Zomato parent Eternal’s founder and CEO, Deepinder Goyal, will step down after 18 years at the helm, handing over the reins to Albinder Dhindsa, the head of its fast-growing quick-commerce business Blinkit.
Goyal launched Zomato in 2008, led it to a landmark stock market listing in 2021 and later rebranded the group as Eternal following its purchase of Blinkit in 2022, which has since become the company’s largest revenue driver.
Dhindsa takes over at a time when Eternal is fiercely competing with Swiggy, Amazon.com and others to expand its share of the lucrative $11.5 billion instant delivery market.
He previously headed Zomato’s international operations for more than two years before leaving to start Blinkit in 2014.
Goyal, the poster boy of India’s quick delivery boom, will remain Eternal’s vice chairman. He said in a letter to shareholders on Wednesday that he was shifting focus to his other ventures involving “exploration and experimentation beyond the company’s core businesses”.
Zomato, one of India’s earliest and most successful unicorns, transformed food delivery from an urban convenience into a widespread cultural phenomenon across the country.
“I want Eternal to become India’s most valuable company,” Goyal said in the letter.
Eternal’s shares have more than doubled since the company’s listing, valuing it at approximately $15 billion.
While the company has added to India’s burgeoning gig workforce, it has also come under fire in the past for deep discounting, driver safety and a move to launch a vegetarian-only delivery fleet.
“While I believe I personally have the bandwidth to continue what I am doing at Eternal, and also explore new ideas outside of it, the expectations, legal and otherwise, of a public company CEO in India demand singular focus,” Goyal said.
He has invested $25 million through his research group, Continue Research to explore human biology and longevity. He also founded LAT Aerospace to develop low-cost regional and short-haul aircraft for India and emerging markets.
Blinkit will remain Dhindsa’s top priority
Goyal said Blinkit will continue to remain Dhindsa’s top priority.
“Blinkit’s journey from acquisition to breakeven happened under Dhindsa leadership … his ability to execute far exceeds mine,” Goyal added.
Brand strategy specialist Harish Bijoor said bringing in the CEO from Blinkit is testimony that quick commerce is the future. “It is the rainmaker and the key differentiator,” he said.
Eternal also reported a 73% jump in quarterly profit, while
Blinkit posted adjusted core earnings of 40 million rupees compared with a loss of 1.56 billion in the previous quarter.
Reuters
