In 2022, when Zomato acquired struggling Blinkit, Deepinder Goyal threw Albinder Dhindsa a lifeline of sorts. ₹4,500 crores. Today he has handed him the reins of a ₹An empire worth Rs 2.5 lakh crore that he built from nothing.
On Wednesday, Eternal Limited (formerly Zomato) said Goyal will step down as group CEO to become vice chairman and hand over the day-to-day operations of India’s largest quick-commerce company to Dhindsa.
The move signals a definite change: Zomato’s “startup” phase is over. The “scale-up” era, defined by operational rigor as pioneered by Dhindsa at Blinkit, has begun.
Is a friend who helps in need a true friend?
A graduate of IIT Delhi and Columbia Business School, Dhindsa actually joined Zomato in its early years, serving as head of international operations until 2014. He founded Grofers (later Blinkit) – a move that put him in direct competition with the rising wave of foodtech logistics.
The relationship between Goyal and Dhindsa, who have been friends for over 20 years, was put to the test when Zomato acquired struggling Blinkit in 2022. The deal was seen as a “bailout” for a friend. In fact, Goyal himself revealed in a podcast earlier this month that the integration was so difficult that he almost fired Dhindsa twice in the first year, telling him bluntly, “You’re not going to cut it”.
Certainly, Blinkit is Eternal’s most valuable asset today, with growth in gross order value often outpacing the core food delivery business.
A study in contrasts
The leadership transition highlights the contrasting yet complementary styles of the two leaders.
- Goyal is considered creative and passionate about product design and “zero-to-one” innovation. Their decision to step back cites a desire to pursue a “high-risk experiment” that doesn’t fit the profile of a publicly listed giant.
- Dhindsa has built its reputation on supply chain optimization and unit economics – the vague “heavy lifting” required to make 10-minute delivery profitable.
In a way, Goyal created the culture, but Dhindsa created the machine.
the way forward
As group CEO, Dhindsa inherits a complex empire that includes food delivery, Blinkit quick-commerce engine, Hyperpure B2B arm and the nascent District dining-out vertical.
His challenge is twofold – maintaining the fast pace of growth at Blinkit even as food delivery matures – without the looming shadow of the founder.
For Goyal, the exit is a return to his roots as an incubator of wild ideas. For Dhindsa, this is the final confirmation – the former employee who left to build his own ship is back to lead the fleet.
