Zomato Chief Executive Officer Deepinder Goyal said that the company’s rebranding as Eternal is an internal exercise and there are no plans to rename the company’s food delivery app.
“We didn't want the Blinkit team to feel like a step-child once we completed the transaction. We needed to make sure that both Zomato and Blinkit were placed at par within the importance hierarchy of our daily work lives,” Goyal said in a stock exchange filing by Zomato on August 29.
“The word Eternal is a mission statement in itself. Eternal means forever, something that will last for more than just a lifetime. We want each of our businesses to be built with a very long term view, well beyond our lifetimes,” he added.
Moneycontrol reported first earlier this month that Goyal has mooted a new identity and mission for the food delivery company, even as its stock witnessed massive sell-off pressure. This idea, posted on the company's Slack channel, was written in July, after shareholders approved its acquisition of Blinkit, a grocery delivery startup that was previously called Grofers.
"Now that the Zomato Blinkit deal is approved, we have three companies- Zomato, Blinkit and Hyperpure - in the order of business size/impact. In addition to these three, we also have Feeding India. We are now at a stage of life where we are maturing from running (more or less) a single business to running multiple large companies," Goyal had written in the internal message last month.
At present, Blinkit (erstwhile Grofers) is led by co-founder and CEO Albinder Dhindsa and Feeding India, a non-profit that was acquired in 2019, is headed by Vishal Kumar. In the run up to the company's IPO, Rahul Ganjoo was appointed the CEO of food delivery in 2020. Ganjoo had replaced Mohit Gupta who was elevated as co-founder and CEO of new businesses.
In the stock exchange filing on Monday, Goyal maintained that the internal reorganisation was not intended to imply a succession plan.
“Infact, one of the questions that I have been asked most frequently by investors recently has been along the lines of… Is this a plan for you heading to the hills eventually?”, he said.
“The simple straight answer to this is NO. I am as excited about continuing to build Zomato as I ever was, if not more. I believe that Zomato is my life's work, and the hardest (and the most fulfilling) part of the journey is still ahead of me. This announcement does not change anybody’s roles and responsibilities (including and particularly mine) at Zomato,” he added.
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