In a letter to shareholders, Goyal explained that his decision was driven by a growing interest in pursuing high-risk experimentation outside the constraints of a listed company. He noted that the regulatory and legal expectations placed on a public company CEO require singular focus.
“This transition allows Eternal to remain sharply focused, while giving me the space to explore ideas that do not fit Eternal’s risk profile,” Goyal wrote. He also confirmed that all his unvested employee stock options would revert to the company’s pool.
Dhindsa’s Expanding Role
As the new CEO, Dhindsa will oversee Eternal’s day-to-day operations, business priorities, and strategic execution. He will work closely with chief financial officer Akshant Goyal, while other senior leaders across food delivery, Hyperpure, and district businesses continue in their roles.
Dhindsa will also continue as Blinkit CEO for the time being, as the company has not named a separate head for the quick commerce business.
Strong Financial Performance
The leadership announcement came alongside Eternal’s robust October–December quarter results. The company reported a threefold year-on-year jump in operating revenue to Rs 16,315 crore, while net profit surged 73% to Rs 102 crore.
Blinkit emerged as the company’s largest revenue contributor and achieved operating-level breakeven during the quarter, a major milestone amid intense competition in the quick commerce sector.
Blinkit and the Road Ahead
Dhindsa acknowledged “irrational competitive intensity” in the quick commerce space but said Blinkit’s margin improvements were driven by supply chain efficiencies and disciplined expansion. Eternal currently operates over 2,000 dark stores, with a long-term target of up to 4,000 by March 2027, depending on market conditions.
Goyal reiterated that Blinkit remains Eternal’s biggest growth opportunity and will remain Dhindsa’s top priority.
Goyal’s New Ventures
Outside Eternal, Goyal is backing longevity research venture Continue and health-focused wearable startup Temple. He has also co-founded aerospace startup LAT, signalling a shift towards long-horizon innovation beyond food and commerce.
Eternal’s shares closed nearly 5% higher following the announcement, reflecting investor confidence in the transition.