Deepinder Goyal on Wednesday announced that stepping down as Eternal Group CEO with effect from February 1, 2026. Albinder Dhindsa will now be the group CEO, while Goyal will continue to remain on the board of directors as Vice Chairman.

Explaining the reason behind his resignation, Goyal in a letter to shareholders said:
“Of late, I have found myself drawn to a set of new ideas that involve significantly higher-risk exploration and experimentation. These are the kinds of ideas that are better pursued outside a public company like Eternal. If these ideas belonged inside Eternal’s strategic scope, I would have pursued them within the company. They do not. Eternal deserves to remain focused, and disciplined, while exploring new areas of growth that are relevant to its current line of business.”

As mentioned above, Goyal will remain on the board of Eternal, which operates food delivery platform Zomato, quick commerce (Blinkit), B2B supplies (Hyperpure), and events (District), among other verticals.

Goyal did not disclose what his next venture will be.

“While I believe I personally have the bandwidth to continue what I am doing at Eternal, and also explore new ideas outside of it, the expectations, legal and otherwise, of a public company CEO in India demand singular focus. This transition allows Eternal to remain sharply focused, while giving me the space to explore ideas that do not fit Eternal’s risk profile,” he added in the letter.

Founded by Deepinder Goyal in 2008, Zomato began as an online restaurant menu platform before expanding into food delivery in 2015. Backed by prominent investors such as Info Edge, Sequoia Capital, Fidelity, and Temasek, the company achieved unicorn status in 2018. Key milestones under Goyal’s leadership include the acquisitions of Uber Eats (2020) and Blinkit (2022). In 2021, Zomato became one of the first major new-age Indian startups to go public.

Goyal’s announcement follows Eternal’s quarterly earnings. The company reported a consolidated revenue growth 190% YoY (19% QoQ) to INR 16,692 crore and Adjusted EBITDA growth of 28% YoY to INR 364 crore in Q3 FY26. It added that quick commerce and Hyperpure businesses turn Adjusted EBITDA profitable in Q3FY26, for the first time ever.

“B2C NOV grew 55% YoY (11% QoQ) to INR 25,732 crore – crossing INR 1 lakh crore annualized. On a like-for-like basis Adjusted Revenue growth was 64% YoY – difference in adjusted revenue reflects accounting shift to inventory ownership in quick commerce which includes the full value of goods sold rather than just marketplace commission. Consolidated Adjusted EBITDA increased 28% YoY to INR 364 crore while increasing 63% QoQ,” according to the company.

The resignation comes shortly after Goyal drew criticism over his position on gig workers.

ALSO READ: India Urges Quick Comm Platforms to Drop 10-Minute Delivery Deadline for Gig Workers

Here’s what Deepinder Goyal wrote to shareholders:

Dear Shareholders,

Today, I am going to step away from the Group CEO role, and subject to shareholders’ approval, will remain on the board of directors as Vice Chairman.

Albinder Dhindsa (Albi) will be Eternal’s new Group CEO.

Why this change

Of late, I have found myself drawn to a set of new ideas that involve significantly higher-risk exploration and experimentation. These are the kinds of ideas that are better pursued outside a public company like Eternal. If these ideas belonged inside Eternal’s strategic scope, I would have pursued them within the company. They do not. Eternal deserves to remain focused, and disciplined, while exploring new areas of growth that are relevant to its current line of business. While I believe I personally have the bandwidth to continue what I am doing at Eternal, and also explore new ideas outside of it, the expectations, legal and otherwise, of a public company CEO in India demand singular focus. This transition allows Eternal to remain sharply focused, while giving me the space to explore ideas that do not fit Eternal’s risk profile.

What doesn’t change

I have spent eighteen years, almost half my life, building this company. I will continue doing that. Albi, Akshant, and I will continue to work closely together, as we always have. Our partnership, shared context, and trust remain unchanged. All our business CEOs will continue operating with the autonomy they have always had. My involvement in long-term strategy, culture, leadership development, and ethics and governance, continues. This is where I have increasingly focused lately anyway.

What changes

The centre of gravity for operating decisions moves to Albi. As Group CEO, he will own day-to-day execution, operating priorities, and business decisions. Blinkit’s journey from acquisition to breakeven happened under his leadership. He built the team, the culture, the supply chain, the operating rhythm. He has the DNA of a battle-hardened founder and his ability to execute far exceeds mine. He is more than capable of leading Eternal as Group CEO. Blinkit remains our largest growth opportunity and will remain as Albi’s top priority. Our decentralized structure, where each business has a CEO with full ownership, continues unchanged – and will help Albi execute this well.

On alignment and ESOPs

My financial future remains meaningfully tied to Eternal, and my incentives remain aligned with long-term shareholder value creation. As part of this transition, all of my unvested ESOPs will revert to the ESOP pool. This ensures that Eternal continues to have meaningful wealth-creation opportunities for its next generation of leaders, while strengthening long-term retention without incremental shareholder dilution.

Looking ahead

Eighteen years ago, the idea that a menu scanning company could be worth tens of billions of dollars, provide livelihoods to hundreds of thousands of people, and serve millions of families daily would have seemed absurd. We helped prove it was possible. And there’s a lot in store for Eternal to do over the next few decades. I believe Eternal is not going to lose focus or momentum through this change. Rather, it is reinforcing its institutional strength. And personally, I gain the flexibility to explore ideas that sit outside Eternal’s scope, without compromising the company’s priorities. I want Eternal to become India’s most valuable company. I want us to serve a billion customers. I want us to create the most positive impact on society. I want us to be the source of livelihoods for millions of Indians. None of that changes. This is a change in title, not in commitment towards outcomes. Eternal remains my life’s work.

Thank you for your continued trust and support.

Deepinder Goyal