Zomato CEO Deepinder Goyal, in his letter to shareholders, revealed the reason behind changing the company’s name to ‘Eternal.’ Shares closed lower ahead of announcement on Thursday.

Deepinder Goyal has rebranded Zomato as Eternal Ltd. and changed its stock ticker to ETERNAL. The company now focuses on four verticals: food delivery, quick commerce, B2B restaurant supplies, and a new undisclosed venture.

Despite the name change, the Zomato app will continue to operate under its existing name. However, the company’s stock ticker will now be updated from Zomato to Eternal.

Zomato, the food delivery company, will no longer be called by the same name, as the company’s board has approved the change in the name (Zomato’s name change), according to its CEO Deepinder Goyal.

Deepinder mentioned that out of over 18,000 applications, 30 exceptional candidates received offers, and 18 have already joined Zomato in high-impact roles.

In a post on X, Deepinder Goyal clarified that all those who have joined are being 'handsomely compensated' for their contributions and emphasised that none of them were required to pay Zomato anything.

Eternal is not a new name that Zomato had adopted suddenly, instead they first used the name when the company acquired quick-services application, Blinkit.

Zomato CEO Deepinder Goyal has shared an update on the company's ongoing search for Chief of Staff candidates. He revealed that after vetting over 18,000 applications.

Zomato CEO Deepinder Goyal said the joinees are being “handsomely compensated for the value they bring”, and that nobody paid anything to work with them.