Desk note · industry · Consumer apps / payments
Eternal Ltd, owner of Zomato and Blinkit, teamed with SBI Card on 15–16 October 2026 to offer early-access sign-ups for a co-branded credit card that promises instant discounts across the group’s apps, with applications opening from 22 October on Mastercard and RuPay networks.
On 15 October 2026, Eternal Ltd and SBI Card announced a co-branded credit card aimed at customers who already order food, groceries, and experiences through Zomato, Blinkit, and District. From 16 October, logged-in users could tap in-app banners to request early access with Aadhaar-linked name and phone verification. General applications are scheduled to open from 22 October 2026 in phases. The card will run on both Mastercard and RuPay rails, with a fully digital application path inside the consumer apps or on SBI Card’s website. Eternal chief financial officer Akshant Goyal said the product is meant to reward high-frequency everyday spends inside the group’s ecosystem while still offering benefits beyond those brands.
Quick-commerce and food-delivery platforms want payment products that keep rewards inside their apps instead of sending users to generic bank portals. A co-brand with India’s largest standalone credit card issuer gives Eternal scale on underwriting and collections while SBI Card taps young urban spenders who may not bank with its parent lender. Discount-led cards work when users consolidate dining, grocery, and entertainment bills on one plastic to hit monthly caps efficiently. Reporting on the launch cites instant discounts subject to a combined ceiling of about ₹2,000 per month across participating brands, so heavy users should read the fine print on category limits and partner exclusions.
If you already use Zomato or Blinkit weekly, compare the Eternal card’s reward math with your existing cashback or points card before switching autopay links. Check annual fees, finance charges, and whether RuPay acceptance fits your travel and online shopping mix. Competing apps and banks may respond with richer grocery or dining offers during the festive quarter. Watch the 22 October rollout for approval rates, delivery timelines for physical cards, and whether regulators raise any data-sharing questions on in-app credit onboarding.
Trade policy / exports
Commerce minister Piyush Goyal said on 22 October 2026 that India’s proposed free-trade agreement with the European Union could become operational within four to five months after signing, with the deal expected to be inked before year-end during his visit to Germany.
Food delivery / quick commerce
Swiggy reported on 22 October 2026 that September-quarter revenue rose 36% to about ₹7,571 crore and the consolidated net loss narrowed to ₹922 crore, as food delivery posted record adjusted core profit of about ₹349 crore while quick-commerce Instamart lost about ₹764 crore at the segment level amid heavier discounting and 69 new dark stores.
Quick-service restaurants / consumers
KFC and Pizza Hut operator Sapphire Foods India said on 22 October 2026 that September-quarter consolidated restaurant sales rose 20% year on year to about ₹885 crore, with KFC India same-store sales up 14% and adjusted EBITDA margin expanding 100 basis points to 7.1% even as the listed stock remained far below its 52-week high.
RBI / government borrowing
On 22 October 2026, the Reserve Bank of India accepted no bids at the scheduled sale of short-dated government treasury bills, the first full cancellation in about seven months, as investors demanded higher yields amid a bond selloff, oil-linked inflation fears, and expectations of more rate hikes after October’s policy minutes.
For informational purposes only. Not investment advice. Verify with filings and a licensed adviser.