Eternal Ltd., parent firm of Zomato and Blinkit, now supports over 1% of India’s population through 3.1 million delivery partners. With a 5% target by 2030, investors are balancing this growth against gig labor concerns and the margin impact of an inventory-led business model.
Eternal Ltd., the parent company behind food delivery giant Zomato and quick-commerce leader Blinkit, has reported that its ecosystem now supports the livelihoods of over 1% of India’s total population. As of the current fiscal year, the company’s platform has onboarded 3.1 million delivery partners, marking a 57% year-over-year increase in its gig workforce. This expansion highlights the company’s strategy to build a massive logistics and service network across the country, with founder Deepinder Goyal, who transitioned to the role of Vice Chairman in February 2026, setting a long-term goal to scale this support to 5% of the national population by 2030.
While the company presents this growth as a major contribution to domestic employment, the rapid expansion is being closely watched by analysts and investors. The business has shifted toward an inventory-led model for Blinkit, which is designed to improve service speed but requires higher capital allocation. This change has been a key factor in recent quarterly reports, as investors monitor how aggressive investment in store expansion and customer acquisition impacts profit margins. The stock, currently trading around ₹320 as of October 10, 2026, reflects a market that is weighing these growth ambitions against the costs of maintaining such a vast operational infrastructure.
Beyond financial metrics, the company faces distinct operational and social risks. The gig economy model remains under intense public and regulatory scrutiny regarding the stability and quality of roles compared to traditional sectors. Critics and labor analysts often point to the vulnerability of contract-based work, particularly when high-frequency logistics roles are used as a primary or secondary income stream. Furthermore, the sheer size of the delivery fleet has prompted ongoing discussions about urban road congestion and safety standards. The company has attempted to address some of these concerns, with over 200,000 delivery partners now utilizing electric two-wheelers, but the pressure to maintain road safety while ensuring rapid delivery times remains a significant operational challenge.
Competition also plays a central role in the company's outlook. The quick-commerce and food delivery sectors in India are witnessing high competitive intensity, with multiple players vying for market share. For Eternal Ltd., maintaining its position requires not just fleet growth but also the ability to sustain profitability amid these competitive pressures. Investors will likely watch for future updates on how the company manages its delivery partner costs, the impact of the inventory-led model on cash flows, and how it navigates the evolving regulatory environment surrounding gig labor. The company’s ability to balance its aggressive 2030 growth targets with financial stability and social responsibility will be a critical monitorable for shareholders in the coming quarters.