Food aggregator firm Zomato Ltd on Friday announced that its co-founder Mohit Gupta had resigned. This is the third major exit of a key leader from the company in this month.
In his farewell note, Gupta said the journey to “build a world-class tech business out of India, for India (and then maybe the world)” was still on and just “1 per cent” had been done, reported The Economic Times.
“Over the past few years, I have seen Deepi (Deepinder Goyal) become an even more mature and confident leader who is now completely capable of leading the business into a bright future with all of you by his side. It is with this confidence that I am deciding to move on from Zomato to seek the other unknown adventures that life holds for me,” Gupta said in his farewell note.
Zomato CEO Deepinder Goyal responded by saying, “You have done a tremendous job here, brought us back from the brink of extinction, scaled the business to new heights, got us to profitability, and above all, coached me over the years to become capable of running such a large and complex business. Thanks to you, I feel confident that I can continue to build on top of your legacy and build a bigger and better company going forward.”
Gupta quit the company after working for nearly four and a half years. He joined Zomato in 2018 as the head of food delivery. In 2021, he became co-founder to oversee new businesses. He has previously worked as the chief operating officer of the travel portal Makemytrip.
This marks the third high-profile exit from the food delivery firm in recent weeks. Zomato’s new initiatives head and former food delivery chief Rahul Ganjoo resigned earlier this week. The head of its Intercity Legends service, Siddharth Jhawar, left the company a week back.
Zomato has suffered in the public market this year amid a meltdown of tech stocks. The company’s stock price has fallen by more than 50 percent from its peak of Rs 162 on the BSE. The growth of the company’s food delivery business has also slowed. In Q2 sales have grown only 22 percent to Rs 6,631 crore in Q2 of FY22 from Rs 5,410 crore in FY21.