Earlier this year, when Zomato changed its name to Eternal, a lot of eyebrows were raised. It signified a shift in the company’s strategy. Zomato was no longer the focus.

This was in February 2025. Come July, a cursory glance at Eternal’s (earlier Zomato’s) Q1 FY26 financial statement reveals how Eternal is now more Blinkit than Zomato. This extends to revenue, the growth narrative and the company’s future investments.

Exhibit A: For the first time, Blinkit’s net order value (NOV) has surpassed food delivery’s NOV for a full quarter.

The indications were always there. A little over a year ago, CEO Deepinder Goyal himself said that Blinkit would be a bigger business than Zomato’s food delivery business.

And it’s playing out as we speak.

Food Delivery: Zomato’s Sluggish Growth

The industry-wide slowdown in the food delivery industry that began last year has persisted this quarter, weighing on Zomato’s overall business performance.

While Zomato’s food delivery business’s adjusted revenue grew by 18% YoY to INR 2,657 Cr, the Delhi NCR-based company saw a tepid 10% growth on a sequential basis.

This can be attributed to the........

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