Blinkit

Post the Blinkit acquisition Zomato has invested roughly 2,800 crore rupees into the quick-commerce unit, including a 500-crore infusion in January 2025. The continuing capital top-ups indicate that quick-commerce remained a cash-hungry vertical even after integration, requiring ongoing investment to defend share against Swiggy Instamart, Zepto and newer entrants.

Zomato raised 8,500 crore rupees through a Qualified Institutional Placement in November 2024, partially to fund the Blinkit investment. The QIP signalled a strategic decision to keep equity dilution as the funding lever for the quick-commerce war, rather than debt — a choice with implications for existing shareholders' long-term ownership.

Shareholders approved the special resolution renaming Zomato Ltd to Eternal Ltd in March 2025, formalising the holding-company structure that would house Zomato, Blinkit, Hyperpure and the District going-out vertical. The structural separation between parent brand and operating brands gave each vertical a cleaner capital-allocation identity.

Goyal publicly disclosed that he twice considered asking Blinkit founder Albinder Dhindsa to step aside post-acquisition, citing potential conflict-of-interest concerns. The admission — rare in Indian startup governance — illustrated the awkwardness of integrating a founder-CEO into a larger acquiring company, and informed Goyal's eventual decision to elevate Dhindsa to group CEO in 2026.

Blinkit is now Eternal's largest business vertical by order value, with revenue growth of 145 percent year-on-year reported for one recent period — a vindication of Goyal's 568-million-dollar all-stock bet. The performance reframed the 2022 acquisition from a contested move into a category-defining consolidation in Indian quick commerce.

Zomato's parent reported a net profit of 253 crore rupees in the relevant reporting period alongside Blinkit's revenue surge — a moment that crystallised the dual-engine thesis of food delivery plus quick commerce. The combined numbers made Eternal a case study in disciplined post-IPO scaling of an Indian consumer-internet conglomerate.

The 2022 Blinkit acquisition — an all-stock deal worth roughly 568 million dollars — wedged Zomato into quick commerce, the 10–15-minute grocery category that Albinder Dhindsa's startup was pioneering. Goyal's defence of the deal rested on the thesis that convenience, once tasted, becomes addictive; Blinkit would later become Eternal's largest business by order value.

A January 2026 disclosure noted that Eternal's Q1 PAT had jumped on the back of Blinkit's improving operating performance — a clean inversion of the early-2020s narrative that quick commerce would structurally burn cash. The result validated Goyal's patience in funding Blinkit through three loss-making years before the unit inflected.

In February 2025 the listed entity renamed itself Eternal Ltd, with consumer-facing brands Zomato and Blinkit continuing under their existing names. Goyal framed the change as a structural recognition that the parent had become a portfolio of multiple consumer-internet businesses rather than a single food brand — an unusual mid-cap rename by Indian corporate-governance standards.

Goyal announced in January 2026 that he would step down as CEO and Managing Director of Eternal from 1 February, handing the role to Blinkit founder Albinder Dhindsa while remaining vice chairman for long-term strategy and governance. He described the move as a 'change in title, not in commitment,' signalling a founder-led succession choreography that recalled the Bansals' post-Walmart handoff.

A string of acquisitions between 2012 and 2016 — Letsbuy, Myntra for about 280 million dollars, Jabong for roughly 70 million, and PhonePe in April 2016 — assembled the building blocks of a horizontal marketplace. Myntra in particular gave Flipkart a dominant apparel franchise, while PhonePe positioned it inside the UPI payments race alongside Paytm.

Zomato's product breadth — intercity Legends delivery, hyperlocal Xtreme parcel service, Feeding India food-donation vertical, and Post Malone / Dua Lipa concerts under Zomato Live — reflected a portfolio approach to the food surface area. Several bets (Legends, Xtreme) were shuttered after limited traction, while others (Hyperpure, going-out vertical District) survived and became expansion arrows in the Eternal structure.