According to reports, Eternal will include Zomato’s delivery and dining businesses, as well as BlinkIt, Hyperpure, and Feeding India, and the company will most likely launch a completely new logo for the same.
The Board of Directors of Zomato has authorized a deal to pay Rs 4,447 crore for the cash-strapped quick commerce business BlinkIt. Last year, Zomato extended Grofers India Private Limited a USD 50 million loans.
“Now that Zomato BlinkIt deal is approved, we have three companies- Zomato, Blinkit, and Hyperpure – in the order of business size/impact. In addition to these three, we also have Feeding India.
We are now at a stage of life where we are maturing from running (more or less) a single business to running multiple large companies,” Zomato founder and MD Deepinder Goyal wrote. In the message last week after shareholders approved the acquisition of BlinkIt, a grocery delivery firm that was formerly known as Grofers, the statement was shared on the company’s Slack channel.
Goyal also added “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, all acting as peers to each other, and working as a super team with each other towards building a single large and seamless organisation. Starting today, we are going to call this larger organisation ‘Eternal’”
About Blinkit
BlinkIt is a quick commerce marketplace that provides customers with groceries and other essential items in minutes (an average delivery time of 15 minutes in the month of May).
As Grofers, Albinder Dhindsa and Saurabh Kumar founded Blinkit in December 2013.
In recent weeks, the company’s stock had also fallen to an all-time low of INR 41.5, which was attributed to Zomato’s acquisition of BlinkIt.
The announcement comes right when Zomato is expected to release its Q1 FY23 results at an investor meeting today (August 1, 2022). Experts predict that Zomato’s loss will narrow and revenue will increase compared to the same quarter last year.
Talking about the logic behind the name Eternal, Goyal explicated “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.”
In 2008, FoodieBay and Zomato were both created by Deepinder Goyal and Pankaj Chaddah. 2010 saw the company’s name change to Zomato. The company that started from an idea to now an umbrella organization as Eternal, they’ve come a long way.
Late this month, Zomato dispersed roughly 4.66 crore shares from its employee stock option plan (ESOP) pool to its employees at a face value of Rs 1.
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