Eternal's Post-Founder Leadership Test Begins as Deepinder Goyal Steps Back
Eternal, the parent company of food delivery platform Zomato and quick commerce service Blinkit, is entering its first major post-founder leadership test following the announcement that Deepinder Goyal will step down as chief executive officer. This significant transition has prompted caution among financial analysts regarding its potential impact on the company's stock performance and future trajectory.
Leadership Transition Details
Deepinder Goyal, who founded Zomato as a restaurant discovery platform in 2010, will relinquish his CEO role effective February 1, 2026, and assume the position of vice chairman. Albinder Singh Dhindsa, who has been instrumental in building Blinkit from scratch, will succeed Goyal as the new chief executive officer of Eternal.
This transition makes Goyal only the second founder and CEO of an Indian internet startup that went public to step back from overseeing daily business operations. Freshworks founder Girish Mathrubootham previously stepped aside as CEO in May 2024 to become chairman before eventually exiting the Nasdaq-listed firm in December 2025.
Market Reaction and Analyst Caution
Eternal's shares experienced volatility following the announcement, initially rising 7% in early trading on the back of strong October-December quarter performance before slipping 2% to ₹278 per share later in the day. This occurred even as the benchmark Sensex index rose 0.8% during the same period.
At least two major brokerages have expressed caution about the road ahead for the quick commerce and food delivery company. Bernstein analysts noted in a January 21 research note that "leadership transitions are almost always a hotly debated topic" and that this particular change is expected to be "a divisive issue for the stock" and considered "a net-negative in the short to medium term."
Motilal Oswal analysts added in their January 21 note that while the CEO transition appears orderly, "the division of responsibilities between Eternal's management and the board remains unclear" and that "the change does introduce some uncertainty to the business."
Goyal's Legacy and Eternal's Evolution
To his credit, Deepinder Goyal has transformed Eternal from a single restaurant discovery platform into a diversified technology company with multiple revenue streams. Under his leadership, the company expanded into quick commerce through the acquisition of Blinkit in June 2022, just eleven months after Eternal's July 2021 initial public offering.
The company's financial performance has shown remarkable improvement during Goyal's tenure. In the April-June quarter of 2021, Zomato's three business segments generated ₹844.4 crore in revenue with losses of ₹360.7 crore. By the October-December 2025 period, Eternal's revenue had jumped 18 times to ₹16,315 crore, with the company posting a profit of ₹102 crore.
As of December 2025, Blinkit accounted for three-fourths of Eternal's total business, food delivery represented 16%, and remaining segments contributed 9%. Goyal currently owns 3.83% of Eternal, which operates with no promoter shareholding structure.
Strategic Implications of the Leadership Change
In his letter to shareholders, Goyal stated that "this transition allows Eternal to remain sharply focused, while giving me the space to explore ideas that do not fit Eternal's risk profile." This suggests the founder will continue contributing to the company's strategic direction while allowing new leadership to handle daily operations.
Some analysts view the appointment of Albinder Singh Dhindsa as CEO positively, particularly given Blinkit's emergence as Eternal's largest growth opportunity and key valuation driver. Karan Taurani of Elara Capital wrote in a January 22 note that Dhindsa's elevation "augurs well for sustained execution intensity, capital discipline, and profitability-led growth" while preserving the company's decentralized structure and strategic continuity.
Broader Industry Context
The leadership transition comes at a critical time for the quick commerce industry, which faces heightened scrutiny regarding the sustainability of 10-minute delivery models, worker safety concerns, and pay structures for gig workers. Over the past week, policymakers and industry bodies have engaged in significant debate about these issues.
Eternal's journey reflects broader trends in India's startup ecosystem, where more than three dozen technology and consumer-focused startups have gone public over the last three years, including Ola Electric Mobility, Nykaa, Paytm, and Swiggy. Unlike many of these companies that have struggled to deliver returns to investors, Eternal's shares have appreciated 125% since its IPO, compared to the Sensex's 55% return over the same period.
The company achieved the significant milestone of being included in the Sensex in December 2024, reflecting its growing importance in India's corporate landscape. As Eternal navigates this leadership transition, investors and industry observers will be closely watching how the company maintains its growth momentum while addressing the challenges facing the quick commerce sector.
