Swiggy vs Eternal (Zomato): revenue, valuation and funding compared
The short answer
Eternal reported the highest revenue, ₹54,364 crore in FY26, against Swiggy ₹23,053 crore in FY26. Eternal was profitable in the latest year reported; Swiggy reported a loss.
Swiggy and Eternal are the two listed companies behind India's biggest food delivery and quick commerce apps. Swiggy runs its food marketplace and Instamart; Eternal is the company behind Zomato and Blinkit, and carried the name Zomato Ltd until its 2025 rename. People compare them because the two businesses overlap almost everywhere, from dinner orders to ten-minute grocery delivery, and both are listed on the stock exchanges.
The years matter here. For both companies the latest full year in the profiles is FY26, the year to March 2026, and the figures are consolidated annual results. Swiggy's numbers come from a results aggregator, as its profile notes, and Eternal's profit is the amount attributable to owners. Every number on this page comes from the two StopDown profiles, which link each figure to its source.
Side by side
| Swiggy | Eternal | |
|---|---|---|
| Founded | — | 2008 |
| Based in | Bengaluru | Gurugram |
| What it sells | Food delivery and Instamart quick commerce platform | Parent of Zomato food delivery and Blinkit quick commerce |
| Status | Listed | Listed |
| Revenue, latest year | ₹23,053 crore FY26 | ₹54,364 crore FY26 Bigger |
| Revenue, year before | ₹15,227 crore FY25 | ₹20,243 crore FY25 Bigger |
| Growth | +51% (FY25 to FY26) | +169% (FY25 to FY26) |
| Net profit (loss), latest year | ₹4,150 crore loss FY26 | ₹366 crore FY26 Profitable |
| Last disclosed valuation | — | — |
| Total raised | — | — |
| Last round | — | — |
| Profile | Swiggy on StopDown | Eternal on StopDown |
Scale
Eternal is the bigger business by revenue. Its consolidated revenue from operations was ₹54,364 crore in FY26, up from ₹20,243 crore in FY25. Swiggy reported consolidated revenue of ₹23,053 crore in FY26, up from ₹15,227 crore in FY25. Eternal owns Blinkit, which it bought in an all-stock deal worth ₹4,447 crore that closed in August 2022.
Swiggy's more recent quarter shows where it is heading: revenue of ₹7,571 crore in the September 2026 quarter, about 36% higher than a year earlier. Eternal reported ₹24,138 crore of revenue for the same quarter in October 2026. The profiles carry no order or user counts for either company, so size is compared here on revenue only.
Money
Profit is where the two part ways. Eternal made a consolidated profit of ₹366 crore in FY26, down from ₹527 crore in FY25. Swiggy reported a loss after tax of ₹4,150 crore in FY26, after ₹3,114 crore in FY25. In the September 2026 quarter Swiggy's net loss narrowed 16% to ₹922 crore, while Eternal posted a quarterly profit of ₹125 crore.
Both companies reached the market through IPOs. Eternal, then Zomato, listed in July 2021 with an IPO of ₹9,375 crore. Swiggy listed on the NSE on 13 November 2024 at ₹420 a share. The profiles do not list a market valuation for either company, and this page makes no comment on share prices.
Where they are heading
Swiggy's recent moves centre on Instamart. Shareholders approved a 49.5% cap on foreign ownership in August 2026, which lets Instamart move to an inventory-led model, and the unit reached contribution break-even in the first quarter of FY27 even as its adjusted EBITDA loss widened to ₹895 crore in the September quarter. Swiggy also sold its stake in Lynks Logistics to Trustroot in September 2026 for $52.4 million paid in Udaan shares, and launched a budget food app called Toing. For Eternal, the profile records its October 2026 quarterly results and reports of a CEO change in January 2026.
The numbers behind the table
Swiggy: revenue and profit by year
| Year | Revenue | Profit or loss | Note |
|---|---|---|---|
| FY26 | ₹23,053 crore | ₹4,150 crore loss | consolidated; profit is loss after tax; expenses exclude depreciation; from a results aggregator |
| FY25 | ₹15,227 crore | ₹3,114 crore loss | consolidated; profit is loss after tax; expenses exclude depreciation; from a results aggregator |
| FY24 | ₹11,247 crore | ₹2,344 crore loss | consolidated; profit is loss after tax; expenses exclude depreciation; from a results aggregator |
Eternal: revenue and profit by year
| Year | Revenue | Profit or loss | Note |
|---|---|---|---|
| FY26 | ₹54,364 crore | ₹366 crore | consolidated; profit attributable to owners; expenses exclude depreciation |
| FY25 | ₹20,243 crore | ₹527 crore | consolidated; profit attributable to owners; expenses exclude depreciation |
| FY24 | ₹12,114 crore | ₹351 crore | consolidated; as Zomato Ltd; expenses exclude depreciation |
Questions people ask
Which is bigger, Swiggy or Eternal?
Eternal, by revenue. It reported ₹54,364 crore of consolidated revenue from operations in FY26, against ₹23,053 crore for Swiggy in the same year. Both figures are consolidated annual results.
Is Swiggy profitable?
No, not in its latest full year. Swiggy reported a loss after tax of ₹4,150 crore in FY26 on revenue of ₹23,053 crore. Eternal made a profit of ₹366 crore in FY26, and Swiggy's net loss for the September 2026 quarter was ₹922 crore.
Who founded Swiggy and Eternal?
Swiggy names Sriharsha Majety, Nandan Reddy and Rahul Jaimini as its founders, and Majety is chief executive. Eternal was started in 2008 as FoodieBay by Deepinder Goyal and Pankaj Chaddah, and is based in Gurugram.
Which listed first, Swiggy or Eternal?
Eternal, then called Zomato, listed in July 2021 with an IPO of ₹9,375 crore. Swiggy listed on the NSE on 13 November 2024 at ₹420 a share.
Every figure on this page comes from the companies' StopDown profiles, which list the filing or statement behind each number: Swiggy, Eternal. Revenue is revenue from operations unless the note says otherwise; valuations are as disclosed at a round or by the company; nothing here is investment advice. How StopDown counts.