Over 140 executives at Eternal, the parent of Zomato and Blinkit, have converted employee stock options worth ₹419 crore in a two-day window on July 29 and 30, stock exchange filings show. Blinkit chief executive Albinder Dhindsa accounted for more than half the total, acquiring seven million shares worth ₹214.51 crore.
Thirty-one other senior leaders each exercised options worth over ₹1 crore. This group included Hyperpure CEO Rishi Arora, former Zomato food delivery head Rakesh Ranjan, his successor Aditya Mangla, and corporate development chief Kunal Swarup. Collectively, the top 32 executives bought shares worth ₹378.50 crore, representing 90 percent of the total. Nearly half were from Blinkit, the rest split between Eternal, Zomato, Hyperpure, and the going-out business District.
Eternal’s stock closed Friday at ₹300.80, valuing the company at ₹2.9 lakh crore, its highest in seven months. Analysts say rising share prices often prompt executives to exercise vested Esops, especially when strike prices are well below market value.
Blinkit’s performance has strengthened that confidence. For the quarter ended June 30, Blinkit’s gross order value surged 140 percent year-on-year to ₹11,821 crore, surpassing Zomato’s ₹10,769 crore for the first time. However, rapid expansion, including 243 new dark stores in the quarter, pulled Eternal’s net profit down 90 percent to ₹25 crore.
The company now operates 1,544 dark stores and aims to reach 2,000 by December, with a long-term plan for 3,000. Brokerage Goldman Sachs expects Blinkit to keep gaining market share over the next three quarters as rivals focus on profitability.
Eternal, which went public in 2021 with a ₹9,375-crore IPO, has been among the top wealth creators in India’s internet economy, using stock incentives to retain leadership and reward performance.
