The Blinkit Business Model of Dark Stores and Own Inventory
How Blinkit sells groceries from local stores and what its latest results show
Key Takeaways
- Blinkit is the quick commerce business of Eternal Limited.
- Net order value was Rs 20,940 crore in July to September 2026.
- Adjusted EBITDA was Rs 184 crore, 0.9% of net order value.
- Eternal has said it expects Blinkit to cross 3,500 stores by March 2027.
- Blinkit had 2,751 stores and 37 million monthly transacting customers.
The Blinkit business model is built on local dark stores that deliver groceries and other items within minutes, and on a shift to an inventory-led model. In the quarter from July to September 2026, Blinkit reported net order value of Rs 20,940 crore, and an adjusted EBITDA of Rs 184 crore.
Blinkit is the quick commerce business of Eternal Limited, the company formerly called Zomato Limited. Net order value and adjusted EBITDA are measures the company defines in its own results.
Blinkit at a glance
| Item | Detail |
|---|---|
| What it does | Quick commerce delivery from local stores |
| Earlier name | Grofers, renamed Blinkit in December 2021 |
| Parent company | Eternal Limited, earlier Zomato Limited |
| Co-founder | Albinder Dhindsa |
| Net order value, July to September 2026 | Rs 20,940 crore |
| Adjusted EBITDA, July to September 2026 | Rs 184 crore, 0.9% of net order value |
| Stores at the end of September 2026 | 2,751 |
| Monthly transacting customers, July to September 2026 | 37 million on average |
What Blinkit does
Blinkit takes orders in its app and delivers them from stores close to the customer. These stores are often called dark stores because they serve app orders rather than walk-in shoppers. At the end of September 2026 the network had 2,751 stores, after 308 net new stores in the quarter.
The company was called Grofers until it renamed itself Blinkit in December 2021. In June 2022 Zomato agreed to buy it in an all-stock deal of about Rs 4,447 crore, reported as about $568 million. Zomato Limited later became Eternal Limited, with the change effective in March 2025.
How Blinkit makes money
Blinkit earns money when customers buy goods through its app. Eternal has said the rise in Blinkit's reported revenue reflects the shift to an inventory-led, or first-party, model. In this model Blinkit buys goods and sells them itself, so its revenue includes the full value of goods sold. In a marketplace model, a platform instead earns a commission on goods sold by others.
Net order value is a measure Eternal defines in its results. In July to September 2026 net order value was Rs 20,940 crore, up 79.3% from a year earlier.
Net order value has risen over the last three quarters.
Net order value was Rs 14,386 crore in January to March 2026, Rs 17,132 crore in April to June 2026 and Rs 20,940 crore in July to September 2026.
How the Blinkit model works step by step
Blinkit revenue model and adjusted EBITDA
Blinkit reported an adjusted EBITDA of Rs 184 crore in July to September 2026, which is 0.9% of net order value. A year earlier, in July to September 2025, it reported an adjusted EBITDA loss of Rs 156 crore. In April to June 2026 the figure was Rs 102 crore, or 0.6% of net order value, and in January to March 2026 it was Rs 37 crore.
The Blinkit store network
The network had 2,243 stores at the end of March 2026, 2,443 at the end of June 2026 and 2,751 at the end of September 2026. Eternal has said it expects Blinkit to cross 3,500 stores by March 2027 and plans around 5,000 stores by March 2028.
Monthly transacting customers averaged 37 million in July to September 2026.
Blinkit Business Model Canvas
Eternal's cash balance
Eternal had a cash balance of Rs 16,475 crore at the end of September 2026, down Rs 1,813 crore in the quarter.
Blinkit's journey so far
| When | What happened |
|---|---|
| December 2021 | Grofers renames itself Blinkit |
| June 2022 | Zomato agrees to buy Blinkit in an all-stock deal of about Rs 4,447 crore |
| March 2025 | Zomato Limited becomes Eternal Limited |
| January 2026 | Eternal names Blinkit's Albinder Dhindsa as Group CEO, effective 1 February 2026 |
| March 2026 | Blinkit ends the quarter with 2,243 stores |
| September 2026 | The store network reaches 2,751 |
Who Blinkit competes with
Blinkit competes in quick commerce with Zepto and Swiggy Instamart.
Other facts about the Blinkit model
Blinkit's adjusted EBITDA is 0.9% of net order value. Eternal had a cash balance of Rs 16,475 crore at the end of September 2026. Zepto and Swiggy Instamart also operate in quick commerce.
Conclusion on the Blinkit business model
Blinkit is the quick commerce business of Eternal. It takes orders in its app and delivers them from a network of 2,751 stores, and since moving to an inventory-led model it books the value of goods it sells as revenue.
In July to September 2026 it reported net order value of Rs 20,940 crore, and an adjusted EBITDA of Rs 184 crore, with 37 million monthly transacting customers.
