Billionaire Deepinder Goyal Gives Up ₹1,000 Crore ESOPs as He Steps Down as Eternal CEO

Eternal founder Deepinder Goyal has made a rare and high-impact corporate governance move by surrendering unvested employee stock options worth over ₹1,000 crore as he transitions from Group CEO to Vice Chairman. The decision coincides with the appointment of Albinder Dhindsa as the company’s new Group CEO, marking a significant leadership reshuffle at the food and quick commerce major.

Deepinder Goyal Forfeits ₹1,000 Crore in ESOPs

In a move widely praised by market observers, Goyal has returned nearly 3.3 crore unvested ESOP shares to Eternal’s employee stock option pool. The shares are estimated to be worth more than ₹1,000 crore, making it one of the largest voluntary ESOP forfeitures by an Indian startup founder.

Analysts say the decision sets a new benchmark for founder-led governance at publicly listed technology companies. According to market experts, the move reduces the immediate need for issuing fresh equity to fund employee incentives, thereby protecting existing shareholder value.

At the end of the December quarter, Goyal held a 3.83% stake in Eternal. As per Forbes estimates, his personal net worth stands at around $1.6 billion, underscoring the magnitude of the equity he chose to relinquish.

ESOP Pool Expansion and Shareholder Impact

Eternal’s Chief Financial Officer Akshant Goyal confirmed that the company’s ESOP pool already exceeds 20 crore shares, and the returned ESOPs will expand the pool by roughly 16%.

The CFO noted that employee rewards will continue to be linked to performance rather than the absolute size of the ESOP pool. Importantly, the expanded pool could delay future equity dilution, offering relief to shareholders amid intense competition in India’s quick commerce and food delivery segments.

Market analysts highlighted that avoiding near-term dilution is particularly valuable as Eternal invests heavily to defend market share.

Leadership Transition: Albinder Dhindsa Takes Charge

As part of the restructuring, Eternal has appointed Albinder Dhindsa, currently head of Blinkit, as Group CEO.

Dhindsa will continue to oversee Blinkit while assuming broader group responsibilities. Under his leadership, Blinkit successfully moved from a loss-making acquisition to operational breakeven, strengthening its position as Eternal’s fastest-growing vertical.

Industry analysts believe this dual role ensures execution continuity while keeping Blinkit at the center of Eternal’s growth strategy.

Strategic Shift Behind Goyal’s Exit as CEO

In a letter to shareholders, Goyal explained that his decision was driven by a desire to pursue high-risk experimental ventures that may not align with the expectations placed on the CEO of a listed company.

He emphasized that public company leadership requires a narrow and consistent focus, whereas his personal interests increasingly lie in areas that demand flexibility and tolerance for failure—conditions better suited outside a regulated corporate structure.

Despite stepping back from daily operations, Goyal clarified that his financial interests remain closely tied to Eternal’s long-term success.

Analyst Reactions: Praise, Caution, and Watchfulness

Brokerages largely welcomed the leadership change, describing it as a blend of founder-led vision and operator-driven execution. Some analysts, however, flagged potential ambiguity around the division of responsibilities between the board and management.

While most expect stability in the near term, they stress that a smooth handover and consistent execution will be crucial to maintaining investor confidence.

Eternal’s Long-Term Vision Remains Intact

Despite relinquishing operational control, Goyal reiterated his ambitious goals for the company. He stated that Eternal aims to become India’s most valuable company, serve one billion consumers, and generate livelihoods for millions of Indians across its ecosystem.

His new role as Vice Chairman allows him to guide long-term strategy while freeing management to focus on execution and scale.

A Governance Signal with Long-Term Implications

Deepinder Goyal’s decision to forgo ₹1,000 crore worth of ESOPs and step aside as CEO represents more than a leadership change—it signals a maturing governance culture within India’s startup-to-public-company ecosystem. As Albinder Dhindsa takes the helm, investors will closely watch whether Eternal can sustain growth, execution discipline, and shareholder trust in an increasingly competitive market.

Frequently Asked Questions (FAQ)

1. Why did Deepinder Goyal step down as Eternal CEO?

Goyal stepped down to pursue high-risk experimental ventures that are better suited outside a publicly listed company, while remaining involved at the strategic level.

2. How much ESOP value did Deepinder Goyal give up?

He surrendered unvested ESOPs worth over ₹1,000 crore, returning approximately 3.3 crore shares to Eternal’s ESOP pool.

3. Who is the new CEO of Eternal?

Albinder Dhindsa, currently CEO of Blinkit, has been appointed as Eternal’s Group CEO.

4. How does this affect Eternal’s shareholders?

The expanded ESOP pool may delay future equity dilution, which is generally positive for existing shareholders.

5. Will Deepinder Goyal still be involved in Eternal?

Yes. He will serve as Vice Chairman, providing strategic oversight while stepping away from day-to-day operations.