zomato Ltd., the Indian food-delivery company that went public last year, is appointing CEOs to head its major business units and plans to rename itself. eternal Ltd. after getting approval to acquire another delivery startup.
Backed by Zomato, Ant Group Company, Temasek Holdings Pte, and Goldman Sachs Group Inc., said in an internal memo that it would nominate CEOs to at least four entities following the deal for the grocery-delivery startup. blinkit, Target company also owns a business-to-business unit called HyperPure, which provides ingredients and kitchen supplies to restaurants.
“We are shifting from a company where I was the CEO, where we will have multiple CEOs running each of our businesses (like Zomato, Blinkit, Hyperpure, Feeding India), all acting as peers to each other. are, and are working as a, super-team with each other towards building a large and seamless organization,” Deepinder Goyal, its co-founder and CEO wrote in a note shared with employees. “From today onwards, we are going to call this big organization as “Sashwat”, adding that it will remain an internal name for some time,” Goyal said.
The company’s email and workspace will be in the name Shashwat and Singh said he hopes one day when Tatkal Kirana will overtake its food delivery business. At that point, “we will change the name of our company from Zomato Ltd. to Eternal Ltd., and also change our stock ticker to ETERNAL,” he added in the note.
Shares of Zomato rose 19% on Tuesday after posting a lower-than-expected loss of Rs 1.86 billion ($23.7 million) in the quarter ended June. The stock hit a record low in July after the IPO lockup period ended for investors.
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