Eternal Ltd is a technology platform that powers India’s changing urban lifestyles by building reliable systems in a complex physical world - a world of approximate addresses, fragmented merchants, and cash-based supply chains - and it treats that reliability as its core competitive moat. It began in 2010 as a dining-out and listings business, launched food delivery around 2017-2018, and has since expanded into quick commerce, B2B restaurant supplies, and entertainment ticketing, renaming itself from Zomato to Eternal in March 2025. The recurring approach is to enter a large consumer market, build a technology backbone that removes friction for every participant, and then grow market share aggressively without relying on subsidies - investing in service and innovation instead.
Business segments
Four engines at different stages - a food-delivery cash cow, a quick-commerce platform scaling at speed, a B2B supply chain that feeds both, and a going-out bet under construction - each built on the customer base and technology of the one before.
1. Food delivery: the steady engine that built the brand
A technology platform connecting 6.3 crore customers with over 2.5 lakh restaurants and 4 lakh delivery partners across 800+ Indian cities, earning through commissions on every order.
- Organic customer machine - more than half of new users each quarter arrive without paid acquisition, because the brand’s legacy as India’s original dining-out platform gives it a lower customer acquisition cost than standalone competitors.
- Lower take rates, higher affordability - the company charges restaurants less commission than rivals and sets a minimum order value of just INR 99, while platform fees apply to all customers and discounts can be targeted only at price-sensitive cohorts.
- AI runs the fleet - machine learning forecasts demand, batches orders, and optimises delivery-partner utilisation, while customers can record voice instructions so riders find the door without a phone call.
- Features that build trust, not just transactions - the Food Rescue feature offers cancelled-but-fresh meals to nearby users at a discount, and the Restaurant Services Hub helps over 6,000 restaurants with FSSAI registration, hygiene audits, and staffing, regardless of whether they partner with Zomato.
2. Quick commerce: the growth engine built on dark stores
Blinkit is a marketplace where third-party sellers stock inventory in a network of small, hyperlocal warehouses - dark stores - and independent delivery partners bring everything from fresh produce to electronics to customers in minutes.
- Franchisees run the stores - local partners provide the real estate (2,000-3,000 sq. ft.), the capital (INR 0.2-0.3 crore for basic setup), and the day-to-day operations, while Blinkit provides the technology and supply chain; franchisees earn a percentage of sales plus guaranteed monthly payouts.
- Stores are still ramping up - average daily gross order value per store has grown from INR 6 lakhs at 383 stores to INR 10 lakhs at 639 stores, with the top 50 stores hitting INR 18 lakhs a day, and the company sees a line of sight to 2,000 stores, mostly in the top 10 cities.
- Advertising is built in, not bolted on - a self-serve, programmatic ad platform lets over 500 brands bid for hyperlocal placements based on neighbourhood consumption trends and time-of-day data, which improves contribution margins alongside rising commission rates.
- Competition is pulling back - when Eternal enters a market after a competitor, it does have to spend more on marketing to drive trials, but its retention rates for the customers it acquires in those cities are higher than those of its competitors.
3. B2B supplies: the farm-to-fork backbone
Hyperpure supplies fresh ingredients - vegetables, fruits, antibiotic-residue-free chicken, cage-free eggs, seafood, groceries, and eco-friendly packaging - directly to restaurants, removing their sourcing and inventory headaches.
- Direct from the source - it engages directly with farmers, mills, producers, and processors, cutting out middlemen to drive transparency and accountability across the food supply chain.
- Feeds the group’s own platforms - Hyperpure acts as a strategic sourcing engine for Blinkit’s fresh products, giving the quick-commerce business a flexible supply chain, better gross margins, and consistent quality and availability.
- Own processing, own energy - it operates its own processing facility to help restaurant partners scale, and has commissioned a 300KW solar project at one of its Gurgaon warehouses.
4. Going-out: the ticketing and experiences bet
District is a dedicated app for dining-out discovery, movie tickets, sports, and live events, formed by merging Zomato’s existing going-out business with the entertainment ticketing operation acquired from Paytm.
- Bought, not just built - the company signed definitive agreements to acquire Paytm’s entertainment ticketing business in August 2024 for INR 2,048 crore, gaining a platform that had already sold 78 million tickets to over 10 million unique customers in the prior year.
- Consolidating onto one app - District initially duplicates offerings from Zomato, Paytm, Insider, and TicketNew; over time customers will be nudged to District and the other apps’ ticketing offerings will be shut down, with a launch button remaining on the Zomato app.
- Asset-light transition - only around 280 employees moved across with the acquisition; no major physical infrastructure was acquired, and a transition services agreement lets the ticketing business run on the Paytm app for up to 12 months while the migration happens.
Technology and AI capabilities
A shared technology backbone trained on billions of real interactions - late deliveries, wrong orders, failed refunds - where failures are immediate and measurable, making the systems hard to replicate.
- AI-native customer support - Nugget, an in-house AI platform, handles over 15 million interactions a month across Zomato, Blinkit, and Hyperpure, resolving up to 80% of customer grievances autonomously; it is now also sold to external businesses.
- Expanding the market by removing friction - conversational AI interfaces let customers search naturally or use Healthy Mode, delivery partners get personalised onboarding, and restaurant partners receive business guidance, all from the same integrated product, design, engineering, and data-science team.
- Tools that create new behaviours - Dish Magic generates professional-quality food photos for restaurant partners, an augmented-reality menu lets customers preview dishes on their table before ordering, and Recipe Rover on Blinkit uses ChatGPT and Midjourney to suggest recipes with real-time ingredient recommendations.
Group structure and partners
A consolidated Indian platform with 14 direct and 7 step-down subsidiaries, systematically shedding overseas entities and non-core financial licences to focus on its core consumer and supply-chain engines.
- Clean structure by business line - Blinkit sits in Blink Commerce Private Limited, Hyperpure in Zomato Hyperpure Private Limited, and the going-out business in Orbgen Technologies and Wasteland Entertainment, all material unlisted subsidiaries.
- Financial services deliberately abandoned - the company voluntarily surrendered its RBI payment-aggregator licence in 2024, stating it saw no competitive advantage against incumbents, and withdrew its NBFC application, deciding not to pursue lending and credit.
- Overseas footprint reduced to the core - over FY23-FY26, the company liquidated or dissolved inactive subsidiaries across more than a dozen countries including Australia, New Zealand, Portugal, Chile, Vietnam, and Turkey, retaining operations only in India and the UAE (D4 p.49, D5 p.47, D8-D17, D19, D20, D22-D25, D29, D36, D41, D42, D44, D46).
- EV transition at scale - partnering with over 40 players in the electric-vehicle ecosystem, the company had more than 52,000 EV-based active delivery partners across Zomato and Blinkit as of March 2025, aiming for 100% EV-based deliveries by 2030.