How Eternal (Zomato) Makes Money: Food, Blinkit, Hyperpure
Updated: 8 hours ago
The short answer
Eternal Limited (formerly Zomato Limited) makes money from restaurant food delivery commissions and ads, Blinkit quick-commerce commissions and ads, Hyperpure B2B food supplies, and a growing "going-out" (District) business. In FY25, consolidated revenue from operations was ₹20,243 crore (up 67% YoY) and profit after tax was ₹527 crore (from ₹351 crore).
Adjusted revenue — the company's preferred operating lens — was ₹21,581 crore. Food delivery contributed the largest adjusted-revenue slice (₹9,418 crore), Hyperpure ₹6,196 crore, and Blinkit ₹5,206 crore.
Key number | What it shows |
₹20,243 Cr | FY25 revenue from ops |
₹21,581 Cr | adjusted revenue |
₹527 Cr | FY25 PAT |
₹1,079 Cr | adjusted EBITDA |
All figures below come from Eternal's FY25 annual report materials and May 2025 company overview PDF unless noted. This is an explainer, not investment advice. For the rename context, see our earlier note on Zomato's name change to Eternal.
The four engines
Eternal describes itself as powering "India's changing lifestyles." For money, think four engines:
Food delivery (Zomato) — marketplace between diners, restaurants and delivery partners.
Quick commerce (Blinkit) — 10-minute delivery from dark stores; acquired 2022.
B2B supplies (Hyperpure) — 1P inventory of ingredients sold to restaurants and other B2B buyers.
Going-out (District) — dining-out discovery plus movies, sports and events ticketing.
FY25 B2C gross order value (GOV) across consumer businesses was ₹74,715 crore; net order value (NOV) was ₹61,852 crore. Food delivery was about ₹38,646 crore of GOV; Blinkit about ₹28,273 crore; going-out about ₹7,796 crore. Hyperpure reports revenue (not GOV) of ₹6,196 crore.
Engine 1: food delivery — commissions, ads, platform fees
Zomato's food delivery revenue includes:
Commission on restaurant orders
Advertising sold to restaurants and brands
Platform fees and subscription-like products (net of certain discounts)
Onboarding and related fees
The May 2025 overview shows food delivery GOV of ₹38,646 crore in FY25 (+20% YoY) and adjusted EBITDA margin of about 3.9% of GOV, up from 2.8% in FY24 and break-even in FY23. Monthly averages in Q4FY25 commentary: about 21 million customers, 314k restaurant partners, 444k delivery partners.
Adjusted revenue for food delivery in FY25 was ₹9,418 crore. Storyboard18, citing the annual report, noted food delivery revenue from operations of ₹8,080 crore (+27%), helped by commissions, ads and platform fees — with ad income rising as order values and monetisation improved.
How the money actually moves: you order butter chicken; the restaurant pays a commission; you may pay a platform fee and delivery charge; brands may bid for placement. Eternal does not own most kitchens. It owns matching, logistics orchestration and monetisation tools.
Engine 2: Blinkit — take rate on dark-store orders
Blinkit is a marketplace: sellers and brands typically own inventory in warehouses and dark stores; Blinkit earns commission, delivery charges, ads, and warehousing/ancillary fees. FY25 adjusted revenue: ₹5,206 crore (+126%). Store count ended FY25 at 1,301 (from 526), with 100+ cities. Average monthly transacting customers: 10.2 million.
Margins are still investment-heavy. Adjusted EBITDA was about −1.0% of GOV in FY25 (better than −3.1% in FY24). Contribution margin improved to about 3.4% of GOV. Eternal says steady-state adjusted EBITDA could land around 4–5% of GOV — similar to mature food delivery — but near-term expansion (toward ~2,000 stores) will keep weighing on profits.
If you have read our Zepto business-model explainer, the comparison is useful: same 10-minute promise, different corporate parent and balance sheet.
Engine 3: Hyperpure — sell the ingredients
Hyperpure is not a marketplace take-rate story. It is a 1P (first-party) supply chain: Eternal buys inventory from FPOs, traders and brands, then sells to restaurants and other B2B buyers (including Blinkit sellers for staples and fresh). FY25 revenue ₹6,196 crore (+95%), with adjusted EBITDA margin improving to about −1% (from −4% in FY24). Unique outlets billed: 100,000+; 11 warehouses across 8 cities.
Why it matters strategically: every restaurant Zomato signs is also a potential Hyperpure customer. Every Blinkit store that needs staples can pull Hyperpure volume. The businesses feed each other even when Hyperpure's own margin is thin.
Engine 4: going-out / District
District aggregates dining-out, movies, sports and live events. FY25 GOV ₹7,796 crore; revenue ₹737 crore. Eternal closed the acquisition of Paytm's entertainment ticketing business in August 2024, which is why growth looks explosive. Adjusted EBITDA was slightly negative as a share of GOV. This engine is early; food and Blinkit still pay the bills.
How the pieces add to group profit
Metric (₹ crore) · FY24 · FY25
Revenue from operations · 12,114 · 20,243
Adjusted revenue · 13,545 · 21,581
Adjusted EBITDA · 372 · 1,079
PAT · 351 · 527
Closing cash (FY25) · — · 18,824
Adjusted revenue adds back certain delivery charges and platform fees that accounting presentation can exclude. Adjusted EBITDA adds back ESOP expense and treats lease rent as a cash cost. Always read Eternal's glossary before comparing these to another company's "EBITDA."
Related explainers
More from our series on how companies make money:
FAQ
Is Eternal the same as Zomato?
Yes. Zomato Limited renamed to Eternal Limited. Consumer apps still use Zomato, Blinkit, District and Hyperpure brands.
Which business makes the most money?
By adjusted revenue, food delivery (₹9,418 crore) led FY25. By GOV growth, Blinkit is the fastest large engine. Hyperpure is large on revenue because it books the full value of goods sold.
Is Blinkit profitable yet?
Not at group adjusted-EBITDA level for FY25 (−1% of GOV), though contribution margins improved and Eternal targets mid-single-digit GOV margins at steady state.
Sources
Eternal Limited Annual Report 2024–25 and May 2025 company overview PDF (b.zmtcdn.com investor relations)
MediaNama FY25 annual-report highlights
Storyboard18 on Eternal ad revenue / food delivery revenue mix
Comments