Deepinder Goyal’s Eternal Drops a ₹171 Crore Bombshell — Here’s What It Means for Employees and the Startup World
What if your company handed you stock worth lakhs — and asked for just ₹1 in return?
That’s exactly what’s happening at Eternal Ltd, the Deepinder Goyal-led company that just granted a jaw-dropping ₹171.5 crore worth of stock options to its employees. Yes, you read that right — ₹171 crore in stock, for a nominal price of ₹1 per share.
While this might look like “just another ESOP grant,” the scale, timing, and structure of this move say a lot about where Eternal is headed, and how it’s planning to retain and reward top talent in a competitive tech world.
Let’s unpack the details of this massive stock giveaway and why it’s making waves in the startup ecosystem.
The Massive Stock Grant — By the Numbers
Here’s what Eternal just announced:
- Total stock options granted: 64,77,602
- Face value per share: ₹1
- Market price at the time of grant: ₹264.75
- Estimated notional value: ₹171.5 crore
- Covered equity shares (post-adjustments): 69,19,736
This grant was made under Eternal’s two existing employee stock option schemes:
- Zomato Employee Stock Option Plan 2021 — the newer plan where 64,77,536 options were granted
- Foodie Bay Employee Stock Option Plan 2014 — under which just 66 options were granted
So yes — nearly all of the action is happening under the 2021 plan, which shows where Eternal is focusing its growth and talent strategy.
Why This Grant Is Such a Big Deal
Stock options are common in startups. But Eternal’s latest move stands out for five key reasons:
1. The Value Is Insane
At ₹1 per share, employees are getting the right to buy stock that’s currently worth over ₹260. That’s a 260x return on paper. If an employee got 10,000 options, that’s potentially ₹26 lakh in value — for just ₹10,000 out of pocket.
2. There’s No Lock-In
Once exercised, these shares are free to trade. No waiting period. No restrictions. That’s rare in ESOP structures and gives employees real liquidity potential.
3. The Window Is Long
Employees can exercise their options up to 10 years from the vesting date, or 12 years from the company’s IPO — whichever is later. That gives them flexibility and control.
4. It’s a Huge Talent Play
In a market where retaining top talent is getting harder, Eternal just told its team:
“Stay with us, and we’ll make you rich.”
That message is loud and clear.
5. It Signals Eternal’s Confidence
Companies don’t hand out ₹171 crore in stock unless they’re planning to grow fast and big. This move shows Eternal is betting on its own future — and wants employees to bet too.
What Is Eternal Up To?
While Eternal hasn’t publicly revealed all its business plans, the signs are clear:
- It’s led by Deepinder Goyal, co-founder of Zomato, one of India’s most successful tech IPOs
- It’s already using existing Zomato-linked ESOP plans, which suggests strong continuity and backing
- It’s preparing to build long-term value, not just short-term scale
This ESOP move could be a signal that something big is brewing — whether it’s a new business line, a spinoff, or a future public listing.
What’s in It for Employees?
Let’s break it down:
- Low-risk, high-reward: Pay ₹1 per share, get something potentially worth ₹260+
- Flexible exercise: No rush — wait up to a decade before making a move
- Zero lock-in: Sell the shares freely after exercising, no strings attached
- Clear alignment: Employees win if the company wins
It’s not just compensation — it’s ownership. And that ownership could be worth lakhs, even crores, if Eternal’s valuation grows over time.
Why This Could Shake Up the Indian Startup Ecosystem
In an era where many companies are cutting perks, freezing hiring, or limiting stock grants, Eternal is going the other way — going big on rewarding its people.
This could:
- Raise the bar for how startups treat employees
- Put pressure on competitors to offer similar ESOPs
- Inspire loyalty in a talent market where job-hopping is the norm
In short, this isn’t just a financial story — it’s a culture move.
What Should You Watch for Next?
If you’re following Eternal or Deepinder Goyal’s next moves, keep an eye on:
- New launches or business model shifts
- Hiring surges or leadership changes
- Signals of a future IPO or spinoff
- Employee success stories from these stock options
The ₹171 crore grant could be just Act 1 in a much bigger play.
Final Thoughts: A Bold Bet on Talent, Loyalty, and the Future
Deepinder Goyal has already built one unicorn. With Eternal, it looks like he’s playing the long game again — and this massive stock option grant is proof.
It’s bold. It’s unexpected. And it’s a powerful way to say:
“We’re going places. Come build it with us — and get rewarded like an owner.”
For employees, this could be life-changing. For the startup world, it’s a wake-up call.
