Blinkit vs Dunzo: Revenue, Profit and Business Model
Blinkit reported ~$4.4B of revenue in FY2026 and — of net income. Dunzo reported $27.5M of revenue in FY2023 and — of net income.
Latest financial snapshot
Financial summary
Blinkit
Blinkit's quick-commerce segment revenue grew from ~$93.5 million (₹806 crore) in FY23 (a partial year after the August 2022 acquisition) to ~$267 million (₹2,301 crore) in FY24, ~$604 million (₹5,206 crore) in FY25 and ~$4.38 billion (₹37,779 crore) in FY26. Most of the FY26 jump is an accounting effect: after the September 2025 move to owning inventory, revenue includes the full price of goods sold. The operating trend shows up elsewhere. Blinkit's NOV grew at a 104% CAGR between FY23 and FY26, and its adjusted EBITDA turned positive for the first time in the December 2025 quarter (~$464,000 (₹4 crore)), then rose to ~$4.29 million (₹37 crore) in the March 2026 quarter and ~$11.8 million (₹102 crore) in the June 2026 quarter. Q1 FY27 revenue of ~$1.82 billion (₹15,664 crore) was about 77% of Eternal's consolidated revenue.
Dunzo
Dunzo raised about $450 million from investors including Google, Reliance Retail, Lightrock, Lightbox, 3L Capital and Blume Ventures. The January 2022 $240 million round, led by Reliance Retail's roughly $200 million for a 25.8% stake, valued the company at about $775 million. Revenue from operations grew more than fourfold to ~$26.3 million (₹226.6 crore) in FY23, but losses grew nearly fourfold to ~$209 million (₹1,801.8 crore), and auditor Deloitte flagged going-concern doubts. Without new funding, Dunzo delayed salaries, cut staff, defaulted on vendor dues and faced insolvency petitions. Reliance wrote off its ~$191 million (₹1,645 crore) investment in its FY25 annual report.
Revenue and profit by year
Blinkit
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$4.4B | — | 0.0% | +625.7% | Source |
| FY2025 | ~$603.9M | — | 0.0% | +126.2% | Source |
| FY2024 | ~$266.9M | — | 0.0% | +185.6% | Source |
| FY2023 | ~$93.5M | — | 0.0% | — | Source |
Dunzo
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2023 | $27.5M | — | 0.0% | — | Source |
Where the revenue comes from
Blinkit
- Sale of Goods (Owned Inventory)
Since September 1, 2025, Blinkit buys stock from brands and distributors and sells it directly, so the full value of goods sold is booked as revenue. This is now the bulk of reported revenue.
- Advertising (Blinkit Ads)
Brands pay for sponsored search results, banners and product placements inside the app. Eternal does not break out Blinkit's ad revenue.
- Customer Delivery and Platform Fees
Delivery charges, handling fees and small-cart fees paid by customers on qualifying orders.
- Marketplace Commissions (Before September 2025)
Until the inventory switch, Blinkit earned commissions and warehousing fees from sellers listing products on its marketplace, which is why revenue was much smaller before FY26.
Dunzo
- Sale of traded goods (Dunzo Daily)
~62% (FY23)
About $16.4 million (₹141 crore) from groceries and essentials sold through dark stores in FY23.
- Delivery, service and merchant fees
~38% (FY23)
Customer delivery fees, partner-store commissions and B2B per-delivery charges.
Business model and strategy
Blinkit
How it makes money
Blinkit runs a network of small warehouses that are closed to walk-in shoppers (dark stores), placed close to dense residential areas. Customers order in the Blinkit app, staff pick and pack the order inside the store, and delivery partners ride it to the door, usually within minutes.
Growth strategy
Blinkit's stated plan rests on three levers: assortment expansion, geographic expansion and demand densification. Assortment means taking more cities closer to the roughly 80,000 SKUs offered in Delhi-NCR and adding categories such as electronics, toys, beauty and premium groceries.
Competitive advantage
Blinkit's edge is store density and assortment built ahead of rivals. It ended June 2026 with 2,443 dark stores, more than any competitor, and a 2026 CLSA count found 969 Blinkit stores across India's top 10 cities against 828 for Zepto and 627 for Flipkart Minutes.
Dunzo
How it makes money
Dunzo earned money in two ways. First, delivery and service fees: customers paid distance-based fees for pick-up-and-drop errands (Dunzo Genie-style tasks) and for orders from partner stores, and merchants paid per-delivery fees for B2B last-mile delivery. Second, from 2021, product sales through Dunzo Daily, its dark-store quick-commerce service.
Growth strategy
Dunzo's strategy moved through three stages. From 2014 to 2020 it grew as a "deliver anything" errand app in Bengaluru, then other metros. In 2021 it launched Dunzo Daily, a 15-to-20-minute grocery service run from company dark stores, and in 2022 it raised Reliance Retail's money partly to support JioMart deliveries.
Competitive advantage
Dunzo's early edge was first-mover status and a much-loved brand in Bengaluru. It showed Indian city consumers would pay for near-instant delivery of almost anything. That edge did not last. Blinkit (backed by Zomato, now Eternal), Swiggy Instamart and Zepto raised far more capital, built denser dark-store networks and could subsidise orders for longer.
Questions about Blinkit vs Dunzo
Which company has higher revenue — Blinkit or Dunzo?
Blinkit reported ~$4.4B (FY2026), while Dunzo reported $27.5M (FY2023). By last reported revenue, Blinkit is the larger business, with Dunzo reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
How do Blinkit and Dunzo make money?
Blinkit and Dunzo generate revenue in fundamentally different ways. Blinkit: Blinkit runs a network of small warehouses that are closed to walk-in shoppers (dark stores), placed close to dense residential areas. Dunzo: Dunzo earned money in two ways.
Is Blinkit bigger than Dunzo?
By last reported revenue, Blinkit (~$4.4B (FY2026)) is the larger company compared to Dunzo ($27.5M (FY2023)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Blinkit vs Dunzo overview