Eternal Begins New Chapter with Liquidation of Non-Operational Dutch Subsidiary

Eternal Limited, previously known as Zomato Limited, has commenced the liquidation process for its dormant step-down subsidiary, Zomato Netherlands B.V.

This marks the company’s first official disclosure since adopting its new identity on the stock exchanges in March.

According to an exchange filing, Eternal stated that Zomato Netherlands is “not a material subsidiary” and its dissolution will not impact the company’s revenue.

The company emphasized in its red herring prospectus dated July 6, 2021, and in its final prospectus dated July 19, 2021, that the Dutch unit has had no active business operations.

Financials of the Dutch Unit

Zomato Netherlands reported zero turnover in FY24, with a net worth of ₹32 lakh. Eternal expects the liquidation process to be completed within a year, subject to the necessary regulatory procedures.

The announcement reinforces Eternal’s ongoing strategy of consolidating its global footprint by closing non-operational international subsidiaries.

A Strategic Pullback from International Markets

Zomato’s global ambitions once led it to expand operations to more than 20 countries. In 2015, the company even acquired Urbanspoon to gain a foothold in North America. However, this strategy did not yield the expected results.

Over the past few years, Zomato systematically exited numerous foreign markets, including the United States, Singapore, the UK, South Africa, Qatar, the Philippines, and several European nations.

The liquidation of Zomato Netherlands follows the recent wind-downs in Slovakia (July), and in Vietnam and Poland (January).

In a 2022 interview with CNBC TV-18, CEO Deepinder Goyal candidly reflected on these international efforts, saying, “International business does not fit into our roadmap anymore. Not at all.” He confirmed that the company would now focus exclusively on its operations in India.

Rebranding and Corporate Identity

The decision to rebrand Zomato Limited to Eternal Limited was finalized in February 2025 after receiving board approval.

CEO Goyal assured stakeholders that while the corporate entity would operate under the Eternal name, the Zomato app would retain its existing branding.

Domestic Focus Delivers Strong Results

The strategic focus on the Indian market has proven to be a wise move. Eternal posted its first-ever profitable year in FY24, registering a consolidated net profit of ₹351 crore.

The momentum has continued into FY25, with the company reporting three consecutive profitable quarters so far.

Beyond food delivery, Eternal has established a solid presence in adjacent verticals. Its quick commerce platform Blinkit and B2B grocery delivery arm Hyperpure have become integral parts of its business.

Additionally, the company is now investing in expanding its newest vertical, District.

Expansion into B2B with AI Platform Nugget

Eternal has also ventured into the B2B tech space with the launch of Nugget, an AI-native, no-code customer support platform.

Nugget provides tools like conversational AI chatbots and AI co-pilots to streamline complex customer service operations. This expansion marks Eternal’s continued drive to diversify its offerings beyond traditional food delivery.

Market Reaction

Despite its operational successes, shares of Eternal ended the last trading session 1.74% lower at ₹211.50 on the BSE. Earlier in the day, the stock was trading at ₹218 on the NSE, reflecting a gain of ₹6.61 or 3.13% by 10:35 a.m.

Eternal’s move to liquidate its non-operational Dutch unit is a logical extension of its clear pivot toward consolidating and strengthening its domestic business.

As the company continues to focus on its core India operations, its diversified investments in quick commerce, B2B logistics, and AI-based support platforms may offer a blueprint for sustainable long-term growth.