In a significant move marking its ongoing retreat from Indian investments, Antfin Singapore Holding Pte Ltd, an affiliate of China’s Alibaba Group, is set to offload its entire 1.95% stake in Eternal Ltd—formerly known as Zomato—for a reported $612 million. The block deal is being executed at a 4.63% discount to Eternal’s closing share price as of August 6.
Strategic Exit by Antfin
Antfin, which holds approximately 188.4 million shares in the food and quick commerce giant, has engaged Morgan Stanley and Bank of America to facilitate the sale. The transaction, which industry insiders describe as a “clean-up trade,” reflects a broader pattern among global investors such as SoftBank and Alibaba scaling down their exposure to Indian digital firms.
This move follows Antfin’s complete divestment from fintech platform Paytm, with a recent ₹3,800 crore ($455 million) block deal, bringing an end to its multi-year investment run in India’s new-age tech economy.
Eternal Ltd’s Mixed Performance: Food Slows, Blinkit Rises
Despite a staggering 90% drop in Q1FY26 net profit—falling to ₹25 crore from ₹253 crore year-on-year—investor sentiment around Eternal remains unexpectedly bullish. The optimism is primarily driven by the surging growth of Blinkit, its quick-commerce arm, which is emerging as a formidable growth engine.
For the April-June quarter, Eternal posted ₹7,167 crore in revenue, marking a 70% increase compared to the same period last year. Yet, while overall topline performance improved, profitability took a hit, largely due to cost pressures and operational scale-up.
Blinkit’s net order value (NOV) during the quarter clocked ₹10,000 crore, nearly matching Eternal’s food delivery business (Zomato) at ₹8,967 crore. This is the first time quick commerce has rivaled food delivery within the company, making up nearly 50% of Eternal’s $10 billion annualised NOV. It marks a decisive shift in the company’s growth narrative.
Market Reaction and Future Outlook
Eternal’s shares ended 0.7% lower at ₹300.05 on Wednesday, placing its market cap at approximately ₹2.89 trillion. Despite the marginal decline, the stock has shown resilience, backed by Blinkit’s robust growth and the market’s confidence in Eternal’s pivot towards faster, convenience-led commerce.
Back in March 2025, Antfin had sold a 2.1% stake in the company. That deal saw Morgan Stanley acquire a large volume of Eternal shares at ₹160.10 each, indicating sustained institutional interest even amid strategic exits.
A Broader Trend Among Global Investors
Antfin’s complete exit from both Paytm and Eternal signals a broader recalibration among global institutional investors, particularly those from China, amid evolving geopolitical, regulatory, and market dynamics. These exits are not necessarily a referendum on company performance but rather part of a long-term strategy to rebalance portfolios.
For Eternal, the message is clear: the future lies beyond food. Quick commerce, driven by platforms like Blinkit, is shaping up to be the next frontier in India’s hyper-competitive digital retail sector.
Partner With Us
Want to feature your brand, business, or service on 365247 — Whether you’re looking to sponsor, collaborate, or build presence within our ecosystem, we’d love to explore it with you.
Submit your Interest Here
