According to the regulatory filing, Zomato's new initiatives head and former food delivery chief Rahul Ganjoo has resigned from the company after working with for five-year with food tech gaint. Ganjoo started his journey as a the head of product development in August 2017 and was made co-CEO of food delivery in October 2020. Further, he assumed the title of head of new business in August this year.
According to the news reports, this is the second high-profile exit from Zomato in a very short interval. Prior to this, Siddharth Jhawar, the head of its Intercity Legends service, announced that he had left the company a week back.
Zomato announced in August that its food delivery business had achieved operational parity, reporting that Adjusted EBITDA for the segment was zero in the June quarter (Q1). However, that metric has now been revised to an Adjusted EBITDA loss of Rs 113 crore for Q1.
Zomato claims to have broken even in food delivery in the September quarter, recording an Adjusted Ebitda of Rs 2 crore for the segment.
Adjusted Ebitda is a metric that many tech companies use, though each defines it differently. Employee stock option expenses, for example, are typically excluded because they are not considered operational for the business.