Eternal, the parent company of Blinkit and Zomato, has announced a leadership change. On February 1st, Blinkit CEO Albinder Dhindsa will succeed founder Deepinder Goyal as group CEO.
Referring to his successor, Albinder Dhindsa, CEO of Blinkit (right), departing Eternal CEO Deepinder Goyal said that Blinkit went from acquisition to break-even under his leadership.
Deepinder Goyal steps down as CEO of Eternal Group
More than 17 years ago, Deepinder Goyal resigned as CEO of Zomato to pursue what he describes as “higher risk” ideas. This happens only a few days after workers’ strikes against hazardous labor practices and inadequate wage structures in the fast commerce sector prompted the government to step in and stop the branding of 10-minute delivery.
On Wednesday, Goyal abruptly resigned from his position as group chief executive officer (CEO) of Eternal, the parent company of the fast commerce division Blinkit and the meal delivery service Zomato. One of the largest domestic consumer internet companies was co-founded by his successor, Albinder Dhindsa, CEO of Blinkit. On February 1st, the new leadership will go into effect. Goyal will remain the board of directors’ vice-chairman, subject to shareholder approval.
In a letter to the shareholders, Goyal explained his resignation and said he would look into “higher risk” ideas. “I have recently found myself drawn to a set of new ideas that involve significantly higher-risk exploration and experimentation,” he wrote, noting that it is better to pursue these concepts outside of a publicly traded organization like Eternal. “If these concepts had been within Eternal’s strategic purview, I would have pursued them within the organization.” “They don’t,” Goyal said.
Recently, the IITian has been working on ideas that go beyond Eternal’s main business of online shopping and meal delivery services. The aviation company LAT Aerospace, which he co-founded with Surobhi Das, is an illustration of his creative concepts. The company intends to build aircraft with quick takeoff and landing times for regional travel. Goyal’s views on longevity have also attracted attention. Last month, he wrote on X, “I’m saying gravity shortens lifespan.” Goyal is in favor of the Continue Research project, which investigates the reasons behind human aging and methods for preventing it.
“The expectations, both legal and otherwise, of a public company CEO in India demand singular focus, even though I personally have the bandwidth to continue what I am doing at Eternal and also explore new ideas outside of it,” he added.
Goyal said of his successor, “Blinkit’s journey from acquisition to break-even happened under Dhindsa’s leadership.” He asserted that he was the creator of the supply chain, the team, the operating rhythm, and the culture. He has the DNA of a pioneer who has persevered through adversity, and he is far more capable than I am. He is more than capable of leading Eternal in his capacity as group CEO. Albi’s primary focus and greatest opportunity for growth is still Blinkit.
According to Goyal, this change will result in the return of all of his unvested employee stock ownership plans, or Esops, to the Esop pool. “This ensures that Eternal continues to have meaningful wealth-creation opportunities for its next generation of leaders and strengthens long-term retention without incremental shareholder dilution,” he added.
Dhindsa’s term coincides with the quick commerce industry’s explosive growth. The fast commerce company’s revenue for the third quarter of FY26 reached Rs 12,256 crore, an incredible 776% year over year increase. The business also revealed its first-ever adjusted Ebidta profits.
Goyal stated that Dhindsa had led the platform from acquisition to breakeven and referred to Blinkit as the company’s largest growth engine.
In a recent video podcast with YouTuber Raj Shamani, Goyal revealed that he had asked Dhindsa to quit twice after Zomato acquired Blinkit. “As soon as we bought Blinkit, I asked him (Albinder) to leave. “You won’t be able to cut it,” I told him. Okay, he said. According to Goyal, we started the switch after this happened twice during that time.
In 2022, Eternal (formerly Zomato) purchased Blinkit, formerly Grofers, in an all-stock deal valued at approximately ₹4,447 crore. The acquisition was part of Zomato’s entry into the online grocery and quick commerce markets, which had grown significantly during the Covid-19 pandemic.
However, the deal was criticized for both its valuation and a potential conflict of interest given the long-standing relationship between Goyal and Dhindsa. Both went to the Indian Institute of Technology in Delhi in the early 2000s.
Following that, Dhindsa worked at Cambridge Systematics as a senior associate. He began working for Zomato in 2011 as the company’s head of international operations, a role he held for four years. He started Grofers in 2014, and eight years later, Zomato bought it.
As this career path comes full circle, industry watchers will closely monitor how Dhindsa leads Eternal through an intensifying quick-commerce war marked by the aggressive expansion of incumbents and the entry of significant e-commerce players.
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