Eternal flags risk to achieving 100% EV deliveries by 2030
Eternal, formerly Zomato, says financing constraints for delivery partners, inadequate charging and battery-swapping infrastructure, power-load approvals and fleet growth could delay its all-EV delivery target.
What happened
Eternal, formerly Zomato, is reassessing its goal of shifting all deliveries to EVs by 2030, citing delivery-partner financing barriers, weak charging and
Key facts
- 100% EV deliveries target by 2030
- EV penetration around 10%
- India on-road EV penetration about 6%
- Eternal EV penetration crossing 12%
- More than 50% of India needs a loan to buy a two-wheeler
Why this matters
The infrastructure bottlenecks strengthen the case for Eternal to pursue partnerships or investments in battery swapping, charging networks, fleet financing and distributed energy solutions.
What to watch
- Quarterly change in Eternal's EV delivery penetration relative to its current level above 12% and the sector benchmark near 10%.
- Any formal revision, qualification, or replacement of the 100% EV-by-2030 target.
- New financing partnerships, loan-loss guarantees, leasing programs, or rider subsidy commitments.
- Battery-swapping network expansion, charger installations at restaurant or rider hubs, and utility approvals for higher power loads.
- Delivery-partner retention, earnings trends, EV loan delinquency, and the relative operating cost of EV versus internal-combustion two-wheelers.
- Government changes to EV purchase incentives, battery-swapping policy, electricity tariffs, or urban vehicle restrictions.
- Evidence that delivery-order growth is outpacing EV fleet additions, increasing reliance on internal-combustion riders.
- Expand delivery-partner EV leasing, rent-to-own, and low-down-payment financing programs with banks, NBFCs, OEMs, and fleet operators.
- Prioritize EV deployment in high-order-density metro clusters where battery swapping and charging utilization can support unit economics.
- Negotiate dedicated charging capacity with property owners, swap operators, utilities, and municipal authorities to reduce power-load approval bottlenecks.
- Use differentiated incentives such as higher EV delivery payouts, lower platform fees, priority order allocation, or maintenance support to increase rider conversion.
- Reframe sustainability disclosures around annual EV penetration, emissions per order, and enabled charging/swap points if the 2030 all-EV goal becomes unattainable.