India’s Eternal reported a cash balance of ₹18,857 crore in Q1FY26, nearly tripling its key rival’s reserves. Strategic capex, strong operational cash flows, and QIP proceeds have fortified the company’s financial position ahead of intensifying competition in the quick commerce sector.
Eternal, the parent company of food delivery platform Zomato, reported a strong cash position of ₹18,857 crore for the quarter ending June 2025 (Q1FY26), up from ₹18,825 crore in the previous quarter. This bolstered balance sheet comes despite continued capital expenditure toward infrastructure and expansion, especially for its quick commerce arm, Blinkit.
The company’s cash position has significantly improved over the past year. In Q1FY25, Eternal’s cash reserves stood at ₹12,539 crore. A major contributor to this surge was a ₹8,446 crore capital raise through a Qualified Institutional Placement (QIP) during Q3FY25, which added meaningful liquidity to fund growth and maintain a competitive edge.
Eternal’s consistent profitability in its core food delivery business has allowed it to generate strong operating cash flows, which further fuel its war chest. The company stated in its filing that the increase in Q1FY26 could have been higher if not for partial recovery of ticketing advances issued in the previous quarter in its Going-Out vertical.
Significantly, Eternal’s current cash balance is almost three times larger than its closest rival. As per the last reported figures, Swiggy held ₹6,695 crore in cash as of Q4FY25. While Swiggy has yet to release its Q1FY26 results, analysts anticipate further depletion of its reserves due to sustained investment in Instamart, its quick commerce unit.
This widening gap in liquidity is critical as India’s quick commerce landscape intensifies. Players are ramping up expansion efforts, deploying capital toward dark store infrastructure, faster delivery networks, and competitive customer acquisition strategies. Eternal’s robust capital base offers a strategic advantage in absorbing these costs while maintaining operational agility.
Industry watchers note that with higher cash reserves, Eternal is better positioned to scale Blinkit, capture market share, and endure prolonged competitive pressure. The quick commerce segment, known for thin margins and high upfront costs, demands deep capital to achieve sustainable unit economics and long-term profitability.
Eternal’s recent performance underscores its strategy to balance growth with fiscal discipline, ensuring it remains a dominant force in India’s evolving consumer internet ecosystem. As the IPO-funded liquidity from competitors eventually thins out, the battle in quick commerce could increasingly favor players like Eternal that have not only scaled fast but also banked on strong internal accruals and capital raises at opportune times.
