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Eternal Limited
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Eternal Limited (formerly Zomato Limited) is an Indian technology company, based in Gurgaon. It is the parent company of food delivery platform Zomato, quick-commerce company Blinkit, events and ticketing platform District, and food supply business Hyperpure.[5]
Key Information
History
[edit]On 18 January 2010, Deepinder Goyal and Pankaj Chaddah incorporated DC Foodiebay Online Services Pvt Ltd.[1] The company operated Foodiebay, a restaurant-listing-and-recommendation website they had started in 2008 while working for Bain & Company. They later renamed the website Zomato as they were unsure if they would "just stick to food" and to avoid a potential naming conflict with eBay.[6][7][8]
In 2011, Zomato expanded its restaurant discovery and local search services across various cities in India.[9] From 2012, it expanded internationally, and was operating in 21 countries by early 2015.[10]
In July 2014, the company made its first acquisition by buying New Zealand-based MenuMania.[11] The company pursued other acquisitions including lunchtime.cz and obedovat.sk for a combined US$3.25 million,[12] followed by Poland-based restaurant search service Gastronauci[13] and Italian restaurant search service Cibando.[14]
In January 2015, it acquired Seattle-based food portal, Urbanspoon, for an estimated US$60 million.[15] Later that year, it acquired Turkish company Mekanist in an all-cash deal.[16]
In March 2015, Zomato started its food delivery service in India,[10] initially partnering with hyperlocal logistics companies such as Delhivery, Grab and Runnr to fulfill deliveries from restaurants that did not have their own delivery service.[17][18] The company's subsequent acquisitions such as the Delhi-based startup MapleGraph that built MaplePOS (renamed Zomato Base),[19] table reservation and restaurant management platform NexTable (renamed Zomato Book),[20] and Gurgaon-based logistics technology startup Sparse Labs (renamed Zomato Trace) were integrated with Zomato.[21] In 2017, it acquired the delivery startup Runnr.[18]
In 2017, the firm announced the launch of Zomato Infrastructure Services, a cloud kitchen infrastructure service provider for partner restaurants.[22] In 2018, the company shut down operations of Zomato Infrastructure Services.[23] The company then acquired Wotu Technologies and rebranded it as Hyperpure to supply food ingredients such as grains, vegetables and meat to restaurants from its warehouses.[24][25]
In September 2018, the company acquired Bengaluru-based food e-marketplace, TongueStun Food, for about US$18 million in a cash and stock deal.[26] In December 2018, it acquired a Lucknow-based drone startup, TechEagle Innovations for an undisclosed amount,[27] aiming to start drone-based food delivery in India using a hub-to-hub delivery network.[28]
In December 2018, it launched its annual multi-city food and entertainment carnival called Zomaland.[29]
In January 2020, the company acquired Uber Eats' India business in an all-stock deal, giving Uber a 9.99% stake in the company.[30]
In July 2021, the company went public, opening its initial public offering at a valuation of over US$8 billion.[31] In November 2021, it acquired a 16% stake in hyperlocal e-commerce company Magicpin, 8% stake in logistics company Shiprocket and a 6.4% stake in fitness startup CureFit.[32]
In June 2022, the company announced the acquisition of quick-commerce company Blinkit for US$568 million.[33]
In October 2023, the company started offering hyperlocal package delivery service on a new app called Xtreme.[34] The service was shut down in July 2024.[35]
In August 2024, it acquired Paytm's event ticketing subsidiaries Wasteland Entertainment Private Limited (WEPL) and Orbgen Technologies Private Limited (OTPL) for $244.2 million.[36] In November 2024, the company launched its events and ticketing app called "District" after consolidating WEPL and OTPL.[37]
In February 2025, Zomato Limited was renamed as Eternal Limited.[5][38]
Funding
[edit]- 2010–2013: It raised approximately US$16.7 million from Info Edge across four rounds; Info Edge held a 57.9% stake in Eternal Limited in February 2013.[39] In November 2013, Eternal Limited raised US$37 million from Sequoia Capital and Info Edge.[40]
- November 2014: It completed another round of funding of US$60 million at a post-money valuation of ~US$660 million.[41] This round of funding was being led jointly by Info Edge and Vy Capital, with participation from Sequoia Capital.[42]
- April 2015: Info Edge, Vy Capital and Sequoia Capital led another round of funding for US$50 million.[43] This was followed by another US$60 million funding led by Temasek, a Singapore government-owned investment company, along with Vy Capital in September.[44]
- February 2018: It became a unicorn startup after raising US$200 million from Ant Financial at a valuation of US$1.1 billion.[45] In October 2018, It reported that it would raise an additional $210 million from Ant Financial at a valuation of around $2 billion.[46]
- September 2020: It raised $62 million from Temasek, after previously committed investment from Ant Financial did not come through.[47] In October 2020, as part of a Series J round of funding, Zomato raised $52 million from Kora, a US-based investment firm.[48]
- February 2021: It raised US$250 million from five investors, including Tiger Global Management, at a valuation of US$5.4 billion.[49]
References
[edit]- ^ a b c "SEBI | Zomato Limited - RHP". www.sebi.gov.in. Zomato. Retrieved 22 March 2025.
- ^ "Eternal soars, Deepinder Goyal adds ₹2,000 crore in 2 days as Blinkit overtakes food delivery". The Economic Times. 22 July 2025. Retrieved 8 August 2025.
- ^ "Zomato AR 2023–24" (PDF). 19 August 2024.
- ^ "Shareholders' Letter and Results - Q4FY25" (PDF). Eternal Limited. Retrieved 2 May 2025.
- ^ a b "Zomato rebrands as 'Eternal', unveils new logo". The Hindu. 6 February 2025. ISSN 0971-751X. Retrieved 7 February 2025.
- ^ Verma, Shrutika (6 February 2015). "Zomato: India's first global app". mint. Archived from the original on 17 June 2022. Retrieved 17 June 2022.
- ^ "How Foodiebay became Zomato". Businesstoday.in. 23 May 2012. Archived from the original on 15 August 2015. Retrieved 15 November 2016.
- ^ "Zomato: 10-year milestone reached but Zomato gets hungry for more". The Economic Times. Archived from the original on 25 July 2018. Retrieved 13 February 2020.
- ^ "Zomato launches first local-search android application". Indiainfoline.com. Archived from the original on 14 February 2015. Retrieved 15 November 2016.
- ^ a b "Restaurant Discovery Site Zomato To Launch Food Delivery Service, Starting In India". TechCrunch. Archived from the original on 17 June 2022. Retrieved 17 June 2022.
- ^ "Zomato buys New Zealand's MenuMania for Rs 5 crore – timesofindia-economictimes". 15 July 2016. Archived from the original on 15 July 2016. Retrieved 21 February 2020.
- ^ Pani, Priyanka (22 August 2014). "Zomato acquires Lunchtime, Obedovat for $3.25 mn". Thehindubusiness.line.com. Archived from the original on 6 August 2023. Retrieved 15 November 2016.
- ^ Borpuzari, Pranbihanga (23 September 2014). "Zomato acquires Poland's Gastronauci, fourth acquisition in three months". The Economic Times. Archived from the original on 31 August 2017. Retrieved 12 August 2015.
- ^ Verma, Shrutika (19 December 2014). "Zomato buys Italy's Cibando, to enter 15 more countries in 2015". Livemint.com. Archived from the original on 26 December 2016. Retrieved 26 December 2016.
- ^ Dunn, Matthew (15 January 2015). "Restaurant discovery service Zomato buys Urbanspoon for $60 million". News.com.au. Archived from the original on 21 September 2017. Retrieved 21 September 2017.
- ^ "Zomato strikes 7th deal, buys Turkish firm". Business Standard India. 30 January 2015. Archived from the original on 21 July 2015. Retrieved 12 August 2015.
- ^ Rai, Archana (12 January 2016). "Zomato shuts down online ordering operations in 4 cities". The Economic Times. Archived from the original on 17 June 2022. Retrieved 17 June 2022.
- ^ a b Sen, Anirban (13 September 2017). "Zomato acquires food delivery start-up Runnr". Livemint.com. Archived from the original on 29 August 2018. Retrieved 29 August 2018.
- ^ www.ETtech.com. "Zomato acquires restaurant POS company MaplePOS". The Economic Times. Archived from the original on 7 March 2017. Retrieved 31 July 2020.
- ^ Borpuzari, Pranbihanga. "Zomato acquires US-based Nextable, to rename it Zomato book". The Economic Times. Archived from the original on 17 June 2022. Retrieved 17 June 2022.
- ^ Chanchani, Madhav (27 September 2016). "Zomato acquires logistics tech startup Sparse Labs". The Economic Times. Archived from the original on 26 August 2018. Retrieved 26 August 2018.
- ^ "Zomato to launch kitchen infrastructure service ZIS in March; to provide space, equipment to restaurant brands". Zee Business. 28 February 2017. Archived from the original on 10 April 2021. Retrieved 31 July 2020.
- ^ "Zomato To Shut Down Its Own Cloud Kitchen Operations Under ZIS; Invests $15 Mn In Loyal Hospitality". Inc42 Media. 14 June 2018. Archived from the original on 23 March 2022. Retrieved 17 June 2022.
- ^ Srinivasan, Supraja. "Zomato's full-course strategy: From supply to delivery and more". The Economic Times. Archived from the original on 19 June 2022. Retrieved 19 June 2022.
- ^ Vardhan, Jai (12 November 2018). "Zomato begins agri, poultry and dairy supplies for restaurants via HyperPure, claims Rs 35 Cr monthly churn". Entrackr. Archived from the original on 26 June 2022. Retrieved 19 June 2022.
- ^ Inc42 (5 September 2018). "Zomato Acquires Food Startup TongueStun for $18 Mn". Inc42 Media. Archived from the original on 7 September 2018. Retrieved 7 September 2018.
{{cite news}}: CS1 maint: numeric names: authors list (link) - ^ "Zomato buys Tech Eagle Innovations to work on drone – based food delivery". The Economic Times. Archived from the original on 12 February 2019. Retrieved 11 February 2019.
- ^ "Zomato acquires Lucknow-based startup TechEagle for drone-based food delivery in India". Hindustan Times. 5 December 2018. Archived from the original on 20 August 2019. Retrieved 20 August 2019.
- ^ Gooptu, Biswarup (10 December 2018). "Info Edge: Zomato enters the events space; set to launch multi-city food carnival Zomaland". The Economic Times. Archived from the original on 11 November 2022. Retrieved 11 November 2022.
- ^ Bhargava, Yuthika (21 January 2020). "Zomato acquires Uber Eats business in India in an all-stock deal". The Hindu. ISSN 0971-751X. Archived from the original on 21 January 2020. Retrieved 21 January 2020.
- ^ Choudhury, Saheli Roy (23 July 2021). "Shares of Indian food delivery start-up Zomato jump over 80% in market debut". CNBC. Archived from the original on 7 April 2023. Retrieved 17 August 2021.
- ^ Singh, Manish (10 November 2021). "India's Zomato invests in Shiprocket, Magicpin and CureFit". TechCrunch. Retrieved 21 April 2025.
- ^ "Zomato acquires Blinkit for $568 million in instant-grocery delivery push". TechCrunch. 24 June 2022. Archived from the original on 6 July 2022. Retrieved 5 July 2022.
- ^ "Zomato launches hyperlocal delivery service Xtreme to leverage 3-lakh strong delivery fleet". The Economic Times. Retrieved 13 November 2023.
- ^ Singh, Nandini (4 July 2024). "Zomato shuts down hyperlocal delivery platform 'Xtreme' amid poor demand". Business Standard. Retrieved 21 April 2025.
- ^ "Zomato completes acquisition of Paytm's entertainment ticketing biz". The Economic Times. 28 August 2024. ISSN 0013-0389. Retrieved 29 August 2024.
- ^ "Zomato launches District app for movies, events, dining out bookings". The Economic Times. 16 November 2024. Retrieved 21 April 2025.
- ^ "Eternal – Letter" (PDF). Archived from the original (PDF) on 6 February 2025. Retrieved 8 February 2025.
- ^ "Info Edge invests $10M afresh in Zomato, values firm at around $55M". VCCircle. Archived from the original on 3 January 2023. Retrieved 3 January 2023.
- ^ "Sequoia leads $37M funding round in Zomato". Vccircle.com. 6 November 2013. Archived from the original on 2 March 2016. Retrieved 15 November 2016.
- ^ Shahi, Twishy. "Zomato raises US$60M from Vy Capital, Info Edge and Sequoia". e27. Archived from the original on 23 October 2021. Retrieved 31 July 2020.
- ^ "Zomato raises $60 million from Vy Capital, Info Edge & Sequoia – timesofindia-economictimes". 5 March 2016. Archived from the original on 5 March 2016. Retrieved 21 February 2020.
- ^ "Zomato raises Rs 311 crore from existing investors – timesofindia-economictimes". 8 December 2015. Archived from the original on 8 December 2015. Retrieved 21 February 2020.
- ^ "Zomato raises $60 mn from Temasek and Vy Capital". Business Standard India. 8 September 2015. Archived from the original on 4 July 2016. Retrieved 18 March 2017.
- ^ Srinivasan, Supraja (1 February 2018). "Zomato Raises $200 million from Ant Financial". The Economic Times. Archived from the original on 17 June 2022. Retrieved 17 June 2022.
- ^ "Ant Financial puts another $210 million in Zomato". The Economic Times. 13 October 2018. Archived from the original on 24 July 2021. Retrieved 15 October 2018.
- ^ "India's Zomato raises $62 million from Temasek". TechCrunch. 3 September 2020. Archived from the original on 4 September 2020. Retrieved 3 September 2020.
- ^ "Food delivery unicorn Zomato raises Rs 379 cr from US investor Kora". BusinessStandard. 15 October 2020. Archived from the original on 11 November 2021. Retrieved 15 October 2020.
- ^ "Zomato raises $250 million in funding from Tiger Global, Kora and others". The Hindu. 23 February 2021. Archived from the original on 26 July 2021. Retrieved 14 March 2021.