Zomato’s name change applies to the corporate entity, not the brand or app Food tech major Zomato’s shareholders have approved a resolution to change the corporate entity’s name to Eternal Ltd.
99.75% of votes were in favour on votes polled, said the company about the resolution outcome in a stock exchange filing on March 9.
Eternal will house four businesses: Food delivery business (Zomato), quick commerce unit (Blinkit), going-out vertical (District) and B2B grocery supply company (Hyperpure).
Zomato’s name change applies to the corporate entity, not the brand or app.
At 12:15 pm on March 10, Zomato’s shares were trading 1.5% lower at Rs 213.5 apiece. The 52-week low of the stock is Rs 144 and 52-week high is Rs 304.7. The market capitalisation of the Gurugram-headquartered firm’s stock is Rs 1.94 lakh crore.
“When we acquired Blinkit, we started using “Eternal” (instead of Zomato) internally to distinguish between the company and the brand/app. We also thought that we would publicly rename the company to Eternal, the day something beyond Zomato became a signicant driver of our future. Today, with Blinkit, I feel we are there. We would like to rename Zomato Ltd., the company (not the brand/app), to Eternal Ltd,” Deepinder Goyal, group CEO and co-founder of Zomato, said in a letter filed with the BSE on February 6.
“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 added in his letter. “This isn’t just a name change; it is a mission statement. A reminder etched into our identity that we will endure — not because we are here, but because we need to get there.”
The name change comes at a time the company’s core business, food delivery, has seen a slowdown in line with what rival Swiggy has witnessed.
Source: www.moneycontrol.com