End of an Era at Zomato

In a move that has captured the attention of India’s tech and business worlds, Deepinder Goyal, the founder and long-time chief executive officer of Eternal Limited, has announced his resignation from the company’s top executive position, effective from 1 February 2026. Goyal’s decision to step down from the roles of CEO and managing director marks the end of an era for the company that began life as Zomato in 2008 and has grown into one of the country’s most recognisable digital consumer brands.

Goyal, who co-founded Zomato with Pankaj Chaddah nearly two decades ago, will remain with Eternal in a non-executive capacity as Vice Chairman and a member of the board of directors, pending shareholder approval. This transition has been framed by both the company and Goyal himself as a strategic recalibration rather than an abrupt exit.

In a letter to shareholders, Goyal explained that he has increasingly found himself drawn towards new ideas and ventures that require higher-risk exploration and experimentation, opportunities he believes are better pursued outside the framework of a publicly listed company. He emphasised that although he has the personal capacity to continue juggling roles, the expectations and legal realities of serving as the CEO of a major public company in India demand an intense, singular focus.

The leadership baton at Eternal has been handed to Albinder Singh Dhindsa, the founder and CEO of the company’s quick-commerce arm, Blinkit. Dhindsa, a former executive with experience in scaling instant delivery services, will assume the role of Group CEO and take responsibility for day-to-day operations, strategic execution, and business decisions across the group’s platforms. His appointment reflects Eternal’s continuing pivot towards rapid growth in the quick commerce sector, where Blinkit has emerged as a major contributor to revenue.

The timing of the leadership change coincides with strong financial performance at Eternal. In its latest quarterly results, the company reported a 73 per cent increase in net profit year-on-year, alongside substantial revenue growth. These figures suggest that the business is not only holding steady but expanding across its key verticals, including food delivery and quick commerce.

One noteworthy aspect of Goyal’s exit is his decision to forfeit all unvested employee stock ownership plans (ESOPs), valued at an estimated ₹900 crore to ₹1,000 crore. By returning his unvested ESOPs to the company’s pool, Goyal aims to support future leadership incentives without causing additional dilution for shareholders. This move has been highlighted in market commentary as a demonstration of sound corporate governance and a commitment to long-term organisational stability.

Goyal’s tenure at Eternal has been characterised by bold growth and transformation. From its roots as a restaurant discovery and reviews platform, the company expanded into food delivery, achieved a high-profile public listing in 2021, and acquired Blinkit in 2022, signalling a strategic push into rapid commerce. Under his leadership, Eternal became a household name in India’s competitive technology ecosystem.

Despite stepping down from the chief executive role, Goyal has stressed that he is not departing from the company’s mission. In his letter, he reiterated his belief in Eternal’s potential to become one of India’s most valuable companies, to serve a vast customer base, and to create widespread economic impact through job creation and platform reach. He underscored his continued involvement in long-term strategy, corporate culture, leadership development, and governance.

Goyal’s future plans extend beyond his responsibilities at Eternal. He has been involved in several ventures outside the core business, including investments in longevity research, wearable technology, and aerospace projects. These interests illustrate his desire to explore areas of innovation that fall outside the traditional risk profile of a large public enterprise. The shift to Vice Chairman, in this context, provides him with the flexibility to dedicate more time and energy to these pursuits.

Market reaction to the announcement has been positive, with Eternal’s shares rising on the news of strong quarterly performance and the leadership transition. Analysts have viewed the move as a logical step in the company’s evolution, allowing fresh leadership to take the helm while preserving continuity at the board level.

For many in the industry, Goyal’s resignation as CEO represents a natural progression in the life cycle of a founder-led company. Having steered Eternal from a fledgling startup to a major public corporation, his legacy is indelibly written into the organisation’s DNA. As a new chapter begins under Albinder Dhindsa’s leadership, the company looks poised to build on its achievements, blending established strengths with fresh strategic direction.

In summary, Deepinder Goyal’s resignation as CEO of Eternal is a multifaceted development. It reflects both the personal aspirations of a seasoned entrepreneur and the corporate necessity for focused executive leadership in a complex public company. With a robust financial backdrop, a clear succession plan, and a redefined role for its founder, Eternal enters its next phase with confidence and renewed strategic clarity.