The Indian digital landscape is witnessing a seismic shift as Paytm marks its third consecutive profitable quarter and JioMart rockets to the second spot in the hyper-competitive quick commerce race. According to latest Q3 FY26 filings, Paytm (One97 Communications) reported a consolidated net profit of ₹225 crore, a massive turnaround from the ₹208 crore loss recorded in the same period last year.

Paytm’s operational revenue surged 20% year-on-year to reach ₹2,194 crore. The fintech giant’s “AI-first” strategy and focus on merchant subscriptions have paid off:

• Merchant Subscriptions: Subscription-led devices (Soundbox and POS) jumped to 1.44 crore, adding 27 lakh devices in a single year.
• UPI Dominance: Paytm’s consumer UPI GMV grew by 35% over the last nine months, doubling the industry average of 16%.
• Cash Reserves: The company maintains a robust liquidity position with a cash balance of ₹12,882 crore.

Despite a 4% dip in share price following the results—attributed to the potential withdrawal of RBI’s PIDF incentives—brokerages like Citi remain bullish with “Buy” ratings, citing strong unit economics and cost controls.

While the spotlight often stays on Blinkit and Swiggy, Reliance Retail’s JioMart has quietly become India’s second-largest quick commerce player. In its Q3 FY26 investor presentation, the company revealed:

• Daily Order Surge: A daily run-rate of 1.6 million orders, marking a 53% jump quarter-on-quarter.
• Customer Acquisition: 5.9 million new customers were added in Q3 alone, bringing the total registered base to 378 million.
• Network Advantage: Leveraging nearly 20,000 stores and a growing fleet of dark stores, JioMart now services over 5,000 pin codes across 1,000 cities.

JioMart has successfully expanded beyond groceries into electronics and accessories, offering 30-minute deliveries in major metros, effectively outpacing Swiggy Instamart in daily volume.

Key Highlights:

• Paytm Returns to Black: Reported a net profit of ₹225 crore in Q3 FY26, marking its third straight profitable quarter.
• JioMart Scales Up: Achieved 1.6 million daily orders, overtaking Swiggy Instamart to become India’s second-largest quick commerce platform.
• Merchant Ecosystem: Paytm’s merchant devices hit 1.44 crore, while its UPI GMV growth (35%) significantly outpaced the industry.
• Operational Strength: Reliance Retail’s hybrid model of using 20,000 physical stores as fulfillment centers has slashed last-mile delivery costs.