Eternal evolved from Zomato, founded by Deepinder Goyal and Pankaj Chaddah in 2008, into a multi-business consumer internet company spanning food delivery, quick commerce and lifestyle services.
Discover how Deepinder Goyal and Pankaj Chaddah built Zomato from a simple restaurant directory into Eternal, the parent company of Zomato, Blinkit, Hyperpure and District.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy
Quick Facts
| Founders | Deepinder Goyal, Pankaj Chaddah |
| Education | Both founders – B.Tech, IIT Delhi |
| Prior Ventures | Both founders – Management Consultants, Bain & Company |
| Role | Co-Founder, Managing Director and Vice Chairman, Eternal (Deepinder Goyal) |
| Founded | 2008 |
| Sector | Food Delivery / Quick Commerce |
Introduction
Deepinder Goyal and Pankaj Chaddah didn’t set out to build India’s largest food-tech company; they just wanted to stop standing in line at their office cafeteria. While working as management consultants at Bain & Company in Delhi, the two IIT Delhi graduates noticed colleagues repeatedly queuing up to check restaurant menus during lunch hour, and in 2008 they built a simple internal website to solve that exact problem. (StartupTalky) Seventeen years later, that idea has grown into Eternal Limited, the publicly listed parent of Zomato, Blinkit, and District, now among India’s most valuable consumer internet companies. (Wikipedia)
The Eternal Story
Before founding what would become Zomato, both Goyal and Chaddah spent nearly four years as analysts at Bain & Company, where they met and began building their internal menu directory on weekends alongside their day jobs. (IMS) Naming it Foodiebay, the founders launched publicly in 2008, and within nine months it had become Delhi NCR’s largest restaurant directory, prompting the duo to leave Bain entirely once the business had expanded to multiple cities. (Medium)
The company rebranded to Zomato in 2010, and steadily expanded from restaurant discovery into more than 20 countries by 2015. (Wikipedia) That same year, Zomato pivoted into food delivery itself, a shift that would soon become its core business. (Wikipedia) Chaddah stepped down as COO in 2018 to pursue other ventures, leaving Goyal to steer the company through its next major chapters. (StartupTalky)
Zomato listed on India’s stock exchanges in July 2021, becoming one of the country’s first major consumer internet IPOs. (Goodluck Capital) It reached its first profitable quarter in June 2023, and in March 2024 made a decisive push into new categories by acquiring Paytm’s entertainment ticketing business, laying the groundwork for its District app. (Goodluck Capital) The company’s biggest strategic bet, though, came earlier: its 2022 all-stock acquisition of Blinkit (formerly Grofers), which was initially met with investor skepticism but went on to reshape Eternal’s entire growth trajectory. (Whalesbook) By 2024, as Blinkit’s quick-commerce business grew into a major pillar alongside Zomato, the parent company officially renamed itself Eternal Limited. (Whalesbook)
Business Model
Eternal earns revenue across four distinct business units, each with its own P&L:
| Revenue Stream | How It Works |
|---|---|
| Zomato (Food Delivery) | Commissions from restaurants and advertising on food orders |
| Blinkit (Quick Commerce) | Revenue from an inventory-led, first-party quick delivery model |
| Hyperpure | B2B supply of ingredients and kitchen staples to restaurants and Blinkit dark stores |
| District | Events, ticketing, and lifestyle commerce, built from the acquired Paytm entertainment business |
(Sourced from Brineweb)
Funding and IPO History
| Round/Event | Year | Amount | Key Investors |
|---|---|---|---|
| Early funding | 2010–2013 | ~$16.7 million | Info Edge India |
| Growth rounds | 2015–2020 | $2+ billion (cumulative) | Sequoia Capital, Temasek, Ant Financial, Tiger Global |
| IPO | Jul 2021 | ₹9,375 crore | Public listing on NSE/BSE |
| QIP | Nov 2024 | ₹8,500 crore | Institutional investors |
(Sourced from Brineweb and Goodluck Capital)
Revenue and Growth
| Metric | FY25 | FY26 |
|---|---|---|
| Consolidated Revenue | ₹20,243 crore | ₹54,364 crore (up 169%) |
| Net Profit | ₹697 crore | ₹366 crore (down 47.5%) |
(Sourced from Business Standard and IndianStartupNews)
Notably, the sharp FY26 revenue jump was driven largely by Blinkit’s shift to a first-party, inventory-led model, which books the full value of goods sold rather than just commission income, making the like-for-like growth rate considerably more modest than the headline number suggests. (IndianStartupNews) In February 2026, former Blinkit CEO Albinder Dhindsa became Group CEO of Eternal, with founder Deepinder Goyal moving into the Vice Chairman role. (Brineweb)
Eternal vs Competitors
Eternal’s Zomato competes with Swiggy in food delivery, while Blinkit competes with Zepto, Swiggy Instamart, Reliance JioMart, and Flipkart Minutes in India’s fast-growing quick-commerce market. (Brineweb) The intensity of quick-commerce competition, with several well-capitalised rivals investing aggressively in dark-store networks, remains one of the biggest factors shaping Eternal’s near-term margins.
Key Takeaways
- Deepinder Goyal and Pankaj Chaddah founded Zomato in 2008 as Foodiebay, born from a simple internal restaurant menu directory at Bain & Company.
- Zomato listed on the NSE and BSE in July 2021 and became the parent company’s flagship brand until its 2024 rebrand to Eternal Limited.
- The 2022 acquisition of Blinkit, once viewed skeptically, has become Eternal’s primary growth driver.
- FY26 revenue surged 169% to ₹54,364 crore, though net profit declined to ₹366 crore due to heavy quick-commerce investment.
- Eternal competes with Swiggy in food delivery and Zepto, Instamart, and JioMart in quick commerce.
FAQs
Who founded Zomato (now Eternal)?
Deepinder Goyal and Pankaj Chaddah founded it as Foodiebay in 2008, later rebranding to Zomato in 2010.
Why did Zomato rename itself Eternal?
As Blinkit grew into a major business alongside food delivery, the company renamed its parent entity Eternal Limited in 2024 to reflect its multi-business structure.
Is Eternal profitable?
Yes, it has been profitable since June 2023, though margins fluctuate as it invests heavily in Blinkit’s quick-commerce expansion.
Who are Eternal’s main competitors?
Swiggy in food delivery, and Zepto, Swiggy Instamart, and Reliance JioMart in quick commerce.
© The Founder Nation | Written by TFN Research Desk
