Zomato’s Deepinder forms umbrella firm with multiple CEOs

NEW DELHI: Zomato Founder and CEO Deepinder Goyal has announced a new structure for the company that will see its businesses like Zomato, Blinkit and Hyperpure run by different CEOs under one umbrella organisation called ‘Eternal’.

In a note sent to employees on an internal communication channel, Goyal said they are now at a stage of life where “we are maturing from running (more or less) a single business, to now running multiple large companies”.

“Now that the Zomato-Blinkit deal is approved, we have three companies - Zomato, Blinkit and Hyperpure - in the order of business size/impact,” Goyal said in the note.

“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 (e.g. Zomato, Blinkit, Hyperpure, Feeding India), all acting as peers to each other, and working as a super-team with each other towards building a single large and seamless organisation,” he elaborated.

The company is going to call this larger organisation “Eternal”, at a time when Zomato’s stock gets hammered on Dalal Street (it was hovering around Rs 46 on Monday and has nosedived around 69 per cent this year). Meanwhile, the food aggregator reported a consolidated loss of Rs 186 cr in the Q1 of 2022-23. Its losses eased on both year-on-year and sequential bases. Its consolidated loss was Rs 359 cr in Q1FY22 and Rs 359.7 cr in Q4FY22.