Eternal, Previously Zomato, Q4 Profit Takes a 78% Tumble Amid Blinkit Spending Surge

Eternal — formerly known as Zomato (but still delivering your midnight cravings) — reported a sharp drop in its fourth-quarter profit, thanks to aggressive spending in its quick commerce business, Blinkit.

The company’s consolidated net profit nosedived by nearly 78%, landing at ₹390 million ($4.6 million) for the quarter ending March 31. That’s a steep slide from ₹1.75 billion in the same period last year.

The reason? The wild, wild west of quick commerce — the no-holds-barred battleground where players promise to deliver everything from eggs to iPhones in under 15 minutes. And as the race heats up, so does the spending.

Eternal’s Blinkit is going toe-to-toe with rivals like Swiggy’s Instamart and rising star Zepto. With heavyweights slashing prices, offering subsidized deliveries, and opening warehouses faster than you can say “instant noodles,” the cost of staying ahead is piling up.

To be fair, Blinkit is not slowing down. Its revenue more than doubled year-on-year, raking in Rs.17.09 billion this quarter, compared to Rs.7.69 billion a year ago. Zomato’s food delivery biz also grew — but at a more modest 17% increase, reaching Rs.24.09 billion in adjusted revenue.

But growth comes at a cost. Blinkit’s adjusted core loss widened to Rs.1.78 billion from Rs.370 million a year ago — a reminder that scaling fast and turning a profit don’t always go hand-in-hand.

Even with Blinkit’s larger market share, the path to profitability has been pushed further down the road. And its closest rival, Instamart, is also sweating under similar financial pressure.

So, while the deliveries are getting quicker, the Eternal profits are taking the scenic route.