Eternal (formerly Zomato), led by Deepinder Goyal posted a headline-making quarterly update that highlights an aggressive push to stitch together food delivery, quick commerce and B2B supply into a single ecosystem. The quarter showed massive top-line expansion paired with squeezed profit margins, a pattern investors are parsing closely.
Revenue rocket: growth driven by Blinkit and scale
Eternal reported a near threefold jump in operating revenue for the quarter, with consolidated revenue in the region of ₹13,500–₹14,000 crore, driven largely by Blinkit’s shift to an inventory-led model and broader scale across Zomato, Blinkit, District and Hyperpure. This surge underscores how combining adjacent services can dramatically increase gross merchandise value (GMV) across an ecosystem.
Profitability under pressure : the trade-off for growth
Despite the revenue surge, consolidated net profit fell sharply year-on-year to around ₹65 crore, a decline of roughly 60–63% as investment in Blinkit expansion, marketing and store rollout weighed on margins. Sequential profit improved, but the headline shows the classic growth-versus-margin trade-off that platform companies often face during rapid scaling. (The Economic Times)
Deepinder’s message: ecosystem-first play
CEO Deepinder Goyal framed the quarter in his shareholder update as a step toward a unified consumer ecosystem, noting that while recovery in core food delivery is gradual, quick commerce and supply chain businesses are unlocking new revenue pools and long-term customer engagement. His post and the company’s investor pack provide the quantitative detail and strategic context.
Indicators to Monitor
Blinkit store expansion cadence (company targets ~2,100 stores), adjusted loss margins for quick commerce, take rates across Zomato food delivery, and Hyperpure’s margin trajectory. If operational efficiency improves, the top-line momentum could convert into durable profitability over the next several quarters.
Future Trajectory for Eternal
Eternal’s latest quarter is a clear signal; Deepinder Goyal is transforming a food-delivery app into a multi-vertical consumer platform. That strategy produces spectacular revenue growth but introduces near-term margin volatility, a trade-off many tech ecosystem plays accept to capture long-term market share. For stakeholders, the quarter answers one question (scale works) and raises another (how quickly can scale turn into stable profits?).
Also Read: Dutch watertech startup HULO raises €2.3m to scale AI leak-detection globally
