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

Deepinder Goyal, the co-founder and CEO of nutrient transportation work Zomato and its genitor Eternal, is stepping down from his relation and handing the apical occupation to Albinder Dhindsa, the CEO of its quick-commerce part Blinkit.

Goyal connected Wednesday said helium would stay connected Eternal’s committee arsenic vice president arsenic helium shifts absorption to “higher-risk exploration and experimentation,” which helium says whitethorn beryllium harder to prosecute wrong the constraints of a listed company.

“This is simply a alteration successful title, not successful committedness toward outcomes,” Goyal said successful a missive to Eternal’s shareholders. “Eternal remains my life’s work.”

Goyal co-founded Zomato with Pankaj Chaddah successful 2008 arsenic a edifice find and reviews level called FoodieBay portion some were moving astatine Bain & Company. In 2009, they discontinue to absorption connected the concern full-time, and rebranded it arsenic Zomato successful 2010 amid a naming struggle with eBay, earlier expanding into nutrient transportation successful 2015.

Chaddah near the institution successful 2018, and Zomato aboriginal consolidated its presumption by acquiring Uber Eats’ India concern successful 2020, and Blinkit (formerly Grofers) for $568 cardinal successful 2022.

The enactment alteration comes arsenic Eternal reported (PDF) beardown momentum successful its 3rd quarter, with nett rising astir 73% to ₹1.02 cardinal (around $11.13 million) from a twelvemonth earlier, connected adjusted gross ₹166.92 cardinal (about $1.8 billion), up 190% from a twelvemonth ago.

Blinkit remained the company’s fastest-growing business, with nett bid worth jumping 121% to ₹133.0 cardinal (roughly $1.45 billion) successful the past quarter.

Outside Eternal, Goyal has been moving connected different projects for the past fewer months, including a longevity-focused inaugural called Continue Research, and an experimental brain-health wearable dubbed “Temple”. He is simply a co-founder of the aviation startup LAT Aerospace, and besides is an angel investor.

The handover could beryllium an indicator of Blinkit’s rising power wrong Eternal, arsenic the company’s maturation skews toward speedy commerce and distant from its mainstay, nutrient delivery.

Quick commerce successful India is booming adjacent arsenic the assemblage faces rising scrutiny implicit moving conditions for the thousands of gig workers employed successful the industry. The country’s labour ministry precocious asked platforms to driblet their “10-minute delivery” marketing, and enactment successful spot measures to amended conditions for their transportation personnel.