Eternal An Internal Identity; No Plan To Move Away From Day-To-Day Business: Zomato

No Plan To Move Away From Day-To-Day Business: Zomato CEO

SUMMARY

Eternal is just an internal identity, only “a notion to bind all our different businesses and leaders under a common name and a mission”: Deepinder Goyal

The rebranding would not change his or anybody’s roles and responsibilities at the startup, the Zomato CEO said

No plan whatsoever to rebrand the Zomato app to Eternal: Goyal

Zomato founder and CEO Deepinder Goyal on Monday (August 29) issued a clarification on the rebranding of the larger organisation to Eternal, and said that it would not change his or anybody’s roles and responsibilities at the startup.

Goyal said that Eternal is just an internal identity, only “a notion to bind all our different businesses and leaders under a common name and a mission”, and there is no plan whatsoever to rebrand the Zomato app to Eternal.

Explaining the reason for rebranding, he said, “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.”

Zomato acquired quick commerce startup Blinkit in June in an all-stock deal worth $568 Mn.

“The word Eternal is a mission statement in itself. Eternal means forever, something that will last for more than just a lifetime,” added Goyal. “We want each of our businesses to be built with a very long term view, well beyond our lifetimes.”

The report about Zomato’s rebranding first emerged at the beginning of this month. According to the report, Zomato was planning to bring all its businesses under one umbrella of Eternal as their parent company, which would have multiple CEOs.

The CEO also said that the rebranding to Eternal doesn’t mean that he would move away from the company’s day-to-day business and wouldn’t change his role. “This announcement does not change anybody’s roles and responsibilities (including and particularly mine) at Zomato.”

Earlier, replying to clarification sought by the exchanges from the company on the report about its rebranding, Zomato said that it was an internal communication and did not mandate any disclosure.

Shares of Zomato fell 4.4% on Monday to end at INR 59.15 on the BSE, in line with the overall losses in the Indian and global equities market following hawkish commentary from the US Federal Reserve chief.