Eternal, Zomato’s parent company, has rented an 84,000 square feet office space in Mumbai’s Andheri East. The starting rent of the place is going to be Rs 1.34 crore per month.
The company has rented six office spaces on the seventh floor of the R Square building, developed by Runwal Realty. The space has been leased for a period of five years and has a clause of rent escalation after 36 months of the lease.
As per the deal, the per square foot rental price of the space is Rs 160. The company will also pay Rs 18 per square foot for the common area maintenance charges. The total rent for the period of five years amounts to about Rs 95 crore. As part of the deal, Eternal will also get a parking space for 57 cars.
Why has Zomato leased the space
The headquarters of Zomato’s parent company, Eternal, is located in Gurugram, Haryana. The holding company operates the food delivery business under the Zomato brand and the grocery business under the Blinkit brand. The company also has the District brand for ticketing and events, and another brand, Hyperpure, for B2B supply chain services.
The rebranding of the parent company name suggests a broader expansion strategy on the company’s part. The company already has a regional office in Andheri; however, with expanding business operations and a growing workforce, the company is leasing the property to accommodate its workforce.
Eternal Q4 FY25 performance
In the fourth quarter of FY25, Eternal reported a net profit of Rs 39 crore. The company’s net profit in the quarter fell by 77 percent on a year-on-year basis. Furthermore, the company’s total revenue from operations stood at Rs 5833 crore in the Q4.
The decline in the net profits of the company is attributed to to rise in the expenses. It’s expensive grew by 63 percent in the quarter. Eternal’s total revenue from operations for the financial year 2024-25 stood at Rs 20,243 crore, registering a 67 percent growth.