Zomato Gets Shareholders’ Nod to Change Firm’s Name to ‘Eternal’
In a significant move, Zomato has received its shareholders’ approval to change the company’s name from ‘Zomato Limited’ to ‘Eternal Limited’. The name change will apply to the corporate entity, not the brand or the food app, which will continue to operate under its existing name.
CEO Deepinder Goyal announced the name change last month, stating that Eternal will consist of Zomato, Blinkit, District, and Hyperpure for now. The approval from shareholders marks a major milestone in the company’s transformation journey.
As reported by CNBC-TV18, Zomato’s share price jumped 4.5% during trading on Friday, following the news of the name change approval. The company’s market capitalization also saw a significant boost, rising by over Rs 1,500 crore.
The name change is seen as a strategic move by Zomato to rebrand itself as a technology company, encompassing its various business verticals. By adopting the name Eternal, the company is signaling its intention to focus on building a long-term, sustainable business model.
In a statement, Goyal said, “We are excited to take this step towards rebranding our corporate entity as Eternal Limited. This new name represents our commitment to building a future-ready company that is focused on innovation, sustainability, and growth.”
The decision to change the company’s name was taken by Zomato’s board of directors, which includes prominent investors such as Ant Financial, Fosun International, and existing shareholders. The name change will be effective from a date to be notified by the company in due course.
Zomato’s business model has evolved significantly over the years, expanding beyond food delivery to include a range of services such as quick commerce, grocery delivery, and food processing. The company has also made strategic investments in various sectors, including fintech and logistics.
The name change is expected to have no impact on the company’s operations or services, which will continue to function as usual. Zomato’s brand identity, logo, and marketing efforts will remain unchanged, with the company’s focus remaining on providing an exceptional user experience to its customers.
The move is seen as a positive step by analysts, who believe that the name change will help Zomato to better reflect its expanded business scope and long-term vision. The company’s ability to adapt to changing market conditions and evolve its business model has been a key factor in its success.
In conclusion, Zomato’s decision to change its name to Eternal is a significant development in the company’s history. The name change is seen as a strategic move to rebrand the company as a technology company, encompassing its various business verticals. With the approval from shareholders, Zomato is poised to take its next steps towards building a future-ready company that is focused on innovation, sustainability, and growth.
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