Deepinder Goyal Resigns as CEO of Eternal
In a surprising development for India's startup ecosystem, Deepinder Goyal has announced his resignation as the CEO of Eternal, the parent entity that houses Zomato, Blinkit, and other business verticals. However, he clarified that he will continue to serve as the CEO of Zomato.
Why the Change?
Eternal was conceptualized as a "company of companies," similar to Alphabet's structure for Google. Goyal's decision to step back from the group-level CEO role suggests a desire to focus more deeply on the core food delivery business, which remains the flagship revenue generator.
In an internal memo, Goyal stated, "My bandwidth is best utilized in driving the growth and profitability of Zomato. The other verticals have capable leaders who can steer them forward independently under the Eternal umbrella."
Market Reaction
The markets reacted with mixed sentiments. Zomato's stock saw a slight dip initially but recovered as analysts interpreted the move as a positive sign of Goyal's renewed commitment to the core business amid intensifying competition from Swiggy and new entrants.
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This move raises questions about the leadership structure of Eternal going forward. Will a new CEO be appointed, or will the heads of verticals like Blinkit, Hyperpure, and Feeding India report to a board? For now, it seems Goyal is betting on decentralization to fuel the next phase of growth.
Conclusion
Deepinder Goyal's journey has always been one of bold pivots and aggressive growth. This resignation is not an exit, but a realignment. It underscores the maturity of the Indian tech sector, where founders are willing to evolve their roles for the greater good of the enterprise.