November 18, 2022

Zomato Co-Founder Mohit Gupta Exits Company

Indian food aggregator Zomato said on Friday its co-founder, Mohit Gupta, had resigned. The news comes days after the online food delivery platform reported narrowing of its consolidated net loss to Rs. 250.8 crore for the second quarter ended September 2022. Meanwhile, the company’s consolidated net loss stood at Rs. 434.9 crore in the year-ago period. However, the reason behind Mohit Gupta’s resignation is not clear yet.

Gupta is credited with building Zomato’s food delivery operations from scratch and was the segment’s chief executive before being elevated to co-founder in May 2020.

Gupta said in a letter to the company that he was stepping down to pursue “unknown adventures”.

In a message sent to the Zomato which was shared on the BSE by the company, Gupta said he is “deciding to move on from Zomato to seek the other unknown adventures that life holds for me”.

Zomato said Gupta was not designated as key managerial personnel under the Companies Act, 2013 and the listing regulations, while making the voluntary disclosure of his resignation. 

His resignation follows that of the company’s deputy chief financial officer, Nitin Savara, who stepped down in August.

Zomato last week reported a narrow second-quarter loss, as volumes and value of its online orders rose.

“We are building for the long term, and we are going to continue evaluating and taking bets which may compromise short term expectations for the long term,” Zomato CEO and Founder Deepinder Goyal said.

Sharing his views on how Zomato could ‘execute better’, Goyal said, “There are a number of areas where we should improve — we should do more with less, ship higher quality products faster, listen to our customers better and engage with our restaurant partners and delivery partners for feedback more often. We should take more multiplier risks and challenge existing paradigms.”




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