Why Zomato changed its name to 'Eternal'
What's the story
Leading online food delivery firm Zomato has officially rebranded itself as Eternal, and the company's board has approved the same.
The decision was confirmed in a stock exchange filing today.
The change comes after the company's acquisition of Blinkit and is part of an internal strategy to differentiate between the corporate entity and its brand or app.
Notably, this renaming will not affect the Zomato app itself.
Strategic shift
Eternal reflects Zomato's future growth
Deepinder Goyal, Group CEO and Co-founder of Zomato (now Eternal), detailed the reasoning behind the name change in a letter to the BSE.
He said "Eternal" was chosen to represent something beyond Zomato that would significantly drive their future. With Blinkit now playing a major role, Goyal believes it's time for this transition.
However, he clarified only the company is being renamed to Eternal Ltd, not the brand or app.
Business expansion
Eternal to encompass 4 major businesses
The new entity, Eternal, will now include four major businesses: Zomato, Blinkit, District, as well as Hyperpure. The stock ticker will also be changed from Zomato to Eternal.
Goyal stressed that "Eternal" is more than a name change, it's a mission statement representing their commitment to endure and grow.
This strategic shift comes amid a slowdown in the company's core food delivery business.
Financials
Financial performance and future outlook
In Q3 FY25, Eternal saw a 57% year-on-year decline in its consolidated profit after tax to ₹59 crore. However, the company's revenues witnessed a massive 64% YoY growth to ₹5,404 crore in the quarter.