Dipendra Goyal Steps Down? Separating Rumors from Reality in Zomato Leadership News
Deepinder Goyal has announced his decision to step down as the Chief Executive Officer of Eternal Ltd, transitioning into the role of Vice Chairman and Director, subject to shareholder approval. The leadership change will take effect on 1 February 2026.
Taking over as Eternal’s new CEO and key managerial personnel is Albinder Dhindsa, currently the CEO of Blinkit.
Why Deepinder Goyal Stepped Down
In a detailed letter to shareholders, Deepinder Goyal explained that the decision stems from his desire to pursue higher-risk ideas involving exploration and experimentation, which he believes are better suited outside the structure of a public company.
According to Goyal, these ideas do not fall within Eternal’s strategic scope. He emphasized that the company deserves to remain focused and disciplined, concentrating on growth areas aligned with its existing business lines.
He also noted that while he personally has the bandwidth to manage both roles, the legal and operational expectations placed on a public company CEO in India require singular focus, making the transition necessary.
What Remains Unchanged
Despite stepping down as CEO, Goyal made it clear that his long-term commitment to Eternal remains intact. Having spent 18 years building the company, he will continue to play an active role in:
- Long-term strategy
- Company culture
- Leadership development
- Ethics and governance
Goyal also reaffirmed that he will continue to work closely with Albinder Dhindsa and Akshant, maintaining the same partnership, shared context, and trust that has existed so far. The autonomy of individual business CEOs within Eternal will also remain unchanged.
What Changes Under the New Leadership
With this transition, the centre of gravity for operating decisions shifts to Albinder Dhindsa. As Group CEO, he will now be responsible for:
- Day-to-day execution
- Operating priorities
- Business and strategic decisions
Goyal highlighted Dhindsa’s leadership at Blinkit, noting that the company’s journey from acquisition to breakeven occurred under his guidance. He credited Dhindsa with building Blinkit’s team, culture, supply chain, and operating rhythm, describing him as a battle-hardened founder with exceptional execution capabilities.
Blinkit will remain Eternal’s largest growth opportunity and continue as Dhindsa’s top priority.
ESOPs and Shareholder Alignment
Addressing concerns around incentives and alignment, Goyal stated that his financial future remains meaningfully tied to Eternal, ensuring continued alignment with long-term shareholder value creation.
As part of the transition:
- All of Goyal’s unvested ESOPs will revert to the ESOP pool
- This move is aimed at creating wealth-generation opportunities for the next generation of leaders
- It also strengthens long-term retention without additional shareholder dilution
Looking Ahead
Reflecting on the company’s journey, Goyal recalled how improbable Eternal’s success once seemed—growing from a menu-scanning idea into a company serving millions of families daily and supporting hundreds of thousands of livelihoods.
He expressed confidence that Eternal will not lose focus or momentum due to this leadership change. Instead, he believes the transition reinforces the company’s institutional strength, while allowing him the flexibility to explore ideas beyond Eternal’s risk profile.
Goyal concluded by reaffirming his vision for Eternal: to become India’s most valuable company, serve a billion customers, create positive societal impact, and generate livelihoods for millions.
“This is a change in title, not in commitment,” he wrote, emphasizing that Eternal remains his life’s work.