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Rakesh Ranjan has resigned as CEO of Eternal's food delivery business after two years, amid an internal reshuffle and a slowdown in growth to 17%. Deepinder Goyal, the founder and CEO, will temporarily oversee the segment while the company seeks a permanent replacement. This leadership change follows significant layoffs and reflects a broader industry trend towards automation and a shift in focus from growth to profitability as the food delivery market matures.
Vayudh, a defence-focused drone tech firm, has secured $10 million in funding led by Dharana Capital, with participation from Zomato founder Deepinder Goyal and others. Founded in 2016, the company aims to enhance R&D and manufacturing for India's defence sector, leveraging a supportive regulatory environment that has spurred growth in the drone industry. Despite challenges in supply chain and talent, the Indian drone market is projected to reach $13-15 billion by 2030, driven by military applications.
Goldman Sachs (Singapore) Pte has acquired shares worth Rs 281 crore in Hindustan Aeronautics Ltd (HAL) and Zomato through block deals on March 28. The firm purchased 385,774 shares of HAL at Rs 4,176.25 each, while also buying 6,007,412 shares of Zomato at Rs 199.50, both from Kadensa Master Fund. Despite a 57.24% drop in Zomato's net profit for Q3 FY25, its revenue surged 64% to Rs 5,405 crore.
Zomato has received approval from the Ministry of Corporate Affairs to change its name to Eternal Limited, effective March 20, 2025. The company confirmed that its Memorandum and Articles of Association will be updated to reflect this change.
Bengaluru-based Allo Health has secured $1.83 million in pre-Series A funding led by Rainmatter, aimed at expanding its clinic network and enhancing AI-driven treatment frameworks. Operating over 35 clinics across major Indian cities, the startup has treated over 200,000 patients since its inception. This funding follows a $4.4 million seed round led by Nexus Venture Partners.
Palicha labeled Zomato CEO Deepinder Goyal's claims about Zepto's cash burn as “verifiably untrue.” Meanwhile, Prime Venture Partners has launched a US$100 million fund for early-stage startups in India, while South Korea introduced a US$34 billion policy fund to support strategic industries. Additionally, ByteDance is initiating a US$312 billion employee stock buyback program, reflecting increased investor confidence.
Zepto CEO Aadit Palicha refuted Zomato CEO Deepinder Goyal's claim that Zepto is losing ₹2,500 crore per quarter, labeling it "verifiably untrue." Palicha expressed admiration for Goyal as a role model and emphasized the importance of collaboration in the Indian startup ecosystem. Zepto aims for profitability by FY26 and plans an IPO in 2025 following a successful $350 million funding round.
India's quick commerce sector is facing a cash burn of approximately Rs 5,000 crore per quarter, with Zomato's Blinkit contributing only 2-3% of this total while holding a 40-45% market share. Zepto, a major competitor, reported a burn of Rs 2,200-Rs 2,300 crore last quarter, yet Blinkit has focused on sustainable growth, achieving a market share of 41% according to a Citi Research report. Despite rising cash burn impacting Zomato's profits and share price, Blinkit aims to expand its dark store network significantly by 2025.
Zepto CEO Aadit Palicha has refuted claims made by Zomato CEO Deepinder Goyal regarding the cash burn in the quick commerce sector, specifically denying that Zepto accounts for over half of the industry's US$573.13 million quarterly cash burn. Palicha labeled Goyal's assertion as “verifiably untrue” and suggested it may have been an honest mistake, promising further clarification upon the release of Zepto's financial statements.
A war of words has erupted between Zepto and Zomato, with Zomato's CEO claiming Zepto accounts for half of the quick commerce sector's quarterly burn. Zepto's CEO refuted this, stating the comments were "verifiably untrue" and that financial truths will emerge with their public filings. Meanwhile, Zepto's FY24 saw a 72% increase in spending to INR 5,747.21 Cr, despite doubling revenues to INR 4,454 Cr, as companies invest heavily to expand and attract customers in a competitive market.
Deepinder Goyal
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