Rakesh Ranjan, the chief executive of Eternal’s food delivery business (formerly Zomato), has stepped down from his role after a two-year tenure, marking a significant leadership shake-up at the foodtech giant. The move, reported on April 23, 2025, comes amid a broader internal reshuffle and a challenging phase for the company’s core food delivery segment, which is grappling with intense competition and slowing growth.
Ranjan, who took the helm as CEO in May 2023, will remain with Eternal in a different capacity, though details of his new role are yet to be disclosed. Founder and group CEO Deepinder Goyal will temporarily oversee the food delivery operations until a permanent successor is appointed, with the company considering both internal and external candidates for the role.
The leadership change coincides with a tough period for Eternal’s food delivery business, which saw a muted 17% year-on-year growth in gross order value (GOV) to Rs 9,913 crore in Q3 FY25, falling short of the company’s 20% growth target. This slowdown, attributed to broader consumption softness and rising competition from rival Swiggy, which captured a 43% market share in the October-December quarter, has put pressure on Eternal’s core segment.
Under Ranjan’s leadership, Eternal strengthened its market position and introduced rapid delivery options to counter competitors’ 10-minute food delivery services. However, systemic issues in the food delivery sector, as acknowledged by Goyal, continue to challenge growth. “Food delivery has multiple systemic issues that need to be solved,” Goyal said in a March interview, hinting at upcoming initiatives to align the interests of restaurants, customers, and the platform.
The reshuffle follows a series of high-profile exits at Eternal, including Chief Operating Officer Rinshul Chandra in April 2025, co-founder Akriti Chopra in September 2024, and Hyperpure CFO Hemal Jain in December 2024. The company also faced scrutiny after laying off nearly 600 customer support staff due to AI-driven automation.
Eternal’s shares dipped 1.7% to Rs 235 on the BSE following the announcement, reflecting investor concerns about the leadership transition and market dynamics. Despite the challenges, analysts remain optimistic about Eternal’s long-term prospects, citing its diversified portfolio, including quick commerce arm Blinkit and B2B unit Hyperpure.
As Eternal navigates this transition, all eyes are on Goyal’s interim leadership and the company’s next moves to regain momentum in the competitive food delivery space. Stay tuned for updates on the new CEO appointment and Eternal’s strategic roadmap.
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