Mohit Gupta, Co-founder of Zomato, has left the company after four and a half years, marking the third high-profile departure from the food delivery giant in recent weeks.
Rahul Ganjoo, Zomato's New Initiatives Head and former Food Delivery Chief, resigned earlier this week, while Siddharth Jhawar, the company's Intercity Legends service head, announced his departure a week ago.
Gupta joined Zomato as the head of food delivery in 2018. When Ganjoo was named CEO of food delivery in 2021, he was promoted to Co-founder to oversee new businesses. Gupta was the chief operating officer of travel portal Makemytrip before joining Zomato.
The food delivery company has suffered in the public market this year, as its stock price has fallen by more than 50 per cent from its peak of Rs 162 on the BSE.
Furthermore, as it has grown larger, the growth of its food delivery business has slowed - quarterly sales have increased only 22 percent from Rs 5,410 crore in Q2 of FY21 to Rs 6,631 crore in Q2 of FY22. In contrast, quarterly sales increased by 158 per cent from Q2 of FY21 to Q2 of FY22.
The company's net loss for the quarter was Rs 250.8 crore, down from Rs 434.9 crore in the same quarter last year. Meanwhile, operating revenue increased by 62.20 per cent to Rs 1,661.3 crore.