On August 26, 2025, BNP Paribas sold a massive 2.69 crore shares of Swiggy for ₹1,158 crore, trimming its stake in a sharp and calculated move. The same day, it doubled down on Eternal, buying 10.12 crore shares at ₹318.10 each—a bold investment worth roughly ₹3,220 crore.
For context, these weren’t the first fireworks: about 3-4 months back, BNP Paribas had bought a significant Eternal stake.
In the same breath, BNP Paribas was also seen making large block deals in names like Vishal Mega Mart, Waaree Energies, and Hitachi Energy. This flurry of trades is a clear signal: global investors are fine-tuning their bets on India’s high-growth consumer and tech stories in real time, shifting billions in a matter of hours as they chase new growth narratives.
Swiggy vs Eternal (Zomato): Q1 FY26 Financial Face-off
Swiggy
- Revenue, Q1 FY26: ₹4,961 crore (↑54% YoY)
- Net Loss, Q1 FY26: ₹1,197 crore (loss widened from ₹611 crore YoY)
- Gross Order Value for Instamart: doubled, up 108% YoY
- Market Cap (Aug 2025): ₹1,06,765 crore (~$12B)
Check out detailed financials of Q1FY26 of Swiggy here.
Eternal (Zomato’s parent)
- Revenue, Q1 FY26: ₹7,167 crore (↑70% YoY)
- Net Profit, Q1 FY26: ₹25 crore (down 90% YoY)
- Blinkit revenue: ₹2,400 crore (↑155% YoY)
- Market Cap (Aug 2025): ₹3,09,535 crore (~$35B)
Check out detailed financials of Q1FY26 of Eternal here.
Despite both companies delivering serious top-line growth, they’ve faced mounting pressure on profitability, with aggressive spends on expansion and category leadership. Swiggy’s losses widened, even as it reported robust revenue and doubled quick commerce volumes. For Eternal, a heavy bet on quick commerce and B2B supply chain (Blinkit and Hyperpure) kept revenue ticking up, but Q1 profit tumbled. Still, Eternal’s combined food, quick commerce, and B2B business has the market’s clear confidence edge—reflected in a market cap nearly three times Swiggy’s.
Check out: Chinese investor Ant Group exits Zomato’s parent with a remarkable 500% return. Check full details
Recently, Swiggy has once again raised its platform fee, bumping it from ₹12 to ₹14 per order in high-demand regions effective August 15, 2025. The timing aligns with the festive season, a period traditionally known for peak order volumes. According to Swiggy, the fee hike is driven by increasing demand and is meant to help manage operational costs during high traffic.
What This All Means
With BNP Paribas clearly pivoting its bets toward Eternal, the message from global capital markets is loud: diversified revenue streams and ecosystem ambitions, even with short-term hits to profit, are winning trust over single-play models. As India’s digital economy matures, moves like these will only accelerate, reshaping the leaderboard for the country’s most dynamic consumer-tech companies.
