Zomato Ltd which is an Indian food delivery app launched last year is ready to change its name to Eternal Ltd after getting approval to acquire another delivery startup. The company is now appointing Chief Executive officers to lead its key business units.
Zomato is funded by Ant Group Co., Temasek Holdings Pte. and Goldman Sachs Group Inc. It said in a statement that it will appoint CEOs to at least four units after its deal for the grocery delivery startup named Blinkit. The company also owns a business to Business unit called Hyperpure which delivers ingredients and kitchen supplies to restaurants.
Deepinder Goyal, Co-founder, and CEO of Zomato said that the company is transitioning from a place where he was a CEO to a place where they have multiple CEOs for each of their businesses, i.e, Zomato, Blinkit, Hyperpure, and Feeding India. All will act as support to each other and will work as a super team to build a single large and seamless organization. He further added that from today onwards, this large organization will be called Eternal adding that the name will remain internal for some time.
The emails and workspaces of the company will take place on Eternal name and Singh said that he anticipates a day when the instant grocery delivery business will take over the food delivery business and on that day they will change the company’s Zomato Ltd name to Eternal Ltd and also change stock ticker to Eternal.
On Tuesday, shares of Zomato rose to 19 percent after it posted a smaller-than-expected loss of 1.86 billion rupees ($23.7 million) in the quarter ending June. However, the stock decreased in value too low in July after the IPO lockup period for investors expired.
