Eternal denies reports of Rakesh Ranjan's departure as food delivery head

Consumer-tech platform Eternal, formerly Zomato, has denied reports of Rakesh Ranjan stepping down from his role as CEO of food delivery.

This development follows media reports of an organisational reshuffle at Eternal, with Ranjan stepping down from his role. According to the report, Zomato Co-founder Deepinder Goyal is expected to take over as interim CEO until a permanent replacement is appointed while Ranjan was expected to continue at the company in a different capacity.

"At Eternal Group, internal reshuffling of the leadership team is considered a standard practice as part of the company's ongoing efforts to optimise organisational effectiveness," the company said in an exchange filing.

The NCR-based company categorically denied receiving the resignation of Ranjan from the leadership.

Ranjan, who has been with the company for over seven years, was appointed CEO of food delivery after his year-long stint as CEO of Hyperpure.

Earlier this month, Rinshul Chandra, COO at Zomato, the company's food delivery business, stepped down to pursue new opportunities.

These developments come amid a broader slowdown in food delivery as consumption stabilises. While the company is yet to report its third quarter results, it witnessed

Both Swiggy and Zomato, which operate a near duopoly in food delivery, have faced challenges in acquiring new customers and scaling beyond the top cities.

"Currently, we are going through a broad-based slowdown in demand which started during the second half of November," Ranjan said in the company's shareholder letter shared during the third quarter results.