Inside Zomato’s Monetisation Stack: Where The Margins Come From In Food Delivery

Despite accounting for a smaller slice of Eternal's revenue pie today, food delivery remains the business most consumers associate with the company, contributed ₹606 Cr to Eternal’s adjusted EBITDA, 6X more than Blinkit's ₹102 Cr

Consumers pay for convenience, restaurants pay for access to demand. That’s the basic foundation of the Zomato marketplace. Everything else is a bonus, but the bonuses can take on a life of their own if this core marketplace is running smoothly

It is the per-order platform fee that has proven to be a game changer. Introduced in August 2023 at ₹2 per order, Zomato's platform fee has steadily increased over time and now the company charges ₹14.9 per order in most major cities

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Before 10-minute deliveries, dark stores and quick commerce wars, there were red-shirted Zomato riders racing across cities with pizzas, biryanis and Chinese food parcels in their delivery bags.

Over the years, that image became so omnipresent that food delivery and Zomato started feeling interchangeable. Much like “Google it” became a substitute for searching the internet, “Zomato kar lo” became a synonym for ordering food.

The company itself saw a high degree of success, and food delivery took it to the bourses single-handedly in 2021. However, the spotlight gradually shifted when Zomato acquired Blinkit (formerly Grofers) a year later, in an all-stock deal worth ₹4,447 Cr completed in August 2022.

As the quick commerce arm stood first in the race of 10-minute delivery, the name Zomato still stood stronger as the brand identity. In 2025, founder Deepinder Goyal restructured the parent company to form Eternal, with Zomato becoming the flagship, and Blinkit a close second. 

But under the Eternal umbrella, Zomato’s role became even more clear. It was to be the mature business that generates profits to support long-term investments in Blinkit, District and other areas.  

In Q1 FY27, Zomato’s food delivery business contributed ₹3,100 Cr to Eternal’s consolidated revenue of ₹20,211 Cr, accounting for just 15.3% of the company’s top line. Zomato is no longer the chief earner for Eternal. That baton has passed on to Blinkit, which brought in ₹15,664 Cr in revenue in comparison. 

In Q1 FY27, Zomato’s food delivery business contributed ₹3,100 Cr to Eternal’s consolidated revenue of ₹20,211 Cr, accounting for just 15.3% of the company’s top line. Zomato is no longer the chief earner for Eternal. That baton has passed on to Blinkit, which brought in ₹15,664 Cr in revenue in comparison. 

But when it comes to profits, Zomato is well ahead, as we will soon see. 

This is why Zomato holds quite a lot of value for Eternal. It is the lynchpin of the business. But what are the various ways in which it is earning that profitability? Is it just about platform fees, or do other revenue streams play a role? First, the numbers so you have the context. 

Zomato’s Growing Profitability Is Pivotal

On paper, it would appear that the business that built the company has been overshadowed by the one it acquired. But revenue share doesn’t always tell the full story.

Despite accounting for a smaller slice of Eternal’s revenue pie today, food delivery remains the business most consumers associate with the company. Zomato’s food........

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