Deepinder Goyal, the founder and Chief Executive Officer of Eternal, Zomato's parent company, has resigned from his executive role and will surrender unvested employee stock options (ESOPs) worth approximately ₹917 crore. The significant move, announced on Wednesday, January 22, 2026, sees Goyal stepping away from active leadership to pursue new ventures. His resignation was tendered on January 21, 2026.
Leadership Transition at Eternal
Goyal's departure marks a major leadership transition for the food delivery and quick-commerce giant. He will now transition into the role of Vice Chairman of Eternal and will remain on its board of directors. Albinder Dhindsa, the co-founder and CEO of Blinkit, which Eternal acquired in 2022, will take over as the new Chief Executive Officer. Dhindsa will oversee Eternal's daily operations, business decisions, and operating priorities, working closely with Chief Financial Officer Akshant Goyal.
The decision to surrender his unvested ESOPs, totaling about 3.3 crore shares, will add them back to Eternal's existing ESOP pool. This expanded pool, which currently holds around 20 crore shares, aims to create meaningful wealth opportunities for future leaders and strengthen long-term employee retention without requiring additional shareholder dilution in the near term. At Eternal's closing share price of ₹278, these 3.3 crore shares are valued at roughly ₹917 crore. Other reports indicate the value at ₹912.45 crore based on a closing price of ₹276.50 on January 23, 2026.[m+8]
Focus on New Ventures
Deepinder Goyal stated his intention to focus on new ventures in the longevity and aerospace sectors. He described these areas as demanding "higher-risk exploration and experimentation," which he believes are better pursued outside the framework of a publicly listed company like Eternal. Goyal co-founded the food delivery platform Zomato 18 years ago, and his move comes as a surprise to many in the industry.[m+2]
His financial commitment to Eternal remains substantial, as he still holds approximately a 4% stake in the company, valued at around ₹11,000 crore. This ensures his incentives stay aligned with the long-term creation of shareholder value. In a letter to shareholders, Goyal emphasized that his unvested ESOPs reverting to the company's pool will ensure continued wealth-creation opportunities for its next generation of leaders.[m+3]
A History of Governance and Philanthropy
This is not the first time Deepinder Goyal has made notable decisions regarding his compensation and equity. He had previously waived his salary for a total of five years, from April 1, 2021, until March 31, 2026. This waiver was initially for 36 months and later extended by two additional years in 2024.
Analysts view Goyal's decision to return unvested ESOPs as a significant move in corporate governance within India's listed internet sector. Abhisek Banerjee of ICICI Securities commented that this decision "sets a very high bar for corporate governance." This action provides the company with flexibility for equity incentives, crucial for attracting and retaining top talent in a competitive and fast-growing quick-commerce market.[m+2]
The company's Chief Financial Officer, Akshant Goyal, explained during an analysts' call that the expansion of the ESOP pool by 3.3 crore shares means Eternal might not need to dilute its ESOPs again for a longer period than previously anticipated. This gives the company greater flexibility to reward and retain future leaders.[timesofindia+1]
Impact and Future Outlook
The transition comes at a time when Eternal has shown strong financial performance. For the third quarter of the financial year ending 2025-26, Eternal reported a 73% year-on-year jump in net profit, reaching ₹102 crore. The company's revenue from core operations also surged by 201% to ₹16,315 crore in the same quarter.
Deepinder Goyal's move highlights a growing trend among founders to ensure sustainable growth and strong corporate governance. His continued presence on the board as Vice Chairman suggests he will still influence the company's strategic direction, even as new leadership takes the helm for day-to-day operations. The focus on new, high-risk ventures also signals Goyal's entrepreneurial drive beyond the established success of Zomato and Eternal.[livemint]
