Eternal Q1: Blinkit overtakes Zomato’s food delivery biz in

Quick commerce now accounts for nearly half of Eternal’s annualised net order value (NOV), with Blinkit surpassing food delivery on key metrics.

In a significant milestone for Eternal, quick commerce platform Blinkit has overtaken the company’s food delivery business (formerly Zomato) in both gross and net order value for the first time in the June quarter (Q1 FY26).

The shift signals Blinkit’s emergence as the fastest-growing consumer-facing business in Eternal’s portfolio — a trend co-founder and Group CEO Deepinder Goyal predicted nearly two years ago.

Blinkit’s gross order value (GOV) — the total amount customers spent on the platform before discounts — surged to Rs 11,821 crore, surpassing the Rs 10,769 crore generated by the food delivery business. Meanwhile, its net order value (NOV) — a key internal metric representing post-discount take — jumped 127 percent year-on-year to Rs 9,230 crore, edging past food delivery’s Rs 8,967 crore.

“This was the first quarter where our quick commerce NOV exceeded food delivery NOV for the full quarter,” Eternal CFO Akshant Goyal told shareholders. “On an annualised basis, we are now at almost $10 billion of annual NOV across our B2C businesses, and quick commerce is now our largest B2C business contributing to almost half of this annualised NOV.”

Rapid growth momentum

The NOV milestone comes on the back of a sharp acceleration in Blinkit’s financials. Revenue more than doubled to Rs 2,400 crore in Q1 FY26, up from Rs 942 crore a year ago, as Blinkit continued to expand across Indian cities. Though still slightly behind food delivery in terms of revenue — which stood at Rs 2,657 crore — the gap has narrowed significantly.

Other key metrics also point to Blinkit’s explosive growth. Monthly transacting users more than doubled year-on-year to 16.9 million, while average order value held steady at Rs 669. Eternal added 243 new dark stores in the quarter, taking the Blinkit total to 1,544 — the largest network for quick commerce in the country.

“We are on track to get to 2,000 stores by Dec 2025,” said Blinkit CEO Albinder Dhindsa in the shareholder letter.

This performance marks the realisation of a vision outlined by Deepinder Goyal in August 2023, when he told shareholders: “I can proudly say that Blinkit’s GOV is very close to Zomato’s GOV in some of the large cities where we have an overlapping presence. This is just the start, and I believe that 10 years from now, Blinkit will drive more value for our shareholders than Zomato.”

Fresh data validates that prediction. A CLSA report from June showed Blinkit had 30.1 million weekly active users, nearly matching Zomato’s 30.7 million and ahead of Swiggy’s combined user base.

Marketplace to inventory shift

To further consolidate its growth, Blinkit is now set to overhaul its operating model. As first reported by Moneycontrol, the platform is moving to an inventory-led structure, where it will own and sell products directly to customers rather than acting as a marketplace. This transition — effective September 1 — is expected to improve margins, drive higher availability, and allow better control over quality.

“This gives us more leverage on margins plus allows us to push harder and faster on assortment expansion,” CFO Akshant Goyal said. He expects the shift to drive about 1 percentage point improvement in Blinkit’s margin profile over time. About 3 percent of NOV in Q1 already came from Blinkit-owned inventory.

While food delivery remains a profitable anchor, Blinkit’s rapid ascent in GOV, NOV, user engagement, store footprint, and valuation marks a strategic pivot in Eternal’s consumer commerce playbook.

With a homegrown network, improved unit economics, and growing investor backing, Blinkit is not just competing with Zomato—it’s emerging as the engine of its future growth

Disclaimer: Moneywealth research provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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