Zomato Transitions to 'Eternal' on Stock Markets, Brand Identity Unchanged
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Synopsis
Zomato has officially changed its corporate name to Eternal, while the brand name remains unchanged. This reflects the company's evolving business landscape following its acquisition of Blinkit. The stock ticker will also update to Eternal, representing a broader portfolio of services.
Key Takeaways
- Zomato rebrands to Eternal, maintaining app name.
- New identity covers four major business sectors.
- 57% decline in net profit reported.
- Operational revenue increased by 64%.
- Plans to open 1,000 new Blinkit stores by year-end.
New Delhi, Feb 6 (NationPress) The prominent food-tech firm Zomato has officially rebranded to Eternal, following a board approval on Thursday.
In a filing to the stock exchange, the online food delivery service noted that after acquiring Blinkit, the name Eternal was adopted internally to differentiate the company from its app/brand.
Deependra Goyal, Co-founder of Zomato, remarked, “We anticipated that we would publicly transition the company name to Eternal once a significant factor beyond Zomato emerged for our future. Today, with Blinkit, I believe we have reached that milestone.”
The group CEO further elaborated that “Zomato Ltd. will now be known as Eternal Ltd.”
Despite this change, the Zomato application will continue to operate under its established name. However, the stock ticker will shift from Zomato to Eternal.
The new identity will encompass four key divisions: Zomato, Blinkit, District, and Hyperpure.
These sectors highlight the company's expanding influence in areas such as food delivery, quick commerce, dining services, and supply chain solutions.
In the meantime, Zomato reported a 57% drop in net profit, registering Rs 59 crore in Q3, down from Rs 176 crore during the same period last fiscal year.
Conversely, the company's operational revenue surged by 64%, reaching Rs 5,404 crore in the latest quarterly results disclosed on January 20.
The expenses for the Gurugram-based food giant escalated to Rs 5,533 crore.
In a letter to shareholders dated January 20, the firm provided insights into its growth and expansion strategies, revealing plans to inaugurate 1,000 new Blinkit stores by December this year.
This announcement coincided with the financial results for Q3 concluding on December 31, 2024.
