New Delhi: The popular food delivery platform Zomato changed its name to Eternal Ltd about more than a month ago. What followed was a storm on social media and pouring in of a variety of responses and feedbacks. It was clarified later that the food delivery business will go on under the Zomato brand, with no changes to the app and that ‘Eternal Ltd’ will serve as the parent company overseeing four key businesses, Zomato, Blinkit, District, and Hyperpure.
Now, about a month into the rebranding, shareholders in Zomato have given their approval to rename the firm ‘Eternal Ltd’. This information was shared by the company in a stock exchange filing.
As of March 10, the market cap of Zomato was Rs 1.91 lakh crore.
According to a regulatory filing on Sunday, March 9, Zomato shareholders passed a special resolution to approve the name change and consequent alteration in the Memorandum of Association and Articles of Association of the Company.
“In connection with the above-referred matter, I submit my shareholders of the Company have duly passed the special resolution for the item as set out in the Notice approving the following: To approve change of name of the Company and consequent alteration in the Memorandum of Association and Articles of Association of the Company,” stated the regulatory filing.
The renaming was done in the first week of February and announced by Zomato CEO Deepinder Goyal. In a letter to shareholders last month, Goyal had said, “Our Board has approved this change today and I request our shareholders to also support this change. If and when it is approved, our corporate website will transition from zomato.com to eternal.com. We will also change our stock ticker.”
Goyal explained that the decision to publicly rename the company was in line with Blinkit becoming a significant driver of its future.
“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,” said Goyal.
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