Goyal’s decision to return his unvested equity to the company is one of the largest voluntary forfeitures by a founder in the Indian startup ecosystem. In a letter to shareholders, he clarified that the move is intended to empower the “next generation” of talent at Eternal without diluting existing shareholders.
Where the Money Goes
- The ESOP Pool: The ₹1,000 crore worth of options will revert directly to Eternal’s ESOP pool.
- Zero Dilution: By using Goyal’s forfeited shares to reward future hires and high-performers, the company avoids issuing new shares, which would have reduced the value for current investors.
- Retention Strategy: Goyal emphasized that these options will now be used to ensure Eternal remains a “magnet for top-tier global talent.”
Leadership Exit: Moving to the “Non-Executive” Side
The forfeiture is tied to Goyal’s departure from the daily operations of Eternal, effective February 1, 2026
- The Successor: Albinder Dhindsa (currently CEO of Blinkit) has been named the new Group CEO of Eternal.
- Goyal’s New Role: He will remain on the board as Vice Chairman, focusing on long-term strategy, culture, and ethics, rather than day-to-day execution.
- Higher-Risk Ventures: Goyal noted that he is stepping back to focus on “high-risk exploration” ventures, specifically in longevity research (Continue) and aerospace (LAT), which he believes are better suited for private, rather than public, capital.
Deepinder Goyal’s History of “Giving Back”
This isn’t the first time Goyal has leveraged his equity for social or corporate good. In May 2022, he famously donated vested ESOPs worth $90 million (approx. ₹700 crore) to the Zomato Future Foundation to fund the education of delivery partners’ children.
| Year | Event | Financial Impact |
| 2022 | Donation to Zomato Future Foundation | ₹700 Crore (Vested) |
| 2024 | Salary Waiver (Ongoing through 2026) | ₹3.2 Crore (Annual) |
| 2026 | Forfeiture of Unvested Options | ₹1,000+ Crore |
Conclusion: Institutionalizing the Founder
The forfeiture of ₹1,000 crore is seen as a strategic move to “clean the cap table” as Eternal matures into a professionally-led conglomerate. By leaving this massive sum on the table, Goyal has signaled that his interest in Eternal remains tied to its long-term market valuation rather than immediate cash-outs. For investors, the move is a rare example of founder-led corporate governance that prioritizes the institution over the individual
