Eternal CEO Deepinder Goyal hands over reins to Blinkit chief as quick commerce takes off

Deepinder Goyal, the visionary co-founder and CEO of Zomato and its parent company Eternal, is transitioning out of his leadership role, handing the reins to Albinder Dhindsa, who currently heads Blinkit, the company's quick-commerce segment. Goyal announced his decision on Wednesday, confirming he will continue to serve as vice chairman on Eternal’s board while redirecting his attention to 'higher-risk exploration and experimentation,' endeavors he feels are difficult to pursue within a publicly traded company. In his letter to shareholders, Goyal emphasized, 'This is a change in title, not in commitment toward outcomes.' He expressed that Eternal represents his life's work, underpinning his dedication even as he steps back from day-to-day operations. Goyal co-founded Zomato in 2008 alongside Pankaj Chaddah, initially launching as FoodieBay, a platform for restaurant discovery and reviews. After rebranding to Zomato in 2010 due to a naming conflict with eBay, the company ventured into food delivery in 2015. Chaddah departed in 2018, and Zomato solidified its market presence by acquiring Uber Eats' India operations in 2020, followed by the purchase of Blinkit for $568 million in 2022. This leadership transition comes on the heels of Eternal's impressive third-quarter performance, where profits soared by approximately 73% to ₹1.02 billion (around $11.13 million), supported by adjusted revenues of ₹166.92 billion (about $1.8 billion), marking a 190% increase year-on-year. Blinkit emerged as the company's fastest-growing segment, with net order value surging 121% to ₹133.0 billion (approximately $1.45 billion) in the last quarter. Beyond his role at Eternal, Goyal has been pursuing various projects, including a longevity research initiative named Continue Research and a brain-health wearable called 'Temple.' He is also a co-founder of LAT Aerospace, an aviation startup, and serves as an angel investor. This leadership change may signal Blinkit’s growing significance within Eternal, reflecting the company's shift towards quick commerce, which is experiencing rapid growth in India, despite facing increased scrutiny regarding the working conditions of gig workers in the industry. Recently, the country's labor ministry urged platforms to reevaluate their '10-minute delivery' campaigns and implement measures to enhance the welfare of their delivery personnel.