Why Has Deepinder Goyal Quit As CEO Of Eternal? What He Reveals In Letter To Shareholders

Deepinder Goyal has said his decision to step down as Group CEO of Eternal, the parent company of Zomato, is driven by the need to allow the company to remain sharply focused as a public entity, while

giving him the freedom to pursue higher-risk ideas outside its strategic scope.

In a detailed letter addressed to shareholders, Goyal announced that he is stepping away from the Group CEO role and, subject to shareholder approval, will continue on Eternal’s board as Vice Chairman. He also confirmed that Albinder Dhindsa will take over as Eternal’s new Group CEO.

Why Goyal stepped down as CEO

Explaining the rationale behind the leadership transition, Goyal said that over time he has become increasingly interested in exploring ideas that involve significantly higher levels of risk and experimentation, initiatives that, in his view, do not belong within a listed company.

“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,” Goyal said in his letter.

He underlined that while he has the bandwidth to continue leading Eternal alongside exploring such ideas, the responsibilities and regulatory expectations attached to being the CEO of a public company in India demand complete focus.

“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,” he wrote.

Goyal added that the transition strikes a balance between the company’s needs and his personal ambitions. “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 stays the same

Despite stepping down as Group CEO, Goyal stressed that his long-term commitment to the company remains unchanged.

“I have spent eighteen years, almost half my life, building this company. I will continue doing that,” he said.

He added that his partnership with Albinder Dhindsa and Akshant Goyal remains intact and that Eternal’s decentralised operating structure will continue. “Albi, Akshant, and I will continue to work closely together, as we always have. Our partnership, shared context, and trust remain unchanged.”

Goyal also said he will continue to be deeply involved in areas such as long-term strategy, culture, leadership development, ethics and governance, noting that these have increasingly been his focus in recent years.

Why Albinder Dhindsa was chosen

Goyal made it clear that operational leadership will now rest with Dhindsa, citing his execution capabilities and track record at Blinkit.

“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,” Goyal wrote.

Highlighting Blinkit’s turnaround, he added, “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.”

Goyal also emphasised that Blinkit remains Eternal’s largest growth opportunity and will continue to be Dhindsa’s top priority.

ESOPs and alignment with shareholders

Addressing potential investor concerns, Goyal said his financial interests remain aligned with Eternal’s long-term performance.

“My financial future remains meaningfully tied to Eternal, and my incentives remain aligned with long-term shareholder value creation,” he said.

As part of the transition, he announced that all his unvested ESOPs will return to the ESOP pool, a move aimed at strengthening leadership retention without additional dilution. “This ensures that Eternal continues to have meaningful wealth-creation opportunities for its next generation of leaders,” he wrote.

Looking ahead

Goyal said the leadership change should not be seen as a loss of momentum for the company. “I believe Eternal is not going to lose focus or momentum through this change. Rather, it is reinforcing its institutional strength,” he said.

Reaffirming his long-term vision, he concluded, “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,” Goyal added.