BENGALURU: Online food delivery platform Zomato is planning to move to a multiple CEO structure and rebrand internally for now as 'Eternal'.
Zomato CEO and MD Deepinder Goyal told employees on the company's slack that we will have multiple CEOs running each of the company's businesses.
"We are transitioning from a company where I was the CEO to a place where we will have multiple CEOs running each of our businesses, all acting as peers to each other, and working as a super team with each other towards building a single large and seamless organisation," he said.
Goyal said we are going to call this larger organisation 'Eternal'. Eternal will have multiple companies- it already has Zomato (delivery + dining out), Blinkit, Hyperpure and Feeding India.
When enquired about 'Eternal', Zomato did not respond to queries.
In a note to employees, Goyal said, "Now that the Zomato/Blinkit deal is approved, we have three companies- Zomato, Blinkit and Hyperpure... In addition to these three, we also have Feeding India."
In June, the board of directors of Zomato approved the acquisition of quick commerce start-up Blinkit (formerly Grofers) for Rs 4,447.5 crore ($570 million) in an all-stock deal.
Blinkit was last valued at over $1 billion, and this deal is at least 41% lower than its last valuation.
"We have extended Rs 1,125 crore as debt to Blinkit (of which Rs 575 crore is still available as cash with Blinkit) - this debt is being acquired by Zomato as part of the transaction. This means that we have an additional Rs 1,875 crore as per the plan for further potential investments in quick commerce going forward," Zomato founder and CEO Deepinder Goyal said during the acquisition.
Meanwhile, shares of the company on Monday closed at Rs 46.35, 1.07% down from its previous close on the BSE.