Food tech major Zomato has changed its name to Eternal and the company’s board has approved the same, the company said in a stock exchange filing on February 6.
“When we acquired Blinkit, we started using “Eternal” (instead of Zomato) internally to distinguish between the company and the brand/app. We also thought that we would publicly rename the company to Eternal, the day something beyond Zomato became a signicant driver of our future. Today, with Blinkit, I feel we are there. We would like to rename Zomato Ltd., the company (not the brand/app), to Eternal Ltd,” Deepinder Goyal, group CEO and co-founder of Zomato, said in a letter filed with the BSE.
Moneycontrol was first to report about the company changing its name on August 1, 2022. Goyal had however dismissed the report, later that same month, and said Eternal is an internal name and there are no plans to rename the Zomato app.
To be sure, the Zomato app will not be renamed but the stock ticker will be changed from Zomato to Eternal. Eternal will comprise four major businesses (as of now) – Zomato, Blinkit, District, and Hyperpure.
"Eternal is a powerful name, and to be honest, it scares me to my core. It is a tall order to live up to. Because ‘Eternal’ carries both a promise and a paradox," Goyal added in his letter. "This isn’t just a name change; it is a mission statement. A reminder etched into our identity that we will endure — not because we are here, but because we need to get there."
"Currently we are going through a broad-based slowdown in demand which started during the second half of November," Rakesh Ranjan, CEO, food ordering and delivery business, Zomato (now Eternal) said in the company's shareholder letter on January 20 while announcing the company's results.
During Q3FY25, Zomato saw its consolidated profit after tax (PAT) drop 57 percent year-on-year (Y-o-Y) to Rs 59 crore, down from Rs 138 crore in the same period a year ago. It had reported a PAT of Rs 176 crore in Q2FY25. Its revenues however rose 64 percent Y-o-Y to Rs 5,404 crore in Q3FY25, up from Rs 3,288 crore a year ago and Rs 4,799 crore in the previous quarter.
To be sure, while the company's board has approved the name change, it will now await its shareholders to greenlight the name change.
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