Eternal’s Q4 Show, Snabbit Bags $56 Mn & More

Eternal’s Q4 Highlights 

Eternal fired on all cylinders in Q4 FY26. Profits and revenues soared, Blinkit remained the growth engine, and food delivery vertical Zomato continued to be a steady rock. Yet, the choppy District and skyrocketing expenses played a spoilsport for the foodtech major. 

Here’s a quick glance at Eternal’s Q4 FY26 performance:

• Consolidated net profit zoomed 4.5X YoY to ₹174 Cr
• Operating revenue skyrocketed 196% YoY to ₹17,292 Cr
• Total expenses zoomed 185% YoY to ₹17,406 Cr
• Adjusted EBITDA improved 160% YoY to ₹429 Cr

Thin Profitability: A closer look at Eternal’s Q4 numbers reveals that its profitability is hanging by a thread. Without the ₹342 Cr in other income, the company would have slipped into a loss. On top of this, Eternal’s expenses rose almost as fast as revenues, underscoring how tightly it is still balancing scale and profitability.

Blinkit Leads The Charge: The star of Eternal’s Q4 show remained Blinkit. The quick commerce arm’s revenues soared 674% YoY to 13,232 Cr as it added 216 new dark stores during the quarter and improved net order value (NOV) by 95% YoY. 

Zomato Stabilises: The food delivery business also showed signs of healthier momentum. Zomato’s revenue and adjusted EBITDA both improved, helped by a broader push towards more affordable meal options and intact unit economics. On the LPG shortage, the company termed the crisis a temporary disruption, adding that platform-level throughput remained unimpacted.

District Stays Uneven: The going-out business remained “lumpy”, with Q4 revenue rising modestly YoY as ticketing demand continued to swing. However, Eternal reiterated confidence in its long-term guidance of $150 Mn in adjusted EBITDA by FY30 for District. The company also moved to transfer the tech stack and employees of District into a wholly-owned subsidiary to improve efficiency and unlock more opportunities.

As high operational costs continue to eclipse its gains, here is a closer look at Eternal’s first financials after Deepinder Goyal’s exit…

From The Editor’s Desk

Snabbit Bags $56 Mn

• The quick home services startup has raised about ₹527 Cr in its Series D round to add new service categories and expand to 250-300 micromarkets over the next 12-18 months.
• Founded in 2024, Snabbit offers trained domestic help to its users for household chores within 10-15 minutes via its app. It is currently available in cities like Delhi NCR, Mumbai, Bengaluru and others. 
• The platform claims to have closed FY26 with about 40,000 servicing jobs on a daily basis. Snabbit also claims to be clocking an annualised revenue run rate of about $35-40 Mn, while reducing its burn per order by 50% over the last six months.

Inside Cashify’s Circular Future

• When Cashify entered the refurbished smartphone market in 2013, the space was largely informal and trust-deficient. Over the past decade, the company has tried to formalise this ecosystem buying by adding transparency, warranty and standardisation.
• Instead of trying to eliminate the grey market, the platform built on top of it by investing in its own sourcing pipeline and OEM exchange programmes. While quality assurance was a major differentiator, a major inflexion point was pivoting to a full-stack model.
• Cashify now owns sourcing, refurbishment, grading, pricing and last-mile sales through franchise stores and B2B channels. On the back of this, Cashify’s revenue crossed the ₹1,000 Cr in FY26, while being profitable. The company is now eyeing an IPO that could value it at a nifty ₹1,500 Cr to ₹1,800 Cr.

Spinny Gears Up For IPO

• The used car marketplace has roped in Kotak Mahindra Capital, Morgan Stanley, and Citigroup for a potential IPO by Q1 CY27. The platform’s public issue will likely comprise a fresh issue and an OFS component. 
• Founded in 2015, Spinny offers users a marketplace for buying and selling certified used cars. It has raised $676 Mn to date. The IPO plans have come to the fore barely two months after Spinny raised $170 Mn at a $1.5 Bn valuation.
• This comes as a host of new-age tech companies make a beeline for the bourses. While lending tech startup Kissht’s IPO will open later this week, names like Razorpay, Leverage Edu and Acko are also gearing up for their listing.

GoDigit’s Q4 Profits Zoom

• The insurtech company reported a 28.8% YoY jump in its net profit to ₹149.4 Cr in Q4 FY26, while gross written premium rose 6.2% YoY to ₹2,735.7 Cr. Meanwhile, total expenses rose marginally by 3% YoY to ₹2,500.8 Cr.
• For FY26, Go Digit’s PAT stood at ₹544.4 Cr, up 28% YoY, while total income jumped 8% YoY to ₹10,197.2 Cr. The company sold 1.67 Cr policies with ₹22,922 Cr in assets under management during the fiscal.
• Founded in 2017, Go Digit is a full-stack digital insurance company that offers a wide range of non-life insurance policies across sectors such as motor vehicle, health, travel, and property, among others. It went public in 2024. 

Peak XV Exits MobiKwik

• The VC firm is said to have exited the fintech major via a ₹133 Cr block deal. Peak XV sold its entire stake (​6.2 Mn shares) at ₹214 apiece. The deal came a day after the fintech company received the NBFC licence from RBI. 
• The VC firm first invested in MobiKwik in 2013, and has been gradually offloading its stake in the listed fintech company over the past few quarters. 
• Founded in 2009, MobiKwik is a digital banking platform that offers a suite of financial products for both consumers and merchants. The company turned profitable in Q3 FY26 by posting a profit of ₹4 Cr, while operating revenue grew 7.2% YoY to ₹288.9 Cr.

Unicommerce’s FY27 Roadmap

• As order volumes and integrations rise, the ecommerce enablement company plans to pursue acquisitions in FY27 to bolster its operations. It will look to snap up reasonably valued businesses that are close to profitability and have strong AI elements.
• Besides acquisition, AI-led product development and expansion will also be among the core strategies of Unicommerce for FY27. 
• Going ahead, Unicommerce also plans to strengthen two of its products — Uniware and Shipway. It is also looking to invest in sales, marketing, AI-led product development, talent acquisition, and AI tools deployment throughout FY27. 

Inc42 Markets

Inc42 Startup Spotlight

How Dodge Is Using AI Agents For ERP Maintenance

Large enterprises still run largely on manual ERP systems. Expensive consultants, slow troubleshooting and large support teams make even routine maintenance costly and inefficient. Dodge AI is trying to fix ERP upkeep with its autonomous AI agents.

Solving The Friction: Founded in 2025, Dodge AI focuses on the operational issues around ERP environments rather than the system itself. The platform begins by scanning inefficiencies, bottlenecks and recurring issues. It then spots patterns before they turn into incidents. Based on the insights, its AI agents recommend configuration changes that can improve performance and streamline workflows. 

Streamlining Support: Dodge also automates L1 and L2 support tasks with AI, resolving tickets and service requests through tools like Slack or Microsoft Teams. In effect, its AI agents turn ERP maintenance into an autonomous process, where AI agents handle repetitive work and human teams focus on higher-value decisions.

Riding A Large Market: As enterprises push harder on AI adoption, the startup is eyeing a piece of the global enterprise automation market, which is projected to cross $157 Bn by 2033. So, can Dodge AI become the AI layer that makes ERP upkeep easy and efficient?

Infographic Of The Day

Five years ago, Snitch moved online. That pivot turned the brand into one of the fastest-growing D2C menswear labels in the country with ₹900 Cr in sales in FY26. Here’s how Snitch has grown over the years…

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