Zomato‘s founder and CEO, Deepinder Goyal, has unveiled a new organizational structure that will see the company’s businesses, such as Zomato, Blinkit, and Hyperpure, controlled by various CEOs under a single umbrella company named “Eternal.”
Forming the Eternal and CEOs
Goyal stated that they are at a period in life when they are maturing from managing (more or less) a single business to managing numerous huge companies at this time in a note issued to employees on an internal communication channel.
As per the sources, Goyal mentioned in a note that since the Zomato-Blinkit merger has been allowed, the three businesses—Zomato, Blinkit, and Hyperpure—are listed in order of business size and influence.
He explained that they are moving from a business where he served as the CEO to one where multiple CEOs will be in charge of each of their businesses, acting as peers to one another and collaborating as a super-team to create a single, sizable organization.
Zomato and Others
At a time when Zomato’s stock is being battered on Dalal Street, the business plans to refer to this larger entity as “Eternal.” It has fallen by almost 69% this year and was hovering around Rs. 46 on Monday.
According to Goyal, “Eternal” will have several companies. Zomato (delivery+dining out), Blinkit, Hyperpure, and Feeding India are already available. For now, Eternal will only be used internally. The “Eternal” emblem is now present on the company’s property and goods like t-shirts as a sign of the employees’ acceptance of the new branding.
Zomato, an online meal delivery service, distributed over 4.66 crore shares from its employee stock option plan (ESOP) pool late last month to its staff, each bearing a face value of Rs 1. According to its statement with the stock exchanges, the allocation of 4,65,51,600 equity shares to employees upon the exercise of vested stock options was approved by the board of directors.
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