Eternal beginnings: Zomato's shareholders approve name change
What's the story
In a major corporate change, Zomato has received the nod from shareholders to change the name of the company. The food-tech giant is rebranding itself as Eternal, but the change is only applicable to the corporate entity and not its popular brand or app. Along with the name change, shareholders have also approved modifications to Zomato's Memorandum of Association (MoA) and Articles of Association (AoA).
Step
Approval done after postal ballot
The decision was announced in a stock exchange filing, marking a strategic shift in the company's business direction. The approval was given after a postal ballot. This resolution will now result in modifications to the company's foundational legal documents, reflecting its new identity.
Strategic shift
Rebranding reflects Zomato's evolving vision
The move to change the firm's name and constitutional documents marks a new chapter in Zomato's evolution. The rebranding comes as part of a larger strategy as the company attempts to branch out from its food delivery origins, exploring avenues such as Blinkit, Hyperpure, District, and other ventures. The board of directors had approved the change on February 6, subject to shareholder and regulatory approvals.
Brand evolution
Corporate website and stock ticker are changing
As part of its rebranding, Zomato intends to shift its corporate website from zomato.com to eternal.com. The company's stock ticker will also change from ZOMATO to ETERNAL. Zomato's CEO, Deepinder Goyal, shared this information in a letter to shareholders. Goyal also said that the management began using the brand name 'Eternal' internally after acquiring Blinkit.