The online food delivery platform Zomato Ltd's board of directors has approved the holding company's name change to “Eternal” without changing the brand's name or the app.
In his letter to the shareholders on Thursday, the chief executive officer, Deepinder Goyal said, “Zomato is an accidental company,” born out of a desire to serve, which became a business over time, according to an exchange filing.
“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," said Goyal in his letter.
Goyal said the company had started using the name “Eternal” instead of Zomato when they acquired Blinkit to differentiate between the company and the brand or the application.
“We also thought that we would publicly rename the company to Eternal, the day something beyond Zomato became a significant driver of our future,” said Goyal, highlighting that, along with Blinkit, the company feels that the time has come.
However, only the name of the holding company will be changed. After the Ministry of Corporate Affairs approves the name change, the online food delivery application Zomato and quick commerce platform Blinkit will retain their names.
Goyal says working at Eternal will be a wake-up call to the fact that “our forever is earned in moments of self-doubt, in acknowledging our limitations, in our constant hunger to be better than we were yesterday”.
The CEO also said that once the new name is approved, the main website will be converted from zomato.com to eternal.com, and the stock market ticker will become ETERNAL from ZOMATO. The company will have four business brands under its holdings – Zomato, Blinkit, District, and Hyperpure.
(By arrangement with livemint.com)