NEW DELHI: Food tech company Zomato has officially rebranded as Eternal, following approval from its board. The name change is now subject to approval from shareholders, the Ministry of Corporate Affairs, and other relevant regulatory authorities.
The company clarified that while the Zomato app will retain its name, the stock ticker will be updated from Zomato to Eternal. The newly-named Eternal will encompass four key businesses: Zomato, Blinkit, District, and Hyperpure.
“We would like to hereby inform that the board of directors of the Company vide resolution dated February 6, 2025, have approved the change in the name of the Company from ‘Zomato Limited’ to ‘Eternal Limited’, and the consequential amendment in the Memorandum of Association and Articles of Association to give effect to the same,” said Zomato in a filing to the exchanges.
It added, “The board of directors of the Company also approved the postal ballot notice to be sent to the shareholders of the Company and the stock exchange(s) for the following matter: 1. To approve change of name of the Company and consequent alteration in the Memorandum of Association and Articles of Association of the Company.”
Deepinder Goyal, group CEO and co-founder of Zomato, in a letter filed with the BSE said that when they acquired Blinkit, we started using “Eternal” (instead of Zomato) internally to distinguish between the company and the brand/app. Zomato completed the acquisition of quick commerce company Blinkit (formerly Grofers) in August 2022.
“We also thought that we would publicly rename the company to Eternal, the day something beyond Zomato became a significant driver of our future. Today, with Blinkit, I feel we are there,” said Goyal.
“Our Board has approved this change today and I request our shareholders to also support this change. 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... A company has multiple founding moments, and I hope this change is another one in our journey into the future,” added Goyal.
Zomato, which became the first new-age company to enter the elite BSE Sensex index, may now enter the other benchmark index - the NSE Nifty50.
In its latest note, brokerage firm JM Financial said that Zomato and Jio Financial Services may enter the Nifty 50 index in the upcoming rejig, which is due in March.
Zomato's inclusion could attract passive inflows of $702 million, while Jio Financial Services may see inflows of $404 million, said JM Financial.
In the recently concluded December quarter (Q3FY24), Zomato saw its consolidated profit after tax (PAT) falling 57% year-on-year to Rs 59 crore, down from Rs 138 crore in the same period a year ago.
Its revenues, however, rose 64% Y-o-Y to Rs 5,404 crore in Q3FY25, up from Rs 3,288 crore a year ago.