Zomato Ltd., a food aggregator company with its headquarters in Gurugram, announced on Friday that Mohit Gupta, a co-founder, had left the organisation after nearly five years.
Before being promoted to co-founder in May 2020, Gupta was the segment’s chief executive and is credited with starting from scratch Zomato’s meal delivery operations.
“I remain a long-only investor in Zomato,” said Gupta in his farewell note.
“Four and a half years ago I joined Deepi (Deepinder Goyal) & this band of crazies trying to build the best food tech company in the country, I dare say the world. In this period, we brought our food delivery business back from the brink, survived the crazy competition, and the pandemic, and became a large and profitable business (as unlikely as it seemed at the beginning). The journey to build a world-class tech business out of India, for India (and then maybe the world) is still on, just 1% done,” said Gupta in his note.
Gupta added that he was resigning in order to embark on “unknown adventures”.
His resignation comes after that of Nitin Savara, the business’s former deputy chief financial officer, who left in August.
“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,” said CEO Deepinder Goyal in reply to Gupta.
“We would further like to submit that Mr Mohit Gupta was not designated as key managerial personnel under the Companies Act, 2013 and the Listing Regulations. Hence, this disclosure is being made voluntarily,” said Zomato in a stock exchange filing.
Zomato’s stock price on the BSE fell 0.7% on Friday, closing at Rs 67.20.
Rahul Ganjoo, the head of new projects and former in charge of food delivery, and Siddharth Jhawar, vice president of global growth, were two other recent high-profile departures from Zomato.