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

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

Photo: Zomato

In the third high-profile exit in Indian food delivery platform Zomato, co-founder Mohit Gupta has resigned after a four-and-half-year stint, according to a regulatory filing.

His departure closely follows the resignations of Rahul Ganjoo, Zomato’s new initiatives head and former food delivery chief, and Siddharth Jhawar, the head of its Intercity Legends service, both within the last two weeks.

Gupta became the co-founder of Zomato in 2020, before being appointed the chief executive of its food delivery unit and head of its new initiatives.

Last week, Zomato reported a 42% smaller year-on-year net loss for the September quarter, as more people ordered from the platform. However, losses widened sequentially by nearly 35% during the quarter on the back of the Blinkit acquisition.

Food delivery platforms in India are increasingly jostling for space. For both Swiggy and Zomato, expansion is on the radar as they are experimenting in other areas, including grocery delivery.

While Zomato’s shares debuted at a 53% premium to their IPO price last year, the scrip has lost about 62% of its value from an all-time peak of Rs 169.10 in November 2021 and is trading about 16% below the issue price of Rs 76 per share.

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