Food tech giant Zomato has changed its name to ‘Eternal’ after the company’s board gave its approval for the same, the company said in a stock exchange filing on February 6. The app will not be renamed; the new name will only be reflected on the stock ticker.
Zomato CEO and cofounder Deepinder Goyal, in a letter filed with the BSE, said, “When we acquired Blinkit, we started using Eternal (instead of Zomato) internally to distinguish between the company and the brand/app.”
“We also thought that we would publicly rename the company to Eternal, the day something beyond Zomato became a significant driver of our future. Today, with Blinkit, I feel we are there. We would like to rename Zomato Ltd., the company (not the brand/app), to Eternal Ltd,” the letter added.
The company’s corporate website will transition from zomato.com to eternal.com. Eternal will comprise four major businesses ---- Zomato, Blinkit, District, and Hyperpure.
“Eternal is a powerful name, and to be honest, it scares me to my core because it carries both a promise and a paradox,” Goyal added in the letter. He said true permanence isn’t built on bold claims of invincibility or the swagger of success, rather it is forged in the quiet understanding that immortality stems from mortality.
The food delivery giant reported a 57.2% drop in its net profit to ₹59 crore for the December 2024 quarter (Q3 FY25), down from ₹138 crore during the base quarter. The start-up’s net profit declined 66.5% from ₹176 crore in Q2 FY25.
Despite the decline, the food delivery platform’s revenue during October-December 2024 increased by 64% from the same quarter last year to ₹5,405 crore. The reported revenue in the same quarter last year was ₹3,288 crore and the revenue in the previous quarter was ₹4,799.
Zomato reported a 128% year-on-year (Y-o-Y) increase in consolidated Adjusted Ebitda (earnings before interest, taxes, depreciation, and amortisation) to ₹285 crore in Q3 FY25, owing primarily to an improvement in the food delivery Adjusted Ebitda margin, which increased to 4.3% of Gross Order Value (GOV) from 3.0% the previous year.
