Zomato is one of India’s largest food delivery platforms and has evolved into a diversified consumer technology ecosystem. While the listed parent company was renamed Eternal Limited in FY2025, Zomato continues to operate as the company’s flagship consumer-facing food delivery brand. Today, Eternal’s ecosystem comprises four major businesses—Zomato (food delivery), Blinkit (quick commerce), District (going-out), and Hyperpure (B2B restaurant supplies)—all working towards a common mission of “Powering India’s changing lifestyles.”
What began as a restaurant discovery and food ordering platform has expanded into a broader ecosystem that serves consumers, restaurants, delivery partners, and businesses. As of FY2025, Zomato’s food delivery business operated across 800+ cities, processed 853 million orders, served an average of 20.6 million monthly transacting customers, partnered with 297,000 active restaurant partners, and worked with 473,000 active delivery partners. Alongside food delivery, the company has expanded into quick commerce through Blinkit, dining and entertainment through District, and restaurant procurement through Hyperpure, creating multiple growth engines under a single corporate structure.
This Zomato Business Model in 2026 explores how the company creates value for customers, restaurants, delivery partners, and businesses while generating revenue across its four operating segments. The analysis is based exclusively on Eternal Limited’s FY2025 Annual Report, providing insights into how Zomato has evolved beyond food delivery into one of India’s leading consumer technology platforms.
What Problem Does Zomato Solve?
At its core, Zomato solves the problem of making food ordering fast, convenient, and reliable. Instead of requiring customers to search for restaurants individually or visit them in person, the platform enables users to discover nearby restaurants, browse menus, place orders, make payments, and receive food deliveries through a single digital platform. By connecting customers with restaurants and an independent network of delivery partners, Zomato simplifies the entire food ordering experience.
The platform also addresses a major challenge faced by restaurants. Many restaurants have limited resources to acquire customers, manage online ordering, or build their own delivery infrastructure. Zomato provides them with access to millions of customers, digital ordering capabilities, payment processing, and a reliable last-mile delivery network. This allows restaurant partners to expand their reach and grow sales without investing heavily in their own technology or delivery operations.
Beyond food delivery, Zomato is solving broader consumer lifestyle needs through its expanding ecosystem. Through District, the company enables customers to discover and book dining experiences, movies, sports events, and live entertainment on a single platform. Blinkit addresses the growing demand for instant delivery by enabling customers to receive groceries, electronics, beauty products, and everyday essentials within minutes. Meanwhile, Hyperpure helps restaurants procure high-quality food ingredients and supplies through an integrated B2B platform, improving operational efficiency for restaurant businesses.
The company also focuses on improving convenience through continuous product innovation. During FY2025, Zomato introduced and expanded services such as Food on Train, Scheduled Orders, Group Ordering, Food Rescue, and Zomato for Enterprise, allowing the platform to address a wider range of customer and business use cases. These initiatives demonstrate that the company’s objective extends beyond food delivery to building an integrated ecosystem that powers multiple aspects of consumers’ everyday lifestyles while creating value for restaurants, delivery partners, and businesses.
Zomato’s Solution
Zomato has evolved from a food delivery platform into a diversified consumer technology ecosystem designed to address multiple lifestyle needs through interconnected businesses. Under Eternal Limited, the company operates four core businesses—Zomato, Blinkit, District, and Hyperpure—that together serve consumers, restaurants, delivery partners, and businesses. By combining these platforms, the company aims to fulfill its mission of “Powering India’s changing lifestyles.”
The company’s flagship business, Zomato, provides a technology platform that enables customers to discover local restaurants, browse menus, place food orders, and receive deliveries through an independent network of delivery partners. The platform simplifies the ordering process for consumers while helping restaurant partners acquire customers without investing in their own delivery infrastructure. To improve customer loyalty and engagement, the company also offers Zomato Gold, a membership program that provides benefits such as free delivery on eligible orders and exclusive offers.
To address the growing demand for instant commerce, the company operates Blinkit, a quick commerce marketplace that delivers products across multiple categories—including groceries, fresh produce, electronics, beauty products, home essentials, and general merchandise—within minutes. Orders are fulfilled through a network of strategically located stores and delivered by independent delivery partners, allowing customers to access a wide assortment of products with minimal waiting time.
The company has also expanded beyond home delivery through District, a platform focused on customers’ going-out experiences. District enables users to discover and book restaurants, reserve tables, purchase movie tickets, book sports events, and access live entertainment, all through a single application. Following the acquisition of Paytm’s entertainment ticketing business during FY2025, District significantly expanded its capabilities across dining, movies, sports, and live events, creating another important consumer engagement platform within the ecosystem.
Complementing its consumer-facing businesses is Hyperpure, the company’s B2B supplies platform. Hyperpure procures food ingredients and other products directly from farmers, producers, traders, and brands, supplying restaurants and other business customers through an integrated supply chain. By providing consistent quality, competitive pricing, and reliable deliveries, Hyperpure helps restaurants improve procurement efficiency while strengthening the broader restaurant ecosystem that supports Zomato’s food delivery business.
Together, these four businesses create an integrated ecosystem where consumers receive greater convenience, restaurants gain access to customers and supply chain solutions, delivery partners benefit from increased earning opportunities, and business partners reach a larger customer base. Rather than operating as separate platforms, Zomato, Blinkit, District, and Hyperpure reinforce one another, enabling Eternal Limited to participate across multiple aspects of consumers’ daily lives while creating diversified long-term growth opportunities.
Zomato Business Model
Zomato operates a multi-sided platform business model that connects consumers, restaurants, delivery partners, merchants, and suppliers through a unified technology ecosystem. While food delivery remains its largest business, the company has expanded into quick commerce (Blinkit), going-out services (District), and B2B restaurant supplies (Hyperpure). These businesses reinforce one another, enabling Eternal Limited to participate across multiple consumer and business use cases while creating diversified revenue streams and long-term network effects.
At the centre of the ecosystem are consumers. Customers use Zomato to discover restaurants, place food orders, purchase groceries through Blinkit, book restaurants and entertainment through District, and access exclusive benefits through Zomato Gold. As more consumers use the platform, restaurants and merchants gain access to a larger customer base, making the ecosystem increasingly valuable for all participants. During FY2025, the food delivery business served an average of 20.6 million monthly transacting customers, while Blinkit served 10.2 million monthly transacting customers, demonstrating the scale of the platform.
The second pillar of the business model is its extensive restaurant partner ecosystem. Restaurants list their menus on Zomato, receive online orders, and leverage the platform’s technology, payments, marketing, and customer acquisition capabilities. As of March 2025, Zomato worked with approximately 297,000 active restaurant partners across more than 800 cities in India. Instead of building their own digital ordering infrastructure, restaurants can use Zomato to reach millions of consumers while focusing on food preparation and customer satisfaction.
Food deliveries are fulfilled through an independent network of delivery partners, who represent another critical component of the platform. Once an order is placed, restaurant partners prepare the food while delivery partners handle last-mile logistics. As of FY2025, the platform had approximately 473,000 active monthly delivery partners, enabling reliable deliveries across a large geographic footprint. This asset-light delivery model allows Zomato to scale operations without directly employing its delivery workforce.
Beyond food delivery, Blinkit expands the business model into quick commerce. Customers can order groceries, electronics, beauty products, home essentials, apparel, and other merchandise for delivery within minutes. Unlike traditional e-commerce, Blinkit fulfills orders through a network of strategically located stores positioned close to customers. During FY2025, Blinkit expanded to 1,301 stores across more than 100 cities, while also increasing its warehousing capacity to support rapid growth. This infrastructure enables fast deliveries while broadening the company’s addressable market beyond restaurant meals.
The company’s ecosystem also includes District, which extends the platform beyond home delivery into offline experiences. District enables customers to discover restaurants, reserve tables, purchase movie tickets, book sports events, and attend live entertainment through a single application. Following the acquisition of Paytm’s entertainment ticketing business, District significantly expanded its offerings and allows the company to participate in a much broader share of consumer lifestyle spending.
Supporting the restaurant ecosystem is Hyperpure, the company’s B2B supplies business. Unlike the marketplace models used in Zomato and Blinkit, Hyperpure follows an inventory-led (1P) model, sourcing products directly from farmer producer organizations, traders, and brands before supplying restaurants through its own supply chain. By providing consistent product quality, reliable deliveries, and competitive pricing, Hyperpure helps restaurants improve procurement while strengthening relationships with businesses already using Zomato’s consumer platform.
A defining strength of Zomato’s business model is the network effect created across its businesses. More customers attract more restaurants and merchants, which improves product selection and customer experience. Higher order volumes create greater earning opportunities for delivery partners, encouraging them to remain active on the platform. At the same time, businesses such as Hyperpure and District deepen engagement with restaurant partners and consumers, making the overall ecosystem increasingly valuable as it scales. Rather than operating as standalone businesses, Zomato, Blinkit, District, and Hyperpure reinforce one another, enabling Eternal Limited to build an integrated consumer technology platform that powers multiple aspects of everyday life.
How Does Zomato Make Money?
Zomato generates revenue through a diversified business model built around Food Delivery, Blinkit, District, and Hyperpure. Rather than relying on a single source of income, the company earns revenue from consumer transactions, restaurant services, subscriptions, quick commerce, ticketing, and B2B supplies. In FY2025, Eternal Limited reported Revenue of Rs. 20,243 crore, Adjusted Revenue of Rs. 21,581 crore, EBITDA of Rs. 637 crore, and Profit After Tax (PAT) of Rs. 527 crore, reflecting strong growth across all four businesses.
1. Food Delivery
Food Delivery remains Zomato’s largest business and the biggest contributor to the company’s earnings. During FY2025, the segment generated Net Order Value (NOV) of Rs. 32,862 crore, growing 20% year over year, while Adjusted Revenue increased to Rs. 9,418 crore and Adjusted EBITDA reached Rs. 1,505 crore. The platform processed 853 million orders, served an average of 20.6 million monthly transacting customers, and partnered with approximately 297,000 restaurants across 800+ cities.
Zomato earns revenue from this business through multiple channels, including commissions charged to restaurant partners, delivery charges paid by customers, platform fees, and advertising and promotional services that help restaurants increase visibility on the platform. The company also generates recurring subscription income through Zomato Gold, which had 12.1 million active members as of March 2025 and offers benefits such as free delivery and exclusive offers.
2. Blinkit (Quick Commerce)
Blinkit has become the company’s fastest-growing business. In FY2025, Blinkit reported NOV of Rs. 22,371 crore, representing 113% year-on-year growth, while Adjusted Revenue increased to Rs. 5,206 crore. The platform processed 424 million orders, served 10.2 million monthly transacting customers, and expanded its network to 1,301 stores across more than 100 cities.
Blinkit generates revenue by facilitating the sale of groceries, fresh produce, electronics, beauty products, home essentials, and other merchandise through its quick commerce marketplace. Rapid store expansion, wider product assortment, and increasing order frequency continue to drive growth in this segment.
3. District (Going-Out)
District represents Zomato’s expansion beyond home delivery into dining and entertainment. During FY2025, the business generated NOV of Rs. 6,618 crore, growing 156% year over year, while Adjusted Revenue reached Rs. 737 crore. The platform supports restaurant reservations, movie ticketing, sports events, concerts, and live entertainment following the acquisition of Paytm’s entertainment ticketing business.
The company earns revenue by facilitating transactions across dining, entertainment, and event bookings while expanding consumer engagement beyond food delivery. District also strengthens the broader ecosystem by increasing customer interactions across multiple lifestyle categories.
4. Hyperpure (B2B Supplies)
Hyperpure is Zomato’s B2B supplies business, serving restaurants and other business customers. During FY2025, Hyperpure reported Revenue of Rs. 6,196 crore, representing 95% year-on-year growth. The business supplied more than 100,000 unique restaurant outlets through 11 warehouses across 8 cities, sourcing products directly from farmers, traders, and brands.
Unlike Zomato’s marketplace businesses, Hyperpure follows an inventory-led model, generating revenue from the sale of food ingredients, kitchen supplies, and value-added products. The company has also expanded into food processing and end-to-end supply chain services, helping restaurants improve procurement efficiency while strengthening relationships across its broader ecosystem.
5. Diversified Platform Economics
One of Zomato’s biggest strengths is its diversified revenue model. While Food Delivery remains the largest contributor, Blinkit, District, and Hyperpure are rapidly expanding the company’s addressable market beyond restaurant food delivery. In FY2025, the company’s combined B2C Net Order Value reached Rs. 61,852 crore, while Adjusted Revenue grew 59% to Rs. 21,581 crore. This diversified portfolio reduces dependence on a single business and enables Eternal Limited to participate across food delivery, quick commerce, entertainment, and B2B restaurant services, creating multiple long-term growth engines within one integrated ecosystem.
Future of Zomato
Zomato’s future strategy is centered on building a diversified consumer technology ecosystem that extends well beyond food delivery. Rather than optimizing a single business, Eternal Limited is investing across Food Delivery, Blinkit, District, and Hyperpure, with the objective of serving a larger share of consumers’ everyday needs. Management believes these complementary businesses create a stronger ecosystem that can deliver sustainable long-term growth while remaining aligned with its mission of “Powering India’s changing lifestyles.”
The Food Delivery business will continue to be a major growth engine. Management remains confident of achieving 20%+ annual Net Order Value (NOV) growth over the long term, supported by the low penetration of restaurant food consumption in India, increasing urbanisation, and rising per capita incomes. The company also plans to continue improving customer experience through product innovation, expansion of restaurant partnerships, and services such as Zomato Gold, Scheduled Orders, Group Ordering, and Food on Train.
The company’s biggest investment focus remains Blinkit. During FY2025, Blinkit almost doubled its store network to 1,301 stores, and management continues to invest aggressively in expanding dark stores, warehousing infrastructure, product assortment, and geographical reach. The objective is to make quick commerce a larger contributor to the overall business while improving operational efficiency as the network scales.
Another important growth opportunity is District, the company’s going-out platform. Following the acquisition of Paytm’s entertainment ticketing business, District now combines dining, movies, sports, and live events into a single consumer platform. Management intends to strengthen customer engagement by expanding use cases and positioning District as a comprehensive destination for discovering and booking experiences outside the home.
The company also plans to continue expanding Hyperpure, which has become an increasingly important part of the restaurant ecosystem. By strengthening procurement, warehousing, food processing, and end-to-end supply chain services, Hyperpure aims to serve a larger number of restaurant partners while supporting the broader growth of Zomato’s food delivery business.
Technology and disciplined capital allocation will remain central to Zomato’s long-term strategy. Management continues to invest in platform capabilities, logistics infrastructure, and operational efficiency while balancing growth with profitability across its businesses. With strong cash reserves, four complementary growth engines, and an integrated ecosystem connecting consumers, merchants, restaurants, and suppliers, Zomato is positioning itself to evolve from a food delivery company into one of India’s leading consumer technology platforms.
Source: Eternal Annual Report 2024-25
