Food delivery company Zomato’s rebranding as Eternal is an internal exercise and won't affect anyone's positions or responsibilities. There are no plans to rename the company. Deepinder Goyal, CEO of Zomato, stated.
"We didn't want the Blinkit team to feel like a stepchild once the transaction was completed." We needed to ensure that Zomato and Blinkit were treated equally in the importance hierarchy of our daily work lives," Goyal said in a Zomato stock exchange filing on August 29.
He added in the public statement that 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.
"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.
"The short and simple answer is NO. I am as enthusiastic about continuing to build Zomato as I have ever been. I believe Zomato is my life's work, and the most difficult (and rewarding) part of the journey is still ahead of me. This announcement has no effect on anyone's roles and responsibilities at Zomato, including and especially mine," he added.
According to the sources, the corporation intended to unite all of its operations under Eternal, which would serve as Zomato's parent company and include a number of CEOs. Zomato was ordered to provide further information by capital markets regulator Securities and Exchange Board of India (SEBI) after news of its "Eternal" reorganisation plan surfaced.
Zomato's shares today on the BSE declined 4.4% to close at Rs 59.15, along with the general losses in the Indian and international equity markets.
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