Zomato's Deepinder forms umbrella organisation 'Eternal' with multiple CEOs

by IANS |

New Delhi, Aug 1 (IANS) Zomato Founder and CEO Deepinder Goyal has announced a new structure for the company that will see its businesses like Zomato, Blinkit and Hyperpure run by different CEOs under one umbrella organisation called 'Eternal'.

In a note sent to employees on an internal communication channel, Goyal said that they are now at a stage of life where "we are maturing from running (more or less) a single business, to now running multiple large companies".

"Now that the Zomato-Blinkit deal is approved, we have three companies -- Zomato, Blinkit and Hyperpure -- in the order of business size/impact," Goyal said in the note seen by IANS.

"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 (e.g. Zomato, Blinkit, Hyperpure, Feeding India), all acting as peers to each other, and working as a super-team with each other towards building a single large and seamless organisation," he elaborated.

The company is going to call this larger organisation "Eternal", at a time when Zomato's stock gets hammered on Dalal Street (it was hovering around Rs 46 on Monday and has nosedived around 69 per cent this year).

Goyal said that 'Eternal' will have multiple companies.

"It already has Zomato (delivery+dining out), Blinkit, Hyperpure, and Feeding India. Eternal will remain an internal name for now," he said.

The new branding has been acknowledged by the company employees, with the "Eternal" logo now being placed at the company's premises and merchandise like t-shirts.

Late last month, the online food delivery platform Zomato allotted nearly 4.66 crore shares to its employees from its employee stock option plan (ESOP) pool at the face value of Rs 1.

The board of directors approved the allotment of 4,65,51,600 equity shares to employees upon exercise of vested stock options, according to its filing with the stock exchanges.

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