Zomato founder and CEO Deepinder Goyal on Monday said the company has no plans to rename itself ‘Eternal’. The attempt was only to rebrand itself internally, Goyal said in a filing on the BSE.
“…Eternal remains an internal identity — it is currently only a notion to bind all our different businesses and leaders under a common name and a mission, and there is NO plan whatsoever to rebrand the Zomato app to Eternal,” Goyal said.
At present, the Gurugram-based company has three divisions: Zomato, its food delivery business; Blinkit, the quick-commerce app; and Hyperpure, the arm that supplies ingredients to restaurants.
Ever since a Slack note by Goyal to Zomato employees made its way to the wider public, he has also been asked if the rebranding could possibly mean he was setting the stage to move away from day-to-day operations.
Allaying shareholders’ concerns, he said, “The simple straight answer to this is NO. I am as excited about continuing to build Zomato as I ever was, if not more. I believe that Zomato is my life’s work, and the hardest (and the most fulfilling) part of the journey is still ahead of me. This announcement does not change anybody’s roles and responsibilities (including and particularly mine) at Zomato.”
Earlier this month, the company’s shares had soared by over 15% after Zomato’s internal rebranding plan became public. After its debut on the BSE, Zomato’s shares have lost about 60% of their value on concerns about valuation and growth.