Eternal (the parent company of Zomato) has infused an additional ₹450 crore into its quick-commerce subsidiary, Blinkit.
This follows a massive wave of capital injections over the last 15 months, as Eternal doubles down on Blinkit’s transition to a high-margin, inventory-led model to fend off rising competition from Zepto and Flipkart Minutes.
The “Capital Blitz” Strategy
The ₹450 crore injection is part of a “sustained war chest” strategy. Since the start of 2025, Eternal has funneled over ₹3,000 crore into Blinkit, reflecting the subsidiary’s growing role as the group’s primary revenue driver.
- Network Expansion: The funds are earmarked for the “3,000 Dark Stores” mission. As of early 2026, Blinkit operates over 2,027 dark stores and aims to hit the 3,000 mark by March 2027.
- Inventory Ownership: Blinkit is pivoting from a marketplace to a 1P (first-party) model, where it owns 90% of its inventory. This requires significant working capital but offers a 1% to 2% margin boost and better “fill rates” (availability).
- New Categories: Beyond groceries, Blinkit is aggressively expanding into high-margin electronics, beauty, and home appliances, which demand larger, specialized “mega-pod” warehouses.
Blinkit’s Financial Turnaround
The infusion comes on the heels of a historic financial milestone announced in January 2026.
| Metric | Q3 FY26 (Oct–Dec 2025) | Status |
| Profitability | ₹4 Crore (Adj. EBITDA) | First-ever quarterly profit. |
| Revenue Growth | +202% YoY | Driven by the shift to an inventory-led model. |
| Order Value (NOV) | +121% YoY | Reflecting rapid adoption in Tier-2 cities. |
| Cash Reserves | ₹17,820 Crore | Eternal’s total group cash balance remains robust. |
The Leadership Shift
This capital move is the first major strategic action following the massive leadership transition announced last month:
- Group CEO: Albinder Dhindsa (Blinkit Founder) officially took over as the Group CEO of Eternal on February 1, 2026.
- Vice Chairman: Deepinder Goyal (Eternal Founder) transitioned to the role of Vice Chairman to focus on long-term strategy and the “Going-Out” (live events/ticketing) business.
Competition & Market Dynamics
The ₹450 crore infusion is a direct response to a “crowded field”:
- Swiggy Instamart: Recently raised ₹1,179 crore specifically for its dark store network.
- Zepto: Raised $450 million in late 2025 and is reportedly planning a $1 billion IPO later this year.
- Flipkart Minutes: Has accelerated its rollout, targeting 1,000 dark stores by next month.
