Homegrown food delivery company Zomato's rebranding as Eternal is an internal identity and wouldn't change anybody's roles and responsibilities at the start-up, revealed its founder and CEO Deepinder Goyal on Monday.
Goyal, in a public statement, said that Eternal is just an internal exercise, "only a notion to bind all our different businesses and leaders under a common name and a mission", and there are no plans to rename the company's food delivery app.
Zomato's statement comes a few weeks after its CEO had shared a note internally in the company about rebranding the larger Zomato organisation (post the acquisition of Blinkit) as 'Eternal'.
"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," CEO Goyal explained. He also informed that the internal reorganisation wasn't intended to imply a succession plan.
According to the reports, the company was planning to bring all its businesses under one umbrella of Eternal as Zomato's parent company, which would have multiple CEOs. Following reports of its 'Eternal' restructuring scheme, capital markets regulator Securities and Exchange Board of India (SEBI) had asked Zomato to clarify on the same.
While explaining more about Eternal, he said, "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."
Today on BSE, Zomato's stocks fell 4.4 per cent to end at Rs 59.15 with the overall losses in the Indian and global equities market.
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today