Eternal, the rebranded parent company of Zomato , has made another major capital infusion into Blinkit—its quick commerce arm—injecting ₹600 crore as part of a sustained bet on rapid grocery delivery expansion. This brings Eternal’s total investment in Blinkit to over ₹2,600 crore in 2025 alone, after earlier rounds of ₹400 crore (June), ₹500 crore (January), and ₹1,500 crore (February).
Strategic Expansion & Blinkit’s Blockbuster Numbers
- Network Scale: As of Q2 FY26, Blinkit had scaled up to 1,816 dark stores, with a target to reach 3,000 locations by March 2027.
- Market Leadership: Recent Bank of America surveys rank Blinkit as the most preferred quick commerce platform, cited by 31% of users—outperforming Swiggy Instamart (19%), Flipkart, and Zepto.
- Growth Metrics: Blinkit saw a 2.4x YoY revenue growth to ₹942 crore in June 2024, posting a profit of ₹43 crore in Q1 FY25 (up from ₹2 crore the previous quarter). Its gross order value (GOV) surged 134% YoY to ₹9,421 crore in Q4 FY25.
- Profitability Path: Goldman Sachs projects EBITDA breakeven for Blinkit in Q4 FY25, aided by a 17% YoY rise in average order value (₹627) and a 14% drop in delivery cost per order (₹55), complemented by advertising and in-app brand monetization strategies.
Eternal’s Financials and Funding Firepower
- Balance Sheet Strength: Eternal holds over ₹18,000 crore in cash, giving it the leverage to fund Blinkit’s aggressive expansion and support working capital, capex, and operating losses.
- Recent Results: In Q1 FY26, Eternal’s B2C business (including Blinkit and Zomato) reported 62% YoY GOV growth to ₹24,960 crore. Analysts noted a manageable EBITDA impact from India’s new labor codes, expecting a 4–10% margin effect sector-wide—but Eternal projects minimal long-term disruption.
Quick Commerce: Funding Frenzy and Competitor Moves
- Zepto: Raised $450 million in October 2025 at a $7 billion valuation (after $350 million in the prior year), accelerating its competitive push with strong customer incentives.
- **Swiggy Instamart **: Board-approved plans to raise ₹10,000 crore via public and private placements, signaling intent to match rivals’ scale.
- BigBasket: Raised ₹200 crore debt from DBS Bank for dark store expansion.
Quick Commerce Market Share and User Preference—2025 Table
| Platform | Dark Stores | Funding Raised 2025 | Market Share (mid-2025) | Preferred by (%) | Q4 FY25 GOV | Q4 FY25 Revenue | Profitability Status |
|---|---|---|---|---|---|---|---|
| Blinkit | 1,816+ | ₹2,600 cr (2025) | 44–46% | 31% | ₹9,421 cr (Q4) | ₹1,709 cr (Q4) | EBITDA breakeven expected Q4 FY25 |
| Zepto | ~1,000 | $450M (2025) | 29–30% | 12% | Est. ₹5,900cr | Est. ₹980 cr | Near breakeven, strong growth |
| Swiggy Instamart | ~1,500 | Up to ₹10,000 cr (planned) | 23–25% | 19% | Est. ₹6,100cr | Est. ₹1,200cr | Ongoing expansion, margin focus |
| BigBasket | ~700 | ₹200 cr debt (DBS) | ~9% (metro-centric) | n/a | Est. ₹2,800cr | n/a | Improving with debt-led growth |
Sources: BofA Survey, company financials, media reports
Outlook
The latest capital boost underscores Eternal’s deep commitment to scaling Blinkit as quick commerce cements its place as Eternal’s key growth driver in India’s evolving grocery and essentials space. With a war chest for further expansion, operational improvements, and a profitability roadmap, Blinkit is positioned as the segment leader. Still, the competitive funding surge from Zepto and Swiggy Instamart ensures the quick commerce race will remain fiercely contested well into 2026.
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