Swiggy Instamart now trails Blinkit & Zepto in AOV, dark store density and throughput. It's still deep in the red at around -15% EBITDA, while Blinkit has already turned positive. Even Noice, its premium private label, hasn't closed the gap on its own despite the products being great. Their new survival move is to stop renting the marketplace and start owning the inventory, ie buy and hold stock, source directly from manufacturers, and control the shelf. We've been thinking a lot about supply-first businesses, and owning the assets is one of the clearest ways to be supply-first. When you hold the stock, you can be strict on quality, availability, and fill rates- none of which you can vouch for when a third-party seller sits in the middle. And it also changes the margin architecture: you capture a slice of the retail value chain. It's a harder model to run, but if they're successful, it's also a much harder model to copy.