India, July 21 -- Foodtech major Eternal (formerly Zomato) is setting up a new wholly owned subsidiary Blinkit Foods Limited.

In an exchange filing, the company said that Blinkit Foods will be engaged in the business food services, including innovation, preparation, sourcing, sale and delivery of food to customers.

The subsidiary will have a proposed authorised share capital of INR 1 Cr. While the company didn't mention the segment which Blinkit Foods will cater to, it is likely to provide services to quick commerce arm Blinkit's 10-minute food delivery service Bistro.

Eternal made the announcement about setting up the new subsidiary along with the release of its Q1 results. The company's consolidated net profit crashed 90% to INR 25 C...