
Eternal and Swiggy, two giants in food and grocery delivery, together added more than Rs 30,000 crore to their market capitalisation this week.
This surge happened during a turbulent time for their rival Zepto. According to National Stock Exchange (NSE) data, Eternal led the gains with an increase of Rs 20,217.48 crore. Swiggy wasn’t far behind, adding Rs 10,373.57 crore.

What does this mean for the average consumer? Well, it shows that investors are putting their money behind companies they trust to deliver both food and groceries efficiently. Swiggy’s share price jumped 12 percent to Rs 372, while Eternal’s shares rose by 8.6 percent to Rs 261.9.
Meanwhile, Zepto had a rough week. The quick commerce unicorn delayed its IPO from 2025 to 2026 after pressure from investors to improve revenue and cut cash burn.
Also Read Zepto in Turmoil? IPO Shelved as Company Hunts for Emergency Funding
On top of that, Zepto stirred up some trouble with its sellers by forcing inactive brands to run automatic ad campaigns, a move that didn’t sit well with its partners.
And if that wasn’t enough, Zepto faced regulatory trouble when the Maharashtra Food and Drug Administration suspended its food license in Dharavi.
There were worker strikes in Hyderabad over reduced payouts, and Zepto Cafe was paused in 44 locations in Delhi NCR. These events gave a clear edge to Eternal’s Blinkit and Swiggy’s Instamart in the quick commerce race.
Analysts are optimistic about Eternal and Swiggy. Morgan Stanley recently gave Swiggy an ‘overweight’ rating, praising its food delivery performance and the growing quick commerce market.
They predict this sector will grow to $57 billion by 2030, up from $42 billion. This means there’s plenty of room for companies like Eternal and Swiggy to expand.
Data from CLSA supports this. Blinkit and Instamart added 9.3 million and 8.2 million weekly active users, respectively, while Zepto and JioMart added fewer users.
Even though Zepto is working to stay in the game with fresh funding of $700 million from big investors like Avenir and General Catalyst, it’s clear that Eternal and Swiggy are the favorites for now.
Eternal, formerly Zomato, and Swiggy are not just battling it out in food delivery but are also racing ahead in quick commerce.
For anyone watching the market, the lesson is simple: reliable service and steady growth win the race. Zepto’s hurdles highlight the challenges of the quick commerce world, but Eternal and Swiggy’s gains show how well-positioned they are to grab more market share.
Also Read Understanding RBI’s Liquidity Strategy: A Detailed Look at India’s Monetary Policy Shift