Online food aggregator Zomato will have a new identity and structure, according to the company’s founder and CEO Deepinder Goyal. Goyal’s note, published on the company’s Slack channel, said the company is transitioning from a single CEO structure to having multiple CEOs running each business.
He added the organisation will be called Eternal. The new entity will have Zomato, Blinkit, Hyperpure and Feeding India, all organised in order of size and impact of business. Goyal said in the note first accessed by Moneycontrol, “Now that the Zomato/Blinkit deal is approved, we have three companies – Zomato, Blinkit and Hyperpure- in the order of size of business/impact. In addition to these three, we also have Feeding India.”
He further said, “We are transitioning from a company where I was the CEO to a place where we will have multiple CEOs running each of our businesses, all acting as peers to each other, and working as a super-team with each other towards building a single large and seamless organisation.”
Talking about the rationale behind naming the new entity as Eternal, Goyal underscored, “The word Eternal is a mission statement in itself. Eternal means forever, something that will last for more than just a few lifetimes. Boundless, timeless, undying, endless, permanent—are some of the other words that can be used to describe Eternal.”
Zomato stock is trading at 45.55 apiece on the BSE, down 3.20 per cent from Friday at the time of writing this story. The stock has been under immense pressure since the past week.
Brokerage Jefferies said on the stock’s performance, “From an exuberance at the time of the listing last year, Zomato is now unloved, having underperformed peers year-to-date. Blinkit acquisition elongates the path to profitability and despite management guidance on break-even in food delivery, investors are not giving many benefits of doubt.”
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