Blinkit's rapid growth and improving unit economics may have less to do with business strategy and more with how the company works internally.
In a shareholders' letter, after Eternal’s Q1 earnings were released on Monday, CEO Deepinder Goyal pointed to the team's working style as a key differentiator.
“Maybe the difference between us and other companies comes from the ‘dissatisfied’ culture in the team,” Goyal said. “Our teams rarely celebrate wins, keep a low profile, and believe in the 1% done philosophy. We want to keep our heads down, and keep up the momentum in solving problems for our customers, without having or needing to look back to see how far we have come.”
His remarks come at a time when Blinkit has emerged as a significant contributor to Eternal’s topline.
During the quarter, Blinkit added 243 net new stores, taking the total count to 1,544 stores. The company reiterated its target of reaching 2,000 stores by December 2025. It also added 0.4 million sq ft of warehousing space, bringing the total warehousing footprint to over 5.6 million sq ft. Including store area, Eternal now manages around 10.4 million sq ft across its supply chain.
The number of transacting customers also saw a sharp jump. Net order value (NOV) grew 127% year-on-year, supported by a 123% rise in average monthly transacting customers, from 7.6 million to 16.9 million over the last year.
On the profitability front, margins improved from -2.4% of NOV in Q4FY25 to -1.8% in Q1FY26, even as the company continued to invest in new store rollouts and navigated seasonal pressures.
Eternal, which owns the Zomato and Blinkit brands, reported a consolidated net profit of ₹25 crore for the quarter ended June 30, 2025, sharply down from ₹253 crore in the same quarter last year. Revenue from operations rose to ₹7,167 crore from ₹4,206 crore a year ago. Total expenses for the quarter stood at ₹7,433 crore, up from ₹4,203 crore.
The company noted that it has begun transitioning its quick commerce operations—led by Blinkit—from a marketplace model to a combined marketplace and inventory-led approach.
“Owing to this change, the revenue under quick commerce segment will increase on account of direct sales to customers on the Blinkit platform and revenue in Hyperpure supplies ( B2B business) will reduce as the non-restaurant B2B buyers were sellers on the Blinkit platform,” the company said in its filing.
Additionally, Eternal announced the incorporation of Blinkit Foods, a new wholly owned subsidiary that will engage in food services, including innovation, sourcing, preparation, sale, and delivery.
In a shareholders' letter, after Eternal’s Q1 earnings were released on Monday, CEO Deepinder Goyal pointed to the team's working style as a key differentiator.
“Maybe the difference between us and other companies comes from the ‘dissatisfied’ culture in the team,” Goyal said. “Our teams rarely celebrate wins, keep a low profile, and believe in the 1% done philosophy. We want to keep our heads down, and keep up the momentum in solving problems for our customers, without having or needing to look back to see how far we have come.”
His remarks come at a time when Blinkit has emerged as a significant contributor to Eternal’s topline.
During the quarter, Blinkit added 243 net new stores, taking the total count to 1,544 stores. The company reiterated its target of reaching 2,000 stores by December 2025. It also added 0.4 million sq ft of warehousing space, bringing the total warehousing footprint to over 5.6 million sq ft. Including store area, Eternal now manages around 10.4 million sq ft across its supply chain.
The number of transacting customers also saw a sharp jump. Net order value (NOV) grew 127% year-on-year, supported by a 123% rise in average monthly transacting customers, from 7.6 million to 16.9 million over the last year.
On the profitability front, margins improved from -2.4% of NOV in Q4FY25 to -1.8% in Q1FY26, even as the company continued to invest in new store rollouts and navigated seasonal pressures.
Eternal, which owns the Zomato and Blinkit brands, reported a consolidated net profit of ₹25 crore for the quarter ended June 30, 2025, sharply down from ₹253 crore in the same quarter last year. Revenue from operations rose to ₹7,167 crore from ₹4,206 crore a year ago. Total expenses for the quarter stood at ₹7,433 crore, up from ₹4,203 crore.
The company noted that it has begun transitioning its quick commerce operations—led by Blinkit—from a marketplace model to a combined marketplace and inventory-led approach.
“Owing to this change, the revenue under quick commerce segment will increase on account of direct sales to customers on the Blinkit platform and revenue in Hyperpure supplies ( B2B business) will reduce as the non-restaurant B2B buyers were sellers on the Blinkit platform,” the company said in its filing.
Additionally, Eternal announced the incorporation of Blinkit Foods, a new wholly owned subsidiary that will engage in food services, including innovation, sourcing, preparation, sale, and delivery.
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