Deepinder Goyal, co-founder and CEO of food delivery service Zomato and its parent company Eternal, is stepping down and handing over the top job to Arvinder Dhindsa, CEO of Zomato’s quick commerce arm Brinkit.
Goyal said Wednesday he will remain on Eternal’s board as vice chairman to shift focus to “higher-risk exploration and experimentation,” which he says may be difficult to pursue within the constraints of a public company.
“This is a change in title, not a commitment to results,” Goyal said in a letter to Eternal shareholders. “Eternity will continue to be my life’s work.”
Goyal co-founded Zomato with Pankaj Chaddah as a restaurant discovery and review platform called FoodieBay in 2008 when both were working at Bain & Company. They quit in 2009 to focus on the business full-time, rebranded to Zomato in 2010 amid a naming battle with eBay, and later expanded into food delivery in 2015.
Chaddha left the company in 2018, and Zomato subsequently strengthened its position by acquiring Uber Eats’ India operations in 2020 and Brinkit (formerly Grofers) in 2022 for $568 million.
The leadership change comes after Eternal reported (PDF) strong third-quarter momentum with profits of 1.02 billion rupees (approximately $11.13 million), up approximately 73% year over year, and adjusted revenue of 166.92 billion rupees (approximately $1.8 billion), up 190% year over year.
Blinkit remains the company’s fastest-growing business, with net orders increasing 121% to 133 billion rupees (approximately $1.45 billion) last quarter.
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Outside of Eternal, Goyal has been working on other projects in recent months, including a longevity-focused initiative called Continue Research and an experimental brain health wearable called Temple. He is the co-founder and angel investor of aviation startup LAT Aerospace.
The move could signal Blinkit’s growing influence within Eternal, as the company’s growth has shifted away from its mainstay food delivery and toward quick commerce.
Quick commerce in India is booming despite facing intense scrutiny over the working conditions of the thousands of gig workers employed in the industry. The country’s Ministry of Labor recently asked platforms to stop marketing “10-minute delivery” and take steps to improve conditions for couriers.
