Image Source : PTI Shares of Zomato opened in green today.
A lot of people are talking about food and grocery delivery major Zomato changing its name to Eternal. According to the information shared on Thursday, the company’s board approved the changing of the name of Eternal.
“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,” Zomato Founder and CEO Deepinder Goyal said in a letter to shareholders.
This left many confused and soon they started speculating about the future of the platform. Many users thought that it’s a complete rebranding of the Zomato app itself.
However, the company has clarified on X (formerly Twitter) that the company’s food delivery business Zomato will remain the same, along with the app.
“Guys eternal is the parent company – the app will remain Zomato,” the company said in a post.
Expansion Plan
Goyal stated that Eternal will comprise four major businesses as of now – Zomato, Blinkit, District, and Hyperpure.
“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,” Goyal stated.
Zomato share price
Meanwhile, the shares of Zomato opened in green today at Rs 230.95 against the previous close of Rs 229.05 on the BSE. Last seen, the stock was trading at Rs 233.70 – up by 2.03 per cent from the last closing price. Earlier, it hit a high of Rs 233.95 and a low
of Rs 229.40.
The market cap of the company is Rs 2,26,011 crore and the 52-week high and low of the stock is Rs 304.50 and Rs 139.10 respectively.
