IPO-bound food aggregator Zomato has elevated its former chief financial officer (CFO) Akriti Chopra as its chief people officer and co-founder of the business, the company informed employees on Wednesday through an internal memo.
Chopra took over the role of people development at Zomato last October, after the company appointed Akshant Goyal as its newest CFO, in the run-up to its IPO.
“Akriti has been here (at Zomato) for almost a decade. She has undying commitment to Zomato, and our well-being. She has been one of the strongest pillars of support for Zomato, as we weathered multiple ups and downs through these years. She has mostly been behind the scenes all these years, working hard and building an impeccable finance team…Congratulations Akriti for now officially being a founder at Zomato,” said Zomato co-founder and chief executive officer (CEO) Deepinder Goyal, in an internal memo to employees.
Over the past two years, Zomato also elevated its chief operating officer, Gaurav Gupta and CEO of its food delivery unit, Mohit Gupta as co-founders of the business.
In November 2019, Zomato had appointed Chopra as its CFO. During her ten-year stint with the food-tech major, Chopra also help build the company’s in-house legal, governance, risk, and compliance teams.
She was also part of the global growth and international operations teams at the company.
Towards the end of April, Zomato filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi), proposing an initial public offering (IPO) of ₹8,250 crore.
In line with this, the foodtech company said it will be issuing fresh equity shares worth ₹7,500 crore. Zomato’s early backer Info Edge India Ltd will also be selling its stake worth ₹750 crore in the upcoming public offering.
The company will also be taking a pre-IPO placement, which may be undertaken in consultation with the managers for an aggregate amount not exceeding ₹1,500 crore, at a final price decided by the company.
Zomato plans to use ₹5,625 crore worth of the net proceeds (including pre-IPO funding) towards funding organic and inorganic growth initiatives.
The Gurugram-based company holds a valuation of $3.3 billion, as per its last funding round from Kora Investments, which infused close to $52 million in the startup, earlier this year.