Zomato slips ~3% as co-founder Mohit Gupta announces exit

21 Nov 2022 , 10:15 AM

Mohit Gupta, Zomato’s co-founder, has resigned from the company after four and a half years of service. This is the third high-profile withdrawal in recent weeks from the leading meal delivery startup. Rahul Ganjoo, the former head of food delivery and the head of Zomato’s new projects, resigned earlier this week. Siddharth Jhawar, the head of the company’s Intercity Legends service, resigned a week earlier.

Gupta joined Zomato as the head of meal delivery in 2018. Ganjoo was promoted to co-founder after becoming the CEO of food delivery in 2021 to take charge of future enterprises. Prior to joining Zomato, Gupta was the chief operating officer of the travel website Makemytrip.

Gupta stated that he is still a long-term investor in Zomato and that the journey to build a world-class tech business out of India, for India (and possibly the world) is still ongoing, with only 1% completed.

Zomato stated in an exchange filing that Gupta was not designated as a key managerial personnel under the Companies Act and that the disclosure on exchanges was voluntary.

Following this development, Zomato’s stock fell as much as 2.61% at Rs65.40 against its previous closing of Rs67.15 on the BSE. The scrip opened at Rs66.30 and touched intraday high and low of Rs66.35 and Rs64.65 respectively.

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