“We are at a stage of life where we are maturing from running (more or less) a single business to now running multiple large companies,” Deepinder Goyal, CEO and MD of Zomato, wrote on the company’s slack channel.
ET has reviewed the copy of the message.
“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 (Eg: Zomato, Blinkit, Hyperpure, Feeding India), all acting as peers to each other and working as a super-team with each other toward building a single large and seamless organisation,” he informed.
Goyal said the company would call this larger organisation “Eternal”.
“The word Eternal is a mission statement in itself. Eternal means forever, something that will last for more than just a few lifetimes. Boundless, timeless, undying, endless, permanent – are some of the other words that can be used to describe Eternal,” he wrote in the message on July 28.
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The chief executive of the Gurugram-based startup added Eternal will remain an internal name for now. “You should start seeing the Eternal logo at a few places in our office. As well as some t-shirt (s) on yourself in a few days from now,” he wrote.
Currently, Blinkit is led by Albinder Dhinsda, and cofounder Mohit Gupta is the CEO of Zomato’s food delivery operations. Ramit Goyal is the head of product and growth for its business-to-business restaurant supply business Hyperpure.
Moneycontrol first reported about Zomato’s internal branding initiative.
Zomato’s stock had nosedived after the mandatory lock-in period for pre-IPO shareholders expired. Overall, the stock has declined by over 70% from its all-time high of Rs 169.10 on November 16, 2021.
“The value per share has dropped from ₹40.79 to ₹35.32 per share with much of the value change from last year is coming from macroeconomic developments, manifested in a higher cost of capital. For this value to be generated, the company will need to stop paying lip service to contribution margins and adjusted earnings before interest tax, depreciation and amortisation (Ebitda) , and work on reducing growth in its cost of goods sold,” finance professor Aswath Damodaran
said last week in a blogpost.
The company will announce its financial results for the April-June quarter today.