Thursday, September 28, 2023

Zomato’s Deepinder forms umbrella organization ‘Eternal’ with multiple CEOs

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Founder Zomato and CEO Deepinder goyal has announced a new structure for the company that extends its activities such as Zomato, Blinkit and Hyperpure run by several CEOs under one umbrella organization called ‘Eternal’.

In a note sent to employees via an internal communication channel, Goyal said they are now in a life stage where “we are maturing from running (more or less) a single company to running multiple large companies”.

“Now that the Zomato-Blinkit deal has been approved, we have three companies – Zomato, Blinkit and Hyperpure – in order of company size/impact,” Goyal said in the note seen by IANS.

“We are moving from a company where I was the CEO to a place where we have multiple CEOs running each of our companies (e.g. Zomato, Blinkit, Hyperpure, Feeding India), all acting as equals and working as one super team together to build one large and seamless organization,” he explains.

The company is going to call this larger organization “Eternal” at a time when Zomato’s shares are hammered on Dalal Street (it hovered around Rs 46 Monday and is down around 69 percent this year).

Goyal said “Eternal” will have multiple companies.

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

The new branding has been recognized by the company’s employees, with the ‘Eternal’ logo now appearing on the company and on merchandise such as t-shirts.

At the end of 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 allocation of 4,65,51,600 shares to employees upon exercise of vested stock options, according to its filing with the exchanges.

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