Zomato board of directors have reportedly approved its parental/holding company’s name change to Eternal on Thursday, February 6. The company, however, has decided to retain the names of its food delivery app Zomato and quick-commerce platform BlinkIt.
Its CEO Deepinder Goyal, in his letter to the shareholders, has revealed the reason for renaming the holding company to ‘Eternal’. Goyal wrote in the letter, “Zomato is an accidental company,” born out of a desire to serve, which became a business over time, according to NDTV citing an exchange filing.
“Eternal is a powerful name, and to be honest, it scares me to my core. It is a tall order to live up to. Because ‘Eternal’ carries both a promise and a paradox. True permanence isn’t built on bold claims of invincibility or the swagger of success. It is forged in the quiet understanding that our immortality stems from our mortality — because the day we think we will last forever simply because we declare it, we begin our end,” he adds.
Eternal would be the holding company for its four major businesses, according to official sources. This includes the food delivery platform, quick-commerce service BlinkIt, live-events business District, and kitchen supplies unit Hyperpure.
“We thought of publicly renaming the company when something beyond Zomato became a significant driver of our future,” Founder Goyal writes in a letter to shareholders.
Consolidating its market acquisition plans, the company sounded optimistic about delivering on its promise to retain existing customers. The food delivery platform’s recent acquisition of BlinkIt has drawn rising investor interest, following the quick-commerce platform’s significant growth.
Goyal has also confirmed that the name change is due for finalization. Once it is complete, the food delivery portal Zomato.com will be renamed as eternal.com. Also, the company’s stock market ticker will show up as ETERNAL.
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