Eternal’s Rs 600 Cr infusion takes Blinkit’s 2025 funding to Rs 2,600 Cr

Zomato parent Eternal has infused Rs 600 crore more into its quick commerce biz Blinkit. The fresh capital signals Eternal’s continued focus on expanding its non-food vertical at a time when the segment has become the company’s main driver of growth.

The board at Blinkit has issued 3,733 equity shares at an issue price of Rs 16,07,161 each to raise Rs 600 crore from Eternal Limited (formerly Zomato Limited), according to its regulatory filing accessed from the Registrar of Companies (RoC).

The new investment follows earlier deployments across the past two years. Eternal had approved Rs 400 crore for Blinkit and its entertainment subsidiary in June 2024. In January, the company invested Rs 500 crore into Blinkit and it also invested Rs 1500 crore in February. With the additional Rs 600 crore, Eternal has now invested more than Rs 2,600 crore into Blinkit in 2025.

The infusion comes as Eternal’s financials show a sharp shift toward quick commerce. Eternal posted operating revenue of Rs 13,590 crore in the second quarter of FY26. This was almost three times the figure recorded in the same quarter last year.

Blinkit contributed Rs 9,891 crore, which is around 73% of the total operating revenue. Eternal’s food delivery business recorded revenue of about Rs 2,485 crore. The surge in Blinkit revenue is steered by the company’s move toward an inventory-led structure where Eternal books the entire value of goods sold. While this has pushed revenue higher, profitability remains under pressure. Eternal reported a consolidated net profit of Rs 65 crore in the second quarter, which is a 63% decline year on year. Costs related to expansion of dark stores, inventory stocking and delivery infrastructure continue to weigh on earnings.

Competition in quick commerce continues to intensify. Swiggy Instamart, Zepto and BigBasket’s BB Now are expanding their networks and investing in faster delivery and category depth. Large offline retail groups are also entering the instant delivery format. Rising spending across these players is expected to keep margins under pressure and increase the need for sustained capital.

For context, Swiggy recently received approval to raise up to Rs 10,000 crore ($1.13 billion) through a public or private offering while BigBasket’s consumer-facing arm secured Rs 200 crore ($22.7 million) in debt funding from DBS Bank Ltd. Zepto already closed $450 million led by California Public Employees’ Retirement System (CalPERS).