Eternal (formerly Zomato) just dropped its Q4 results—and it’s a tale of two businesses.
Food delivery, the OG engine, is showing signs of fatigue. Profit dropped 78% year-on-year, and orders barely moved. The company blamed a sluggish demand environment, delivery partner shortages, and pressure from quick commerce players offering ready-to-eat meals.
Meanwhile, Eternal shut down Zomato Quick and Everyday—its 10-minute and homely meal bets—citing poor ROI and operational hurdles.
But over in quick commerce, Blinkit is flying. Revenue more than doubled, GOV is up, and it opened nearly 300 new stores in a single quarter. Losses widened, but the company says that’s part of the plan as it races to 2,000 stores by year-end.
Bottomline: food delivery might be maturing, but Eternal’s future looks increasingly tied to Blinkit and the speed game.
