“We are in a life stage where we mature from running (more or less) one company to running multiple large companies,” Deepinder Goyal, CEO and MD of Zomato, wrote on the company’s slack channel.
ET has reviewed the copy of the message.
“We are moving from a company where I was the CEO to a place where we have multiple CEOs running each of our companies (e.g. Zomato, Blinkit, Hyperpure, Feeding India), all of whom are peers for each other and work as a super team together to build one large and seamless organization,” he informed.
Goyal said the company would name this larger organization “Eternal.”
“The word Eternal is a mission in itself. Eternal means forever, something that will last more than a few lifetimes. Boundless, timeless, immortal, endless, permanent – are some of the other words that can be used to describe Eternal,” he wrote in the post on July 28.
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The chief executive of the Gurugram-based startup Eternal will remain an internal name for now. “You should start seeing the Eternal logo in a few places in our office. As well as some t-shirt(s) on yourself in a few days,” he wrote.
Currently, Blinkit is led by Albinder Dhinsda, and co-founder Mohit Gupta is the CEO of Zomato’s food delivery business. Ramit Goyal is the head of product and growth for his business-to-business restaurant supply company Hyperpure.
money control first report on Zomato’s internal branding initiative.
Last week, Zomato’s stock had plunged after the mandatory lock-in period for pre-IPO shareholders expired. Overall, the stock is down more than 70% from its all-time high of Rs 169.10 on November 16, 2021.
“The value per share fell from 40.79 to 35.32 per share, with a large part of the change in value from last year due to macroeconomic developments, which are reflected in higher cost of capital. To generate this value, the company must stop paying lip service to its contribution margins and adjusted earnings before interest, depreciation and amortization (EBITDA), and work to reduce the growth in cost of goods sold.” Aswath Damodaran said in a blog post last week.
The company today announced its financial results for the April-June quarter.