Gaurav Gupta, the co-founder of Zomato, has departed from the company just weeks after its successful IPO. Gaurav Gupta, who joined the food delivery behemoth six years ago, was designated as the co-founder of the company in 2019. He played a key role in the development of Zomato’s premium membership subscription, as well as its advertising and sales.
The move comes days after the food-tech aggregator platform said it has exited nutraceutical business and consumer grocery delivery for the second time in two years, citing infrastructure gaps in a highly saturated market. For a long period, these businesses incorporated by Gaurav Gupta were struggling to survive.
Zomato also announced last month that it will shut down Zomato USA LLC, whose contribution to revenue was zero to the company’s total revenue.
“Thank You GG (Gaurav Gupta) for everything you have helped Zomato achieve over the last few years. We have seen Zomato through great as well as terrible times together, and brought it here today. There’s so much of our journey still ahead of us, and I’m thankful that you are hanging your boots at a point where we have a great team and leadership to carry us forward,” said Zomato founder Deepinder Goyal
Gupta was known to be the face of the food-tech platform in the run-up to the initial public offering (IPO) in July, leading discussions to investors and the media.
“I am taking a new turn in my life and will be starting a new chapter, taking a lot from this defining chapter of my life – the last 6 years at Zomato. We have a great team now to take Zomato forward and it’s time for me to take an alternate path in my journey. I am very emotional as I write this and don’t think any words can do justice to how I am feeling right now,” he said in his exit email.
Lat month, in its first earnings report after listing, Zomato reported a 26% sequential growth in adjusted revenue year-on-year for the first quarter of FY22.
Its losses widened at Rs 306.7 crore from Rs 134.2 crore for the previous period.
Founded in 2008, Zomato has a presence in 23 countries. Its investors include Sequoia Capital, Info Edge, Alibaba Group’s Ant Financials, Tiger Global, Kora Investments, Nexus Ventures and Temasek Holdings.
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