Indian food delivery group Zomato plans to rename itself as Eternal, a strategic shift as its quick commerce unit Blinkit becomes a significant driver of future growth.
The Gurugram-based company, which joined India’s benchmark BSE Sensex in December, said on Thursday the name change would better reflect its expanding business portfolio that includes quick commerce delivery service Blinkit, business-to-business venture Hyperpure and District. The company’s board of directors approved the name change, it said in a stock exchange filing.
Blinkit became materially bigger than Zomato’s food delivery business in the past year and a number of brokerages estimate that Blinkit can account for as much as 70% of the group’s value in a year.
In a letter to shareholders, founder Deepinder Goyal said the company started using “Eternal” internally after acquiring Blinkit to distinguish between the corporate entity and its food delivery brand. The Zomato app and brand name will remain unchanged.
“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,” Goyal wrote in a letter. “This isn’t just a name change; it is a mission statement.”
The company also plans to change its stock ticker from ZOMATO to ETERNAL.
