Foreign institutional investors have net sold over USD 3.5 billion worth of shares so far in 2024.
Zomato Founder and CEO Deepinder Goyal has declared another design for the organisation that will see its businesses like Zomato, Blinkit and Hyperpure by various CEOs under one umbrella association called ‘Eternal.
In a note shipped off to workers on an internal communication channel, Goyal said that they are currently at a phase of life where “we are maturing from running (more or less) a single business, to now running multiple large companies”.
“Now that the Zomato-Blinkit deal is approved, we have three companies — Zomato, Blinkit and Hyperpure — in the order of business size/impact,” Goyal said in the note seen by IANS.
“We are transitioning from a company where I was the CEO to a place where we will have multiple CEOs running each of our businesses (e.g. Zomato, Blinkit, Hyperpure, Feeding India), all acting as peers to each other, and working as a super-team with each other towards building a single large and seamless organisation,” he elaborated.
The company will refer to this bigger association as “Eternal”, when Zomato’s stock gets pounded on Dalal Street (it was drifting around Rs 46 on Monday and has plunged around 69% this year).
Goyal said that ‘Eternal’ will have various companies, “It already has Zomato (delivery+dining out), Blinkit, Hyperpure, and Feeding India. Eternal will remain an internal name for now,” he said.
The new branding has been recognised by the company staff, with the “Eternal” logo currently being put at the company’s premises and product like shirts.
Before the end of last month, the digital food delivery platform Zomato distributed almost 4.66 crore offers to its representatives from its worker investment opportunity plan (ESOP) pool at the assumed worth of Rs 1.
The board of directors approved the allotment of 4,65,51,600 equity shares to employees upon exercise of vested stock options, according to its filing with the stock exchanges.
(inputs from ians)