Indian food delivery group Zomato plans to rename itself as Eternal in an effort to make a strategic shift as its quick-commerce unit, Blinkit, becomes a significant driver of growth.
The Gurugram-based company, which joined India’s benchmark index, BSE Sensex, in December, said on Thursday the name change would better reflect its expanding business portfolio, which includes Blinkit, business-to-business venture Hyperpure, and events app District.
The Zomato app and brand name will remain unchanged.
Blinkit grew materially larger than Zomato’s food delivery business in the past year. A number of analysts estimate that Blinkit will grow to account for as much as 70% of the group’s value in the coming year.
In a letter to shareholders, founder Deepinder Goyal said the company started using “Eternal” internally after acquiring Blinkit to distinguish between the corporate entity and its food delivery brand.
“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 wrote in a letter. “This isn’t just a name change; it is a mission statement.”
The company, which has a market cap of $25.2 billion, also plans to change its stock ticker from ZOMATO to ETERNAL.
