The Daily Insight — Jul 24

Eternal, which owns Zomato and Blinkit, grew revenue 182% to ₹20,211 crore last quarter — but profit stopped at ₹92 crore, well short of the ~₹258 crore the Street expected. Almost all the growth came from Blinkit, the ten-minute grocery arm, now reported as a retail business in its own right. Food delivery held a steady margin; quick commerce spent most of what it made opening dark stores. A year ago Blinkit was the risky experiment. This quarter it is the reason revenue multiplied — and the reason profit stayed thin. (Business Standard)

Vishal Mega Mart, the discount chain built for small-town India, grew June-quarter profit 26% to ₹259 crore on revenue up 19% to ₹3,727 crore. It now runs 819 stores across 559 cities, with nearly half of sales from apparel and a quarter from groceries. While premium retailers fight over the same metro shoppers, Vishal grows by selling cheap basics to the customers fancier chains reach last — and its own-label versions carry fatter margins. In a quarter of margin warnings elsewhere, trading down is still where the volume lives. (Business Standard)

On 23 July the government said foreign investors can now own inventory-based e-commerce businesses in India — but only if they sell Indian-made goods abroad. The domestic wall stays up: foreign money still cannot own an online store that holds stock and sells directly to Indian shoppers. Issued as Press Note 3 of 2026, the change lets Indian sellers reach global buyers with foreign capital behind them, while leaving the protection for kirana stores untouched. A narrow opening designed to grow exports without disturbing the balance at home. (BusinessToday)

Supply6, a nutrition brand selling vitamins, hydration and fibre mixes, raised ₹48 crore in a round led by Unilever Ventures, with actor Kriti Sanon adding more money. The brand is selling at an annual pace of about ₹75 crore, and the cash goes into research, supply chain and quick-commerce placement. The name to watch is Unilever: when a consumer-goods giant invests through its venture arm, it is buying a window into a category it may later want to own. Daily supplements are exactly the repeat habit big FMCG pays a premium to plug into. (Entrackr)

United Spirits, the Diageo-owned maker of McDowell’s and Johnnie Walker in India, grew June-quarter profit 11% to ₹463 crore on revenue up a slower 5%. The lift came from the top shelf — its Prestige-and-above range grew about 10% while cheaper labels dragged. The company also raised ad spend and took a 10% stake in craft-liquor startup Nuvola Spirits. The pattern is familiar across Indian consumer goods this quarter: the premium end grows, the mass end stalls, and profit leans on shoppers willing to trade up. (Business Standard)

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— Satyam · The Insight Labs