Deepinder Goyal, co-founder and CEO of food delivery service Zomato and Abadi’s parent, is stepping down from his role and handing over the top job to Albinder Dhindsa, CEO of fast-commerce division Blinkit.
Goyal said on Friday that he will remain on the Abadi Board as vice chairman while shifting his focus to “exploration and higher risk experiments,” which he said could be harder to pursue in the trouble of listed companies.
“This is a change in the title, not in the commitment to the results,” Goyal in a letter to the shareholders of Eternal. “Immortal remains my life’s work.”
Goyal co-founded Zomato with Pankaj Chaddah in 2008 as a restaurant discovery and review platform called FoodieBay while both were working at Bain & Company. In 2009, it stopped focusing on the business full-time, and changed its name to Zomato in 2010 amid a naming conflict with eBay, before expanding into food delivery in 2015.
Chaddah left the company in 2018, and Zomato later consolidated the position through acquisition Uber Eats Indian business in 2020, and Blinkit (formerly Grofers) for $568 million in 2022.
Leadership change comes as Eternal reported (PDF) momentum was strong in the third quarter, with profits up 73% to ₹ 1.02 billion (about $11.13 million) from a year earlier, on adjusted revenue of ₹ 166.92 billion (about $1.8 billion), up 190% from a year ago.
Blinkit remains the company’s fastest-growing business, with net order value rising 121% to ₹133.0 billion (roughly $1.45 billion) in the 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 experiment dubbed “Temple.” He is the co-founder of aviation startup LAT Aerospace, and is also an angel investor.
The delivery could be an indicator of Blinkit’s growing influence on Eternal, as the company’s growth leans toward instant commerce and away from food delivery.
Fast trade in India is thriving even as the sector faces heightened scrutiny over working conditions for the thousands of gig workers employed in the industry. The state’s labor ministry recently asked for a platform to drop “10 minute delivery” marketingand take steps to improve conditions for delivery personnel.