Blinkit evolved from Grofers, founded by Albinder Dhindsa and Saurabh Kumar in 2013, into one of India's leading quick-commerce platforms.
Discover how Stanford dropouts Aadit Palicha and Kaivalya Vohra built Zepto from a failed grocery startup into one of India’s leading quick-commerce companies.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy
Quick Facts
| Founders | Albinder Dhindsa, Saurabh Kumar |
| Education | Both founders – IIT Delhi |
| Prior Ventures | Albinder Dhindsa – Early team member, Zomato (then FoodieBay); Cambridge Systematics, US; Saurabh Kumar – Cambridge Systematics, US |
| Role | Co-Founder and CEO, Blinkit; Group CEO, Eternal Limited (Albinder Dhindsa) |
| Founded | 2013 |
| Sector | Quick Commerce |
Introduction
Long before Albinder Dhindsa became CEO of Eternal, the parent company of Zomato and Blinkit, he was simply one of Deepinder Goyal’s college batchmates who joined Zomato’s earliest team. (A Junior VC) After two years helping build Zomato, Dhindsa reconnected with Saurabh Kumar, a friend from his time at Cambridge Systematics in the US, and together they founded Grofers in December 2013, betting that India’s fragmented, unorganized grocery retail market was ready for a digital fix. (StartupTalky) Twelve years and one dramatic near-collapse later, Blinkit, as the company is now known, has become one of India’s largest quick-commerce platforms and Dhindsa now leads its parent company, Eternal. (Businesstoday)
The Blinkit Story
Before founding Grofers, Kumar took the initial plunge in November 2013, with Dhindsa following him a few months later after leaving a comfortable investment banking job at UBS. (A Junior VC) The name itself was a blend of “grocery” and “gophers,” reflecting the founders’ original idea: an asset-light, on-demand pickup and drop service connecting customers with local kirana stores, pharmacies, and restaurants. (A Junior VC; Businesstoday)
As the business matured, Grofers narrowed its focus specifically to groceries and pharmacy delivery, scaling steadily through the following years and raising a $220 million Series F round led by SoftBank Vision Fund in 2019 at an $800 million valuation. (YourStory) However, in 2021, facing intensifying competition from newer, faster-moving rivals, Dhindsa made a decisive pivot: rebranding Grofers as Blinkit and reorienting the entire business around 10-minute delivery. (5paisa) Kumar stepped back from his operational role around the same time, though he retained his equity in the company. (Wikipedia)
That pivot proved costly in the short term. By March 2022, cash-strapped Blinkit was laying off employees amid a serious cash crunch, competing against well-funded rivals like Swiggy Instamart and Zepto, and had to accept a $150 million bridge loan from Zomato just to stay afloat. (DealStreetAsia) Facing few better options, Blinkit agreed to an all-stock acquisition by Zomato in June 2022, valued at roughly $568 million, a deal widely described at the time as a distress sale. (Business Standard)
That acquisition turned out to be one of Indian startup history’s most consequential turnarounds. By April 2024, Goldman Sachs estimated Blinkit’s implied valuation within Zomato’s overall business had climbed to $13 billion, up from just $2 billion a year earlier, and had overtaken Zomato’s core food delivery business in value. (Business Standard) In February 2026, Dhindsa was elevated to Group CEO of the entire Eternal parent company, with founder Deepinder Goyal moving to Vice Chairman. (Brineweb)
Business Model
Blinkit earns revenue as Eternal’s quick-commerce arm, now largely operating on a first-party, inventory-led model:
| Revenue Stream | How It Works |
|---|---|
| Product sales (first-party) | Revenue from the full value of goods sold through Blinkit’s own dark-store inventory |
| Advertising | Revenue from brand partners advertising within the app |
| Delivery and platform fees | Fees charged to customers per order |
(Sourced from IndianStartupNews)
Funding and Acquisition History
| Round/Event | Year | Amount | Key Investors |
|---|---|---|---|
| Series D | 2018 | $61.4 million | SoftBank Vision Fund, Tiger Global, Yuri Milner |
| Series F | May 2019 | $220 million | SoftBank Vision Fund ($800M+ valuation) |
| Bridge loan | Mar 2022 | $150 million | Zomato |
| Acquisition (all-stock) | Jun 2022 | ~$568 million | Acquired by Zomato |
(Sourced from Global Venturing and TechCrunch)
Overall, Grofers/Blinkit raised over $750 million across its lifetime as an independent company before its acquisition by Zomato, with SoftBank Vision Fund holding roughly 46% ownership pre-merger as the largest single shareholder. (Tracxn; businessmodelcanvastemplate.com)
Current Status
Blinkit now operates as a wholly owned subsidiary of Eternal Limited, alongside Zomato, Hyperpure, and District. As of FY25, Blinkit reported revenue of ₹5,206 crore, and its growth has accelerated sharply since transitioning to a first-party, inventory-led model in FY26, which books the full value of goods sold rather than just commission income. (Wikipedia; IndianStartupNews) Blinkit is widely credited within Eternal as the primary growth engine behind the parent company’s steep FY26 revenue expansion.
Blinkit vs Competitors
Blinkit competes with Zepto and Swiggy Instamart in India’s quick-commerce market, and ranks among the top players by transaction volume. (Tracxn) Unlike its earlier Grofers-era struggles, Blinkit’s access to Eternal’s balance sheet and cash reserves has given it a considerably stronger footing to sustain its dark-store expansion amid continued competitive intensity.
Key Takeaways
- Albinder Dhindsa and Saurabh Kumar founded Grofers in December 2013 as an asset-light hyperlocal delivery platform.
- The company rebranded as Blinkit in 2021, pivoting entirely toward 10-minute delivery.
- Facing a cash crunch, Blinkit was acquired by Zomato in June 2022 for roughly $568 million in a deal widely seen as a distress sale.
- The acquisition became a major turnaround story: by 2024, Blinkit’s implied valuation had surpassed Zomato’s core food delivery business.
- Co-founder Albinder Dhindsa became Group CEO of parent company Eternal Limited in February 2026.
FAQs
Who founded Blinkit (originally Grofers)?
Albinder Dhindsa and Saurabh Kumar founded it as Grofers in December 2013.
Why did Grofers rebrand as Blinkit?
In 2021, the company pivoted entirely to 10-minute grocery delivery to compete with faster-moving quick-commerce rivals, adopting the Blinkit name to reflect that shift.
Is Blinkit still an independent company?
No, it has been a wholly owned subsidiary of Zomato (now Eternal Limited) since its 2022 acquisition.
Who are Blinkit’s competitors?
Zepto and Swiggy Instamart in India’s quick-commerce market.
© The Founder Nation | Written by TFN Research Desk
