Eternal’s Post Deepinder Goyal Era

In what could be the hottest top-level rejig in the Indian startup ecosystem, Eternal founder Deepinder Goyal stepped down as the group CEO of the company (effective February 1), passing the buck to Blinkit cofounder and chief Albinder Dhindsa. 

Alongside the announcement last week, the consumer services major posted blockbuster third-quarter results, with Blinkit hitting its first quarter of adjusted EBITDA profitability. Eternal’s consolidated net profit soared 73% YoY to INR 102 Cr, while operating revenue zoomed 3X YoY to INR 16,315 Cr.

What surprised many, however, was Goyal’s decision. What does it mean for Eternal and its future, and how will the company change under the new leadership? 

Before we get there, what is interesting to note is that the transition may have been in the works for some time now, as Goyal has been increasingly vocal about his other companies, including aviation startup LAT Aerospace, longevity research firm Continue Research, and wearable brand Temple.

 For Dhindsa, who steered Blinkit from the pivot from Grofers to acquisition by Zomato to breakeven, the challenge ahead is far more complex. Amid an intensifying quick commerce price war, Dhindsa’s uphill battle has just begun. 

This brings us to the question: what will Eternal be without Deepinder, and what does the switch mean for Dhindsa? Let’s ponder in this week’s edition of The Outline.

Dhindsa’s Dilemma

During the earnings call and in the letter issued to shareholders, the word ‘competition’ surfaced several times. Dhindsa also acknowledged that the market is yet to discover a ‘ceiling’, suggesting that growth potential remains large but the path to sustainable profitability is becoming increasingly complex.

The concern is justified. Quick commerce has been hyper-competitive since 2023, with companies aggressively burning capital to capture market share. However, the intensity escalated in late 2025 after Swiggy raised INR 10,000 Cr via a QIP and Zepto secured $340 Mn in a private round. The latter is also prepping for an IPO later this year. 

The capital accumulation translates, almost immediately, into tactical aggression: zero delivery fees, sharply reduced minimum order values, and steep discounting across categories. 

Adding to the pressure are new heavyweights entering the market. Flipkart Minutes and Reliance’s JioMart both accelerated their push into quick commerce, straining unit economics across the sector. This is happening at a time when Dhindsa’s core focus, Blinkit, has yet to achieve net profitability.   

It posted an adjusted EBITDA profit of INR 4 Cr in Q3 FY26, compared to a loss of INR 156 Cr in the preceding quarter. While Blinkit’s performance materially reshaped Eternal’s financial profile, running the entire company is a different ball game altogether.

Goyal had a clear vision for each business. The question now is whether Dhindsa will have the same clarity across all verticals. 

What, however, works in Dhindsa’s favour is something he would be more than familiar with: Blinkit. For context, Eternal’s Q3 operating revenue tripled YoY to INR 16,315 Cr from INR 5,045 Cr in Q3 FY25, largely driven by a surge in Blinkit’s top line. Then, the company’s food delivery business is also quite stable, which is one less thing to worry about.

A pressing point for Dhindsa is Eternal’s other businesses. The B2B vertical Hyperpure, for instance, saw its operating revenue decline 35% YoY to INR 1,070 Cr in Q3 FY26 from INR 1,671 Cr in Q3 FY25. Then, the going-out business, District, is a slow-growing but heavily loss-making vertical. 

Blinkit’s Proven Playbook

Last year, it was argued that the rebranding from Zomato to Eternal reflected Goyal’s ambition to move beyond food delivery. What’s interesting is that it began to crystallise in Q1 FY26, when Blinkit’s net order value (NOV) surpassed Zomato’s food delivery NOV for an entire quarter. 

At the time, Eternal had already become structurally ‘more Blinkit than Zomato’. The third quarter only reinforced this shift. Zomato’s operating revenue stood at INR 2,676 Cr, and Blinkit’s operating revenue jumped 776% YoY to INR 12,556 Cr. While it is important to note that the revenue recognition models of the two businesses vary, the scale divergence is nonetheless striking.

A key strategic inflexion point was Blinkit’s full transition to an inventory-led model. By sourcing products directly from brands, Blinkit now controls its inventory, data, and pricing more tightly. This shift has allowed it to capture the full value of goods sold rather than just a commission, improving unit economics and deepening supply reliability. It has also enabled better order selection discipline and reduced wastage of both critical levers in a low-margin business.

Simultaneously, Blinkit continued to expand its physical footprint. During the quarter, it added 211 dark stores, taking the total to 2,027. This network expansion has strengthened delivery density and improved service reliability, further reinforcing Blinkit’s competitive moat. 

Taken together, the inventory-led pivot and calibrated store expansion have created a structurally stronger growth engine for Blinkit.

Food Delivery Not A Headache

While Blinkit is a heavy growth driver, Zomato’s food delivery business remains Eternal’s financial backbone. Although its top-line growth is slower than Blinkit’s explosive trajectory, its profitability is underwriting Eternal’s broader expansion strategy.

Zomato’s profitability surge helped Eternal cross INR 100 Cr in quarterly net profit for the first time. The company reported a net profit of INR 102 Cr in Q3 FY26, up from INR 59 Cr a year ago.

However, the food delivery segment is clearly entering a more mature phase. With both Zomato and Swiggy seeing decelerating growth, the category appears to be approaching saturation in key urban markets. Zomato’s numbers reflect this reality. In Q3 FY26, food delivery NOV grew 16% YoY to INR 9,846 Cr, while adjusted revenue rose 26.5% to INR 3,054 Cr. 

Deepinder Goyal acknowledged this structural slowdown in the shareholder letter. “We’re not expecting sudden acceleration—there’s no specific tailwind out there that would drive windfall growth,” he said. 

He expressed confidence in a gradual improvement in growth rates, driven by modest market share gains and sustained focus on affordability and selection. “Nothing dramatic—just consistent execution adding up,” the founder noted.

In effect, Zomato is evolving into a predictable, cash-generating utility within Eternal’s portfolio, less exciting than Blinkit, but strategically indispensable. 

Eternal Without Deepinder 

Beyond the financials, the most consequential development is the leadership reshuffle at the top. Not to mention that the timing is notable, as Goyal has shifted his focus toward frontier technology ventures. 

He recently teased Temple, a wearable health device that monitors blood flow to the brain. The device emerged from his research arm, Continuity Research, which published a hypothesis suggesting gravity may reduce cerebral blood flow by up to 17% when humans are upright. 

Goyal is also actively involved in LAT Aerospace, which is developing a network of high-frequency, low-cost, 24-seater, short takeoff and landing aircraft. He is a non-executive cofounder and investor in the company.  

Eternal is now unmistakably Bilinkit-led in both growth and strategic narrative. While food delivery provides stability and cash flows, quick commerce has become the primary engine. The leadership handover formalises this shift, placing the architect of Blinkit’s turnaround at the helm of the group.

“Goyal has been the key factor behind where Eternal is right now. Though Blinkit is currently driving the company’s top line and Dhindsa was running it, the final decision was always taken by Goyal. Now with him stepping down from day-to-day operations, we have to see what kind of clarity Dhindsa brings to the table,” said one source in the industry.

Goyal was the one who gave Dhindsa a lifeline when Zomato acquired Grofers, now Blinkit. Since then, Goyal has played his part — steering Eternal to profitability and creating significant wealth for employees. Now, the responsibility shifts to Dhindsa. Can he do the same for Eternal?

Edited By Shishir Parasher
Creatives: Abhyam Ghusai, Varshita Srivastava

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