At a Glance
- Deepinder Goyal is stepping down as CEO of Eternal, Zomato’s parent, handing the role to Blinkit chief Albinder Dhindsa.
- Goyal will stay on the board as vice chairman to focus on “higher-risk exploration and experimentation.”
- Eternal posted a 73% profit jump to ₹1.02 billion last quarter, with revenue up 190% to ₹166.92 billion.
- Why it matters: The move signals Blinkit’s rising clout inside Eternal as quick-commerce growth outpaces food delivery.
Deepinder Goyal, who built Zomato from a restaurant-listing site into a food-delivery giant, is leaving the CEO seat at parent company Eternal. Albinder Dhindsa, head of quick-commerce arm Blinkit, will take over day-to-day leadership.
Goyal announced the change Wednesday, saying he will remain vice chairman of Eternal’s board while shifting attention to new ventures. “This is a change in title, not in commitment toward outcomes,” he wrote in a letter to shareholders. “Eternal remains my life’s work.”
From FoodieBay to $1.8 Billion Revenue
Goyal and Pankaj Chaddah launched the business in 2008 as FoodieBay while both worked at Bain & Company. They went full-time in 2009, rebranded to Zomato in 2010 after eBay objected to the name, and entered food delivery in 2015.
Key milestones:
- 2018: Chaddah exits
- 2020: Zomato buys Uber Eats India
- 2022: Zomato acquires Blinkit (formerly Grofers) for $568 million
Today Eternal’s portfolio spans food delivery, quick commerce, and minority stakes in sectors from aviation to health tech.
Blinkit Drives the Numbers
Eternal’s third-quarter results, released alongside the leadership change, show Blinkit powering growth:
| Metric | Q3 FY24 | YoY Change |
|---|---|---|
| Adjusted revenue | ₹166.92 bn | +190% |
| Profit | ₹1.02 bn | +73% |
| Blinkit net order value | ₹133.0 bn | +121% |
The quick-commerce division now accounts for the bulk of Eternal’s top line, underscoring why Dhindsa’s promotion aligns with the company’s fastest-growing segment.
What Goyal Does Next
Outside Eternal, Goyal has already seeded several projects:
- Continue Research, a longevity initiative
- Temple, an experimental brain-health wearable
- LAT Aerospace, an aviation startup where he is co-founder
- Active angel investments
He describes his next chapter as “higher-risk exploration and experimentation” that may not fit within a listed-company structure.
Quick-Commerce Scrutiny Grows
The handover comes as India’s quick-commerce boom faces regulatory pressure. The labour ministry recently ordered platforms to drop “10-minute delivery” ads and improve conditions for gig workers who power the rapid fulfillment model.
Eternal, now led by Dhindsa, must balance breakneck growth with mounting scrutiny over worker welfare.
Key Takeaways
- Albinder Dhindsa takes Eternal’s helm as quick commerce eclipses food delivery in revenue
- Deepinder Goyal keeps board seat but pivots to seed-stage bets
- Eternal’s quarterly profit and revenue both surged, driven by Blinkit’s 121% order-value jump
- Regulatory spotlight on delivery workers adds urgency to operational reforms
