New Delhi, Nov. 25 -- It is a strange situation. Zomato and Swiggy are racing to deepen their losses; but for now, investors don't seem to mind. Their strategy of doubling down on ultra-fast grocery delivery, even though their core food-delivery business is clearly hitting a ceiling, is being touted as bold innovation. In reality, it may be just capital destruction.

In its Q3 FY25 (October-December 2025) earnings, Zomato reported a sharp 57% drop in net profit to just Rs.59 crore thanks to Blinkit, its quick-commerce arm whose net loss increased significantly to Rs.103 crore. Meanwhile, Blinkit's gross order value more than doubled in the quarter, jumping 120% year-on-year, even though those orders are only magnifying the bleeding.

Swig...