June 14, 2024 04:34 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Priyanka Gandhi Vadra's poll debut might finally happen, likely to contest bypoll from Wayanad: Reports | Atishi, Raghav Chadha meet Arvind Kejriwal in jail; directed to resolve water, power crisis | A day after taking oath, Sikkim Chief Minister's wife resigns as MLA | Centre reappoints Ajit Doval as NSA, PK Mishra to Principal Secy post | All gates of Puri's Jagannath Temple opened after 4 years, BJP fulfills Odisha poll promise
Zomato co-founder Mohit Gupta quits, marking third high-profile exit in two weeks
Mohit Gupta

Zomato co-founder Mohit Gupta quits, marking third high-profile exit in two weeks

| @indiablooms | 19 Nov 2022, 12:30 am

Mumbai: Zomato co-founder Mohit Gupta has quit the organisation amid a meltdown in tech stock prices and a sluggish growth of the food-delivery major, media reports said.

Mohit Gupta's exit comes close on the heels of Zomato's new initiatives head and former food delivery chief Rahul Ganjoo's departure earlier this week.

Siddharth Jhawar, the head of its Intercity Legends service, announced that he had left the company a week back.

Mohit Gupta joined Zomato in 2018 as the head of food delivery.

In his earlier stint, Gupta was the chief operating officer of the travel portal Makemytrip.

He was subsequently elevated to co-founder in 2021 to head new businesses after Ganjoo was made the CEO of food delivery.

The back-to-back exit of the three high-profile executives follows Zomatos' Q2FY23 results that showed the food delivery major's growth has not been anywhere near its sales growth, compared year-on-year.

The growth of its food delivery business has slowed as it has become bigger – quarterly sales have grown only 22 percent from Rs 5,410 crore in Q2 of FY21 to Rs 6,631 crore in Q2 of FY22, Moneycontrol reported.

Its quarterly sales grew 158 percent from Q2 of FY21 to Q2 of FY22, it added.

The Q2 results of this fiscal also had many positive spots. Zomato’s net loss for the quarter narrowed to Rs 250.8 crore against Rs 434.9 crore registered in the same quarter last year.

Revenue has jumped 62 percent over this period. Marketing cost has come down 23 percent year-on-year to Rs 300 crore in Q2 and delivery expenses have dropped 28 percent to Rs 283 crore, the report said.

The big rise in revenues may signal that the company is on the path to delivering the operating leverage and scale effects that investors have been waiting for long.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.