Zomato Plans To Rebrand Itself as ‘Eternal’, To Have Multiple CEOs, Reveals Memo
Zomato on Monday reported that it halved its net loss from the previous quarter to Rs 185.7 crore.
Food delivery giant Zomato is internally rebranding itself as 'Eternal' – a proposed parent company that would house its multiple businesses – a memo accessed by Reuters revealed.
"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...all acting as peers to each other," Zomato CEO Deepinder Goyal said in the memo.
Apart from Zomato, this will include quick commerce startup Blinkit, kitchen and food ingredients supplier Hyperpure, and Feeding India, a non-profit that aims to alleviate hunger among the poor.
Zomato Cuts Losses in half
Zomato on Monday reported Rs 185.7 crore in a consolidated loss for the quarter ending in June, which is nearly half of its Rs 359.7 crore net loss in the previous quarter.
The consolidated revenue also jumped 67 percent to Rs 1,413.9 crore from Rs 844.4 crore in the same quarter last year. Compared to the first quarter of this year, the revenue went up 16.68 percent.
The growth was driven by a spike in revenue per order and a 10 percent sequential growth in gross order value (total value of orders, excluding tips) from Rs 4,540 crore to Rs 6,430 crore in its food delivery business.
Zomato's stock plummeted last week after the mandatory lock-in period for pre-IPO shareholders expired. Since its IPO in November 2021, the stock has plunged roughly 70 percent.
The company is currently in the process of acquiring grocery-delivery startup Blinkit (formerly known as Grofers) for Rs 4,447.48 crore in a share swap deal.
(With inputs from Reuters.)
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