Zomato: One of the largest food delivery and restaurant discovery platforms, has been making headlines with its latest move—a name change. The new name of this food brand is – ”eternal”. with this change company also change the brand logo.
Latest Update by Owner
In a letter to shareholders on Thursday, Deepinder Goyal announced that the company’s board has approved a name change and urged shareholders to support the decision.
“If and when it is approved, our corporate website will transition from zomato.com to eternal.com. We will also change our stock ticker from ZOMATO to ETERNAL. Eternal will comprise four major businesses (as of now) – Zomato, Blinkit, District, and Hyperpure,” Deepinder Goyal said in the letter.
“This journey has created tremendous wealth — not just for me, but for our employees, institutional investors, and retail shareholders. But I did not start Zomato to make money. I started it because I wanted to do something worthwhile with my life. One weekend, I went around town, collected takeaway menus, and uploaded them onto a website — purely in the spirit of service. I never thought it could be a business. I wasn’t looking for revenue. I was simply trying to be helpful,” Deepinder Goyal said in his letter.
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Some Historical Events
In 2008, Deepinder Goyal and Pankaj Chaddah, both former employees of Bain & Company, launched a platform called FoodieBay. Initially, the website functioned as a portal for restaurant listings and recommendations. By 2010, they decided to rebrand the company as Zomato, aiming for a broader scope beyond just food-related services and to prevent any potential trademark issues with eBay.
In 2015, this company introduced its food delivery service in India. To facilitate deliveries for restaurants without their own delivery system, the company initially collaborated with partners like Delhivery and Grab.
Business Growth of Zomato
In July 2021, this company became a publicly traded company, launching its initial public offering (IPO) with a valuation exceeding $8 billion.
In April 2022, company has introduced a pilot program for 10-minute food delivery in Gurgaon, named Zomato Instant. Later, in June 2022, the company announced its acquisition of quick-commerce platform Blinkit for $568 million.
On June 24, 2022, company completed the acquisition of Blinkit (previously known as Grofers) in an all-stock deal valued at $568 million.
On August 27, 2024, this company acquired Paytm’s event ticketing subsidiaries, Wasteland Entertainment Private Limited (WEPL) and Orbgen Technologies Private Limited (OTPL), in a deal worth $244.2 million.
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Some Key Points About Zomato
- Founder – Deepinder Singh
- Headquarters – Gurugram, Haryana, India
- Revenue – ₹12,114 crore (US$1.4 billion) (2024)
- Operating Income – ₹291 crore (US$34 million) (2024)
- Net Income – ₹351 crore (US$41 million) (2024)
- Total Assets – ₹23,356 crore (US$2.7 billion) (2024)
- Total Equity – ₹20,413 crore (US$2.4 billion) (2024)
- Number of Employees – 4440(2024)
- Website- zomato.com
#Zomato changes its company name to #Eternal. @deepigoyal explains the rationale.
Read: https://t.co/c5C8kukWeQ pic.twitter.com/ZzdizLTssZ
— NDTV Profit (@NDTVProfitIndia) February 6, 2025
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