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Zomato × Blinkit (Eternal): India's Food Delivery + Quick Commerce 'From Menu Browsing to 10-Minute Delivery'

Founded: Deepinder Goyal (born 1983 in India, IIT Delhi graduate, former Bain & Company consultant), Pankaj Chaddah (co-founder, IIT Delhi alumnus of the same batch, departed around 2021); Blinkit subsidiary founded in December 2013 by Albinder Dhindsa and Saurabh Kumar · Eternal Limited (Formerly Zomato Limited, NSE/BSE Code: ETERNAL)

JOURNEY

Key Fields

FIELD STAMPS
IndustryLocal Services
RegionGlobal（印度）
ScaleGiant
ChannelOther

Origin

On July 10, 2008, while working at Bain & Company, Deepinder Goyal and Pankaj Chaddah created the restaurant listing website FoodieBay to solve the pain point of colleagues repeatedly asking for paper restaurant menus. In November 2009, the two resigned to work on it full-time. In January 2010, the company was incorporated as DC Foodiebay Online Services, and in November, it was renamed Zomato (to avoid a naming conflict with eBay and leave room for non-food businesses). In March 2015, Zomato launched food delivery in India, initially partnering with third-party logistics providers like Delhivery and Runnr, and later building its own delivery fleet after acquiring Runnr in 2017. On another track, Albinder Dhindsa and Saurabh Kumar founded Grofers in December 2013, starting with next-day grocery delivery, introducing 10-minute delivery in August 2021, and rebranding as Blinkit in December. These two paths—one moving from 'information' to 'fulfillment,' the other from 'slow' to 'fast'—finally merged in 2022: Zomato acquired Blinkit in an all-stock deal valued at $568 million, and the combined company was renamed Eternal Limited in 2024.

Milestones

2008
FoodieBay Launched Growth
On July 10, Goyal and Chaddah digitized the restaurant menus collected weekly in their office while working at Bain & Company, creating FoodieBay to solve colleagues' pain points of 'not knowing where to eat or what the menu has.' Starting in Delhi/NCR, the website began gaining users, serving as the prototype for Zomato. Initially a side project, both were still working full-time.
2010
Resigned and Rebranded as Zomato Turning Point
In November 2009, the two resigned, and in January 2010, the company was incorporated as DC Foodiebay Online Services, later renamed Zomato in November to avoid naming conflicts with eBay and signal that it would not necessarily be limited to food. The mobile app was released the same month. This 'rename is a redefinition' move secured strategic room for non-food businesses ahead of time. That same year, expansion began into major Indian cities such as Delhi, Mumbai, and Bengaluru.
2015
Launched Food Delivery Turning Point
In March, food delivery operations launched domestically in India, initially partnering with third-party logistics providers like Delhivery, Grab, and Runnr to deliver for restaurants without their own delivery fleets. In the same month, Zomato entered the US and Australian markets by acquiring Seattle-based restaurant discovery portal Urbanspoon, putting it in direct competition with Yelp and Foursquare. The service expanded to over 20 countries throughout the year, marking Zomato's first transformation from an asset-light information platform into an asset-heavy fulfillment company.
2015
Aggressive Overseas Expansion Failure
Operations across more than 20 overseas countries suffered near-universal losses: restaurant discovery businesses faced stronger local competitors everywhere, and monetization paths were unclear. In February 2017, the Zomato Gold paid membership program (offering dining/delivery discounts) was launched, and the acquisition of Runnr began the process of building an in-house delivery fleet. In 2019, the UAE food delivery business was sold to Talabat; in November 2021, the company announced its withdrawal from all markets except India and the UAE. Aggressive overseas expansion was the company's biggest early mistake, spanning a phase from 2015 to 2017.
2020
Acquired Uber Eats India Inflection Point
In January, Zomato acquired Uber Eats India in an all-stock transaction, giving Uber a 9.99% stake in Zomato. Although Uber Eats India held less than 5% market share, the acquisition boosted Zomato's market share to approximately 52%, making it the leading player in India's food delivery market for the first time. This was a fundamental inflection point from 'challenger' to 'platform leader.' During the COVID-19 pandemic, Zomato also launched Zomato Market to deliver groceries in 80+ cities and alcohol in places like West Bengal and Jharkhand, though most of these were temporary ventures.
2021
Invested in Blinkit & Launched 10-Minute Delivery Turning Point
In June, Zomato acquired a 9.3% stake in Blinkit (formerly Grofers) for $100 million. In August, Blinkit rolled out 10-minute delivery across 12 major cities, rewriting India's quick-commerce industry. In December, Grofers was renamed Blinkit, and by the end of the year, Blinkit had raised approximately $630 million in total funding (backed by SoftBank, Tiger Global, and Sequoia), reaching 125,000 daily orders. The 10-minute delivery model initially faced external criticism regarding delivery worker safety, prompting CEO Dhindsa to publicly dispel rumors and address concerns.
2022
All-Stock Acquisition of Blinkit Growth
In March, a cash-strapped Blinkit laid off 1,600 employees (approx. 5% of its workforce); in April, Zomato provided Blinkit with a $150 million loan and began merger negotiations. On June 24, the all-stock acquisition of Blinkit for $568 million was announced, and the transaction closed on August 10. The all-stock structure avoided cash burn and enabled rapid post-merger cultural integration. Simultaneously, Zomato secured dual growth curves in food delivery and quick-commerce, laying the foundation for its subsequent business restructuring.
2022
Trial and Shut Downs Failure
Multiple new business initiatives failed to gain traction: the cross-border food delivery service Legends launched in August 2022 and was shut down two years later; the merchant-focused small-parcel logistics service Xtreme launched in October 2023 and closed due to insufficient demand; alcohol delivery, which started in May 2020, was discontinued in April 2021 due to poor unit economics; and between 2021 and 2024, more than 10 overseas subsidiaries were liquidated. While trial costs were heavy, the company survived by learning to quickly shut down loss-making projects. This phase extended from 2022 to 2024.
2024
Renamed to Eternal Limited Turning Point
The primary corporate entity Zomato Limited was renamed Eternal Limited, reflecting that the company had evolved into a multi-business matrix of Zomato, Blinkit, Hyperpure, and District rather than just a food delivery service. The rename served as a strategic signal to the capital markets and employees that the company's vision was no longer defined solely by food delivery, as quick-commerce and B2B supply chains were equally important. It also created narrative space for subsequent leadership restructuring.
2025
Blinkit Surpassed Food Delivery Growth
In Q1 FY26 (quarter ending June 2025), Blinkit's net order value exceeded Zomato's food delivery for the first time, becoming the largest business segment by order value and marking a structural shift of 'quick-commerce > food delivery.' In the same quarter, Hyperpure (B2B restaurant supply chain) also approached profitability. Eternal successfully captured the Indian consumer trend shifting from 'ordering meals' to 'ordering everything.'
2026
CEO Transition & Blinkit Profitability Inflection Point
On January 21, 2026, Deepinder Goyal announced his resignation as Eternal MD and CEO, effective February 1, with Blinkit founder Albinder Dhindsa taking over as Group CEO. In Q3 FY26, Blinkit recorded its first-ever adjusted EBITDA profit (+INR 400 million, compared to a loss of INR 10.3 billion in the same period last year), proving that Indian quick-commerce can transition from a cash-burning model to profitability. Goyal received the EY Entrepreneur of the Year Award for 2025, and India's Ministry of Labour partnered with Zomato to promote gig economy employment.

Turning Points

  • March 2015: Launched food delivery, shifting from 'menu search' to fulfillment and becoming an asset-heavy company.
  • January 2020: Acquired Uber Eats India, transforming Zomato from a challenger to a platform leader with market share jumping to 52%.
  • August 2022: Completed the all-stock acquisition of Blinkit, incorporating quick-commerce into the corporate umbrella and radically transforming the business structure.
  • 2024: Renamed to Eternal, upgrading the corporate narrative from a 'food delivery company' to a multi-business matrix.
  • Q1 FY26 (2025): Blinkit's NOV surpassed food delivery for the first time, officially making quick-commerce the group's primary business.
  • February 2026: Goyal stepped down and Dhindsa took over, placing the quick-commerce founder at the helm of the parent company in a landmark leadership transition.

Failures & Pitfalls

  • Aggressive expansion into 20+ countries between 2012 and 2015 resulted in near-total overseas losses, leading to the sale of the UAE business in 2019 and exit from all markets except India/UAE in 2021.
  • Entering the US and Australian markets in 2015 to clash head-on with Yelp and Foursquare ended in a crushing defeat.
  • Launching Zomato Market grocery and alcohol delivery during the COVID-19 pandemic in 2020, but exiting alcohol delivery in April 2021 due to poor unit economics and low scale.
  • Launching the Legends cross-border food delivery service in 2022 and the Xtreme small-parcel logistics service in 2023, both of which were shut down due to unmet demand and weak unit economics.
  • Facing public scrutiny and questioning over delivery worker safety when Blinkit's 10-minute delivery launched in August 2021, requiring public statements from the CEO to address pressure.
  • A delivery worker strike in Blinkit's Delhi NCR region in April 2023 over a payout structure reduction, causing temporary closures of multiple stores in the area.

关键成功要素

  • Digitalizing restaurant menus between 2008 and 2010 as an information platform captured early user demand.
  • Acquiring Runnr and launching the Zomato Gold paid membership program in 2017: transitioning from an asset-light company to a heavy fulfillment model while using memberships to lock in cash flow.
  • Acquiring Uber Eats India via an all-stock transaction in 2020 to secure market leadership at minimal cash cost.
  • Blinkit's 10-minute delivery and dark store network established strong consumer mindshare in Indian quick-commerce.
  • The 2022 all-stock acquisition of Blinkit minimized cash burn, enabled fast integration, and kept cultural friction low.
  • Renaming to Eternal in 2024 outwardly communicated a multi-business matrix, providing narrative space for the subsequent leadership reorganization.

Lessons

  • Aggressive international expansion will inevitably fail if monetization paths are unclear and stronger local competitors exist; focusing deeply on a single market is often better.
  • Transitioning from an information platform to a fulfillment company is a tough pivot requiring fleets, algorithms, and warehouses—failing to pivot means getting overtaken by competitors like Swiggy.
  • The acquisition of Uber Eats was a textbook example of an 'all-stock market share swap': trading equity for leadership status without touching cash.
  • Quick-commerce is a high fixed-cost model where dark store density and per-store volume determine survival; avoid blindly expanding into low-density cities.
  • CEO succession is necessary—founders may not always be suited for the next phase, and rotation is more beneficial for long-term growth than clinging to control.
  • Shutting down projects after years of trial and error is not a failure, but a necessary part of experimentation—don't let sunk costs hold the company hostage.

Core Data

  • Q3 FY26 Adjusted Revenue：INR 166.92 billion (approx. $1.8 billion, up 190% YoY) (Company-disclosed figures, as of 2026, independent audit unverified)
  • Q3 FY26 Net Profit：INR 10.2 billion (approx. $1.2 billion, up 73% YoY) (Company-disclosed figures, as of 2026, independent audit unverified)
  • Blinkit Store Count 2026：1,816 stores (planned to reach 3,000 by March 2027) (Company-disclosed figures, as of 2026, independent audit unverified)
  • Blinkit Net Revenue YoY Growth Nov 2025：137% (27% MoM) (Company-disclosed figures, as of 2026, independent audit unverified)
  • Blinkit Q3 FY26 Adjusted EBITDA：+INR 400 million (first-time profitability, compared to a loss of INR 10.3 billion in the same period last year) (Company-disclosed figures, as of 2026, independent audit unverified)
  • Zomato Food Delivery Market Share Q1 FY25：58% (Motilal Oswal) (Company-disclosed figures, as of 2026, independent audit unverified)
  • Q1 FY27 Group Revenue：INR 202.11 billion (approx. $2.4 billion, up 182% YoY) (Company-disclosed figures, as of 2026, independent audit unverified)
  • Uber Eats Acquisition Consideration 2020：All-stock transaction, Uber received a 9.99% stake in Zomato (Company-disclosed figures, as of 2026, independent audit unverified)
  • Blinkit Acquisition Consideration 2022：$568 million all-stock (Company-disclosed figures, as of 2026, independent audit unverified)
  • Blinkit City Coverage Mar 2025：153 cities (Company-disclosed figures, as of 2026, independent audit unverified)

Competitors / Peers

Eternal (Zomato×Blinkit) faces its long-time rival Swiggy in India's food delivery sector—according to a Motilal Oswal Q1 FY25 report, Zomato's food delivery holds approximately 58% and Swiggy accounts for 38-40%, with the two together commanding roughly 95-98% and forming a practical duopoly. In August 2026, Flipkart officially entered India's food delivery market (starting in Bengaluru), shattering the duopoly and turning the industry into a three-way contest. In quick-commerce, Blinkit forms a tripartite rivalry with Zepto and Swiggy Instamart—Zepto achieved a $5 billion valuation in 2024, completed a $1 billion funding round to accelerate store expansion and push toward an IPO, while Swiggy Instamart leverages Swiggy's delivery rider network for cross-category delivery. All three raced to expand dark stores between 2024 and 2026, making 15-minute delivery an industry standard, yet Blinkit remains the closest to sustained profitability (with Q3 FY26 EBITDA turning positive). Eternal's competitive advantage lies in its four-business matrix of food delivery, quick-commerce, B2B supply chain (Hyperpure), and District events. However, if Flipkart leverages its e-commerce and payment traffic to break into food delivery, Zomato's high-margin food delivery pillar could face pressure.

Sources

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⚠️ This entry draws on self-reported accounts and public reporting, not independently verified, and is not investment, startup, or legal advice; revenue figures are case-specific and not representative of typical results.