Deepinder Goyal to surrender ESOPs worth up to Rs 1,000 crore after stepping down as Eternal CEO

Eternal founder Deepinder Goyal, who resigned as chief executive officer of Zomato and Blinkit parent Eternal on Wednesday, will surrender employee stock options valued at approximately Rs 900–1,000 crore, according to disclosures made to shareholders and analysts.

In a letter to shareholders, Deepinder Goyal said all his unvested ESOPs would be returned to Eternal’s ESOP pool, stating that the move would support wealth creation for the next generation of leaders while strengthening long-term employee retention without adding to shareholder dilution.

Speaking during the company’s quarterly analysts’ call, Eternal chief financial officer Akshant Goyal said the surrender would add around 3.3 crore shares to the ESOP pool, which currently comprises a little over 20 crore shares. He said the expanded pool would reduce the need for further ESOP-related dilution for a longer period than previously anticipated.

At Eternal’s prevailing share price of about Rs 278, the 3.3 crore shares are valued at roughly Rs 917 crore. Deepinder Goyal continues to hold about a 4 percent stake in Eternal, valued at approximately Rs 11,000 crore.

The company had disclosed in its qualified institutional placement document in 2024 that Goyal had voluntarily waived his salary for five years until March 31, 2026. He first waived his salary for 36 months starting April 1, 2021, as outlined in the food delivery company’s FY24 annual report, and later extended the waiver by two additional years in 2024 until March 2026.

The leadership change, announced on Wednesday, marked Goyal’s decision to step away from an active executive role nearly 18 years after co-founding Zomato. Goyal informed shareholders that he intends to focus on new ventures in the longevity and aerospace sectors, which he said require higher-risk exploration and experimentation.

Goyal will transition to the role of vice-chairman of Eternal and remain on the company’s board of directors. Blinkit co-founder and chief executive officer Albinder Dhindsa, who joined the group following Eternal’s acquisition of the quick commerce firm in 2022, will take over as chief executive.

Following the transition, Dhindsa will be responsible for overseeing Eternal’s day-to-day operations, strategic priorities and business decisions, and will work closely with chief financial officer Akshant Goyal. Other senior leaders, including food delivery chief executive Aditya Mangla, District head Rahul Ganjoo and Hyperpure chief executive Rishi Arora, will continue in their existing roles.