will not be divided between quick commerce and e-commerce. Instead, it will operate as a continuum of delivery choices.At one end are deliveries under 60 minutes. In the middle sit traditional deliveries ranging from a few hours to two days. At the value-focused end are platforms where customers wait five to seven days in exchange for lower prices.
The industry’s infrastructure is already evolving to support that model.
According to Killa, companies are building multiple categories of dark stores: traditional grocery centres, large assortment warehouses, dedicated pharmaceutical facilities and gourmet-focused locations. Future networks could include specialised electronics centres and category-specific warehouses. As supply chains become more complex, the promise of a universal 10-minute delivery becomes less practical. “The customer is fine because he’s getting to buy a lot of items,” Killa said. “The alternative to get that same item is two days. So 30 minutes is still a better outcome.”
An $80 billion market headed towards $200 billion
UBS estimates India’s online retail market currently stands at roughly $80 billion and could approach $200 billion by FY31.Importantly, Killa sees growth opportunities across every segment. “Quick commerce is growing 40-45%. Traditional e-commerce is probably growing 10-15%. Value commerce is growing 25-30%. Nothing is not growing,” he said.
That growth profile helps explain why investors continue to assign premium valuations to internet businesses despite profitability concerns. “The total online retail market in India is growing at about 25-30%,” Killa said, adding that India’s online penetration remains near 10% of total retail sales, significantly below more mature digital markets. For investors, the attraction lies in the runway.
Tier-2, Tier-3 cities matter. But metros still rule
While expansion into smaller towns remains a popular theme among internet companies, Killa cautions against overstating its impact.“The top 15 to 20 cities contribute almost 70% of the total top line,” he said. “In the foreseeable future, the top 15 to 20 cities will continue to be the markets that make or break whether you are a good business or a bad business.” That does not mean smaller cities are unimportant.
Quick commerce platforms increasingly serve consumers with limited access to modern retail formats. Many products available through these apps are unavailable through traditional local stores.
“In the smaller towns, an important incremental factor that is driving quick commerce is that I’m showing you products that you do not otherwise even have an option to buy,” Killa said.
Killa believes the next phase of competition will be driven by selection rather than speed.
“The second most important factor is assortment,” he said. Consumers may keep multiple apps installed, but they usually have one primary platform. If items repeatedly go out of stock, customers can quickly shift loyalty to rivals.
Artificial intelligence could deepen that engagement
While AI-driven pricing grabs headlines, Killa sees greater value in recommendation engines that anticipate consumer needs.Referring to examples from China, he described how platforms can predict future purchases based on earlier shopping behaviour, creating highly personalised shopping experiences.
“I think the real value of AI is not so much in terms of how I price you, it’s more in terms of what I show you,” Killa said.
Meanwhile, Killa says the future is not about quick commerce versus e-commerce. “Whether an Amazon becomes Blinkit or Blinkit becomes Amazon, that I don’t know and can’t comment,” he said. “But the lines have blurred.”
As India’s online retail market races toward the next phase of growth, the winners may not be the companies that deliver the fastest. Instead, they are likely to be the platforms that become indispensable destinations for everything consumers want to buy, regardless of whether it arrives in 10 minutes, two hours or two days.
Published on September 11, 2026
