Blinkit, the quick commerce arm of Eternal (formerly Zomato), is quietly reshaping India’s retail landscape—and according to CEO Deepinder Goyal, its success may stem less from aggressive strategy and more from a unique internal ethos: a “dissatisfied culture.” In a recent shareholder letter following Eternal’s Q1 FY26 earnings, Goyal attributed Blinkit’s rapid growth to a mindset of continuous improvement, humility, and a refusal to celebrate wins prematurely.
This cultural philosophy, he says, is what differentiates Blinkit from competitors and fuels its relentless pursuit of operational excellence.
Blinkit’s Culture: The 1% Done Philosophy
Goyal’s remarks shed light on Blinkit’s internal dynamics. “Maybe the difference between us and other companies comes from the ‘dissatisfied’ culture in the team,” he wrote. “Our teams rarely celebrate wins, keep a low profile, and believe in the 1% done philosophy. We want to keep our heads down and keep up the momentum in solving problems for our customers.”
This approach, rooted in humility and forward motion, has helped Blinkit scale rapidly while maintaining focus on customer experience and operational efficiency.
Blinkit’s Q1 FY26 Performance: Growth Amidst Pressure
Despite seasonal headwinds and ongoing investments in infrastructure, Blinkit delivered strong performance metrics in Q1 FY26. The platform added 243 net new stores, bringing its total to 1,544 stores, and expanded its warehousing footprint by 0.4 million sq ft, reaching 5.6 million sq ft. Including store area, Eternal now manages 10.4 million sq ft across its supply chain.
Blinkit Operational Metrics – Q1 FY26
| Metric | Q1 FY26 Value | YoY Change (%) |
|---|---|---|
| Net Order Value (NOV) | ₹7,167 crore | +70.4% |
| Average Monthly Transacting Users | 16.9 million | +123% |
| Store Count | 1,544 | +243 stores |
| Warehousing Footprint | 5.6 million sq ft | +0.4 million |
| Profit Margin (as % of NOV) | -1.8% | Improved from -2.4% |
The platform’s Net Order Value (NOV) grew 127% year-on-year, supported by a surge in monthly transacting customers—from 7.6 million to 16.9 million. Margins improved from -2.4% to -1.8%, signaling better unit economics even as Blinkit continued to invest in store rollouts and infrastructure.
Eternal’s Consolidated Financials: Revenue Up, Profit Down
While Blinkit’s performance was strong, Eternal’s overall financials showed mixed results. The company reported a consolidated net profit of ₹25 crore, down sharply from ₹253 crore in the same quarter last year. However, revenue from operations rose to ₹7,167 crore, up from ₹4,206 crore year-on-year.
Eternal Financial Snapshot – Q1 FY26
| Metric | Q1 FY26 Value | Q1 FY25 Value | YoY Change (%) |
|---|---|---|---|
| Revenue from Operations | ₹7,167 crore | ₹4,206 crore | +70.4% |
| Net Profit | ₹25 crore | ₹253 crore | -90.1% |
| Total Expenses | ₹7,433 crore | ₹4,203 crore | +76.8% |
The decline in profit was attributed to increased spending on store expansion, warehousing, and transitioning Blinkit’s business model.
Strategic Shift: Marketplace to Inventory-Led Model
Eternal announced a major shift in Blinkit’s operational model—from a pure marketplace to a hybrid marketplace and inventory-led approach. This transition is expected to boost revenue from direct sales while reducing B2B revenue from Hyperpure, Eternal’s restaurant supply business.
The company stated, “Owing to this change, the revenue under quick commerce segment will increase on account of direct sales to customers on the Blinkit platform and revenue in Hyperpure supplies will reduce as the non-restaurant B2B buyers were sellers on the Blinkit platform.”
This shift aligns Blinkit more closely with global quick commerce players and enhances control over inventory, pricing, and delivery timelines.
Blinkit Foods: A New Subsidiary for Culinary Innovation
Eternal also announced the incorporation of Blinkit Foods, a wholly owned subsidiary focused on food services. The new entity will handle innovation, sourcing, preparation, sale, and delivery of food products—potentially expanding Blinkit’s offerings beyond groceries into ready-to-eat and gourmet categories.
This move signals Eternal’s intent to deepen its footprint in the food ecosystem, leveraging Blinkit’s logistics and customer base.
Culture as a Competitive Moat
Goyal’s emphasis on culture as a long-term moat is not new. He has previously stated that “culture is the only long-term moat,” arguing that product and distribution advantages are fleeting. Blinkit’s “dissatisfied culture” reflects a mindset of never being fully satisfied with current achievements—a philosophy that encourages constant iteration and innovation.
This cultural DNA is now being recognized as a key driver behind Blinkit’s quiet but powerful ascent.
Blinkit vs Zomato: The Race for Dominance
Goyal has publicly stated that Blinkit could become bigger than Zomato within a year. With Blinkit’s gross order value and customer base growing faster than Zomato’s core food delivery business, the prediction may not be far-fetched.
Comparative Performance – Blinkit vs Zomato (Q1 FY26)
| Metric | Blinkit | Zomato |
|---|---|---|
| Gross Order Value (GOV) | ₹7,167 crore | ₹2,025 crore |
| Transacting Customers | 16.9 million | 12.3 million |
| Store Count | 1,544 | N/A |
| Warehousing Footprint | 5.6 million sq ft | N/A |
Blinkit’s rapid expansion, improving margins, and cultural resilience position it as a formidable growth engine for Eternal.
Final Thoughts: Blinkit’s Ascent Is Just Beginning
Blinkit’s rise is not just a story of business metrics—it’s a reflection of how culture, strategy, and execution converge to create long-term value. Deepinder Goyal’s leadership, rooted in humility and dissatisfaction, is redefining what it means to build a generational company in India’s fast-evolving tech landscape.
As Blinkit continues to scale, its quiet ascent may soon become the loudest success story in India’s quick commerce revolution.
Disclaimer: This article is based on publicly available financial and business data. Figures are estimates and subject to market fluctuations. This content does not constitute financial advice.
