The company most Indians still call “Zomato” technically stopped being just a food delivery app years ago, and in 2026 it operates under the corporate name Eternal Limited, running four genuinely distinct businesses that happen to share one unified technology backbone. Food delivery remains the largest single piece, but Blinkit’s quick commerce arm has grown into the company’s biggest growth story, Hyperpure’s B2B supply business has quietly become one of its largest revenue contributors by sheer size, and District now handles everything from dining reservations to movie tickets. Understanding how Zomato actually makes money today means looking at all four of these businesses together, since Eternal reported consolidated revenue of ₹20,243 crore in FY25, up 67% year-on-year, a figure no single vertical could have produced alone.
The Four Businesses Under Eternal Limited
Before breaking down specific revenue streams, it helps to understand the overall corporate structure these businesses now sit within.
- Eternal Limited is the parent company, operating Zomato (food delivery), Blinkit (quick commerce), District (going-out and events), and Hyperpure (B2B restaurant and retail supply) as its four core businesses.
- These businesses are designed to reinforce one another rather than operate as isolated units, allowing the company to participate across multiple consumer and business use cases while sharing underlying logistics, technology and merchant relationships.
- In FY26, the company reported that 109 million Indians completed transactions worth more than $10 billion across Blinkit, District and Zomato combined, illustrating the genuine scale this combined ecosystem has reached.
- This diversified structure means that when people ask “how does Zomato make money,” the honest answer increasingly requires looking well beyond the original food delivery business to understand the company’s full revenue picture.
Food Delivery: Still the Original Core Business
Despite everything the company has built around it, food delivery remains the foundational business and historically its most profitable on a per-unit basis.
- Restaurants pay Zomato a commission on each order, typically ranging from 18% to 30%, varying based on location, order volume and the specific partnership terms negotiated.
- Customers pay delivery and platform fees on top of the order value, helping offset the cost of maintaining Zomato’s delivery partner network.
- In-app advertising generates significant additional revenue, with restaurants and brands paying for sponsored listings and improved visibility, a high-margin business reportedly contributing around 20% of total revenue given its comparatively modest operating costs.
- Zomato Gold (the subscription membership program) adds recurring revenue through users paying for discounts, exclusive deals and other perks, functioning similarly to loyalty programs across the broader Eternal ecosystem.
Blinkit: The Acquisition That Became the Growth Engine
Originally acquired for $568 million in 2022 in a deal that drew considerable skepticism at the time, Blinkit has since become Eternal’s primary growth driver.
- Blinkit operates through a network of dark stores, delivering groceries and essentials typically within 10 to 15 minutes, earning revenue through product markups, delivery fees, and advertising.
- The company shifted to a fully inventory-led, first-party model starting Q1 FY26, meaning Blinkit now directly purchases and sells goods through its own stock rather than primarily operating as a commission-based marketplace.
- Blinkit’s FY25 revenue crossed ₹5,206 crore, growing approximately 122-126% year-on-year, a pace of growth considerably faster than Zomato’s core food delivery business.
- This rapid growth has made Blinkit Eternal’s strongest contributor to future growth, with continued dark store expansion and rising order volumes actively reshaping the overall company’s revenue profile and strategic priorities.
Hyperpure: The Quiet B2B Powerhouse
Often overlooked in discussions about Zomato’s business, Hyperpure has grown into one of the company’s largest revenue contributors by sheer scale, even though it operates on thinner margins.
- Hyperpure supplies fresh ingredients, kitchen staples and other supplies to restaurants, operating on an inventory-led model distinct from Zomato’s marketplace-based food delivery business.
- In a notable shift, over 60% of Hyperpure’s revenue now comes from businesses that aren’t restaurants, largely driven by supplying products to sellers operating on Blinkit’s dark store network.
- Hyperpure’s FY25 revenue reached approximately ₹6,196 crore, growing around 93% year-on-year, making it arguably the largest single vertical by revenue contribution within the entire Eternal ecosystem, even ahead of Blinkit in raw revenue terms.
- Because Hyperpure sits deeper in the supply chain value chain, its profit margins run considerably thinner than Blinkit or the advertising-heavy parts of food delivery, reflecting the lower-margin nature of bulk ingredient and supply distribution.
District: The Going-Out Business Built From a Paytm Acquisition
Eternal’s newest major business line consolidates dining, entertainment and event-related revenue under one umbrella.
- District handles restaurant reservations, dining discounts, movie ticketing, and live event bookings, built after Zomato acquired Paytm’s entertainment ticketing business in 2024.
- This business essentially replaced and expanded what used to be Zomato’s separate dining-out and Zomato Gold features, consolidating the “going-out” experience into one dedicated platform.
- District earns revenue through booking commissions and partner collaborations, extending Eternal’s relationship with consumers beyond just food and grocery delivery into broader entertainment and leisure spending.
- With FY25 revenue of approximately ₹737 crore, District remains the smallest of the four businesses by revenue, but it’s described as early-stage and growing as Eternal continues integrating it more deeply with the core Zomato app experience.
How These Revenue Streams Compare in Scale
Putting the four businesses side by side helps clarify where Eternal’s overall revenue genuinely concentrates.
- Hyperpure and Blinkit together represent a substantial and rapidly growing share of total revenue, with Hyperpure’s B2B supply chain contributing roughly 25-35% and Blinkit’s quick commerce contributing roughly 20-30% of total revenue by some estimates.
- Food delivery, while no longer the fastest-growing segment, remains a major, high-margin contributor, particularly through its advertising business, which carries notably lower operating costs relative to revenue than the inventory-heavy Blinkit and Hyperpure businesses.
- Despite this impressive top-line growth across the group, Eternal’s overall profit after tax margin remains modest, in the range of 2-3%, reflecting how capital-intensive and competitive both the quick commerce and B2B supply businesses genuinely are.
- Blinkit and Hyperpure currently operate with negative or thin unit economics in parts of their business, with the company’s broader strategy betting that continued scale will meaningfully improve margins over time, a pattern common across India’s quick commerce sector.
Why Eternal Built This Interconnected Ecosystem
Understanding the strategic logic behind combining these four businesses helps explain the company’s broader direction.
- Hyperpure’s supply relationship with Blinkit’s dark stores demonstrates genuine platform economics in action, letting Eternal earn revenue from the same underlying merchant and retail network through multiple different business lines simultaneously.
- District deepens customer engagement beyond food delivery, giving Eternal another reason for users to open the app regularly, supporting the broader ecosystem’s overall retention and cross-selling potential.
- This structure allows Eternal to participate across multiple, genuinely different consumer and business use cases, reducing dependence on any single vertical’s performance while building durable, long-term network effects across the group.
- The comparison with Swiggy’s structure is instructive here, since Swiggy has largely kept Instamart on a commission-based marketplace model and runs its businesses under one unified app, whereas Eternal operates Blinkit, District and Hyperpure as more clearly delineated separate businesses under one holding company.
Frequently Asked Questions
Q1. Is “Eternal” a completely different company from Zomato, or is it just a rebrand?
A: Eternal Limited is the parent company name that Zomato adopted as it restructured into a multi-business group, with the original Zomato food delivery app continuing to operate under its familiar name as one of Eternal’s four core businesses, alongside Blinkit, District and Hyperpure.
Q2. Which of Zomato’s four businesses actually generates the most revenue?
A: By raw revenue figures, Hyperpure’s B2B supply business has reportedly become the largest single vertical in FY25, even surpassing Blinkit in total revenue terms, though it operates on thinner margins given its position deeper in the supply chain compared to the company’s other businesses.
Q3. Why did Zomato acquire Paytm’s entertainment ticketing business to build District?
A: This acquisition gave Eternal an established entertainment and event ticketing infrastructure to build on, rather than developing this capability from scratch, allowing District to quickly consolidate dining reservations, movie tickets and event bookings into one dedicated going-out platform.
Q4. Does Zomato’s advertising revenue work the same way across its different businesses?
A: Advertising appears across multiple Eternal businesses, with restaurants and brands paying for visibility on the core food delivery app and suppliers and brands similarly paying for placement on Blinkit, though each business’s advertising operates somewhat independently given the different nature of food delivery browsing versus quick commerce grocery shopping.
