The shares of Eternal, the parent company of Zomato and quick-commerce arm Blinkit, have delivered a remarkable wealth-creation story since their stock market debut in 2021. The stock has surged over 122 percent from its IPO price, transforming early conviction into massive gains and turning pre-IPO investor Info Edge into one of the biggest beneficiaries of the rally.
This sustained upswing underscores not just Eternal’s evolving business model but also the power of patient, long-term startup investing—a philosophy championed by Info Edge founder Sanjeev Bikhchandani for over a decade.
In this article, we delve into Eternal’s remarkable stock market rally, Info Edge’s multi-bagger startup bet, and how patient, long-term investing turned an early Zomato investment into a ₹32,000-crore success story.
Info Edge’s Rs 86 Crore Bet Turns into a Rs 32,000 Crore Windfall
Info Edge, the parent company of Naukri.com, first invested in Zomato between 2010 and 2013, committing just Rs 86 crore when the food delivery platform was still in its early growth phase. That early bet has since multiplied into one of India’s most celebrated venture success stories.
As of the end of the September quarter of FY26, Info Edge held a 12.38 percent stake in Eternal, amounting to 119.46 crore shares. With Eternal’s shares currently trading at Rs 282.85 apiece, the value of Info Edge’s holding stands at an eye-popping Rs 32,000 crore, highlighting the scale of value created over the years.
Strategic Dilution, Still Outsized Returns
While Info Edge has diluted its stake multiple times over the years, the investment has continued to generate exceptional returns. A key milestone came during Zomato’s initial public offering in 2021, when Info Edge partially exited its holding.
Even after dilution, the returns were extraordinary. During the IPO, Info Edge clocked a bumper profit of nearly 64.5 times on the issue price, firmly establishing the investment as a textbook example of successful startup-to-public-market value creation.
Despite trimming its holding periodically, Info Edge remains a significant shareholder in Eternal, continuing to benefit from the company’s stock market performance.
A Blockbuster IPO That Set the Tone
Zomato’s IPO in 2021 was among the most talked-about listings in India’s capital markets. The stock debuted at Rs 115 apiece, marking a premium of over 51 percent to its issue price—an emphatic endorsement from public market investors.
Reacting to the strong listing, Info Edge founder Sanjeev Bikhchandani described the moment as a validation of long-term startup investing. Speaking to Moneycontrol at the time, he said that Zomato’s public market success proved that investing smartly in startups and holding on for a decade or more could yield transformative returns.
From Pandemic Lows to Record Highs
Eternal’s stock journey has not been without volatility. In July 2022, amid broader market uncertainty and concerns around tech profitability, the shares hit an all-time low of Rs 40.60 apiece.
What followed was a dramatic turnaround. Over the next three years, the stock rallied an astounding 808 percent, reaching an all-time high of Rs 368.45 apiece in October this year. The sharp rebound reflected improving investor confidence, operational scale-up, and the growing importance of Blinkit within the company’s overall business strategy.
Credits: Moneycontrol
A Mainstay in Benchmark Indices
Eternal’s resurgence has also earned it a place among India’s most tracked stocks. The company is now a constituent of both the Sensex and the Nifty, cementing its status as a benchmark heavyweight and signalling its growing relevance in India’s consumer internet and commerce ecosystem.
For Info Edge, the Eternal story is more than just a financial windfall—it is a public validation of a belief that early-stage investments, when backed by conviction and patience, can reshape industries and create extraordinary shareholder value.
As Eternal continues its journey, its rise remains a defining case study in India’s startup-to-stock-market success narrative.
