Zomato loses CFO Maheshwary, acquires drone startup TechEagle

Photo: Zomato

Zomato’s chief financial officer Sameer Maheshwary has resigned in less than six months after joining the restaurant discovery and food-delivery company, media reported.

Maheshwary had joined Zomato from GE South Asia in May this year, filling the place left vacant by Umesh Hora, who left in late 2015.

Concurrently, the company also announced that it has acquired TechEagle Innovations, a Lucknow-based startup that works exclusively on drones. The startup will help Zomato in creating a hub-to-hub delivery network powered by hybrid multi-rotor drones.

The ongoing week is Maheshwary’s last at the company, The Economic Times reported.

Quoting an emailed statement from Zomato, the report said that Maheshwary was moving on to pursue different personal and professional interests. Zomato said chief operating officer (COO) Gaurav Gupta will lead the finance team in the interim, until the company completes its search for a new CFO.

Prior to GE South Asia, Maheshwary worked in different finance and business roles at GE Capital for a little over 13 years across US, Japan and India, according to his LinkedIn profile. He was earlier the co-chief executive officer at SBI Card, a joint venture between State Bank of India and GE Capital. He is an alumnus of Manchester Business School, UK and Delhi College of Engineering.

In March, Ant Financial, Info Edge and Sequoia Capital-backed Zomato also saw the departure of co-founder Pankaj Chaddah. His exit came at a time when the Gurgaon-based firm was in the middle of restructuring the top management, with Mukund Kulashekaran getting promoted to chief business officer from his earlier stint of global business head of online ordering and Gupta taking over as the COO.

The company recently appointed Durga Raghunath, formerly with Indian Express Digital Media, as senior vice president-Growth.

Meanwhile, Zomato did not disclose the financial details of TechEagle’s acquisition.

Founded in 2015 by IIT Kanpur alumni Vikram Singh Meena, Lucknow-based TechEagle works with a prime focus on custom-made drones capable of carrying up to 5 kg payloads.

“We are currently at the early stage of aerial innovations and are taking baby steps towards building a tomorrow wherein users can expect a drone to deliver the food they ordered online. We believe that robots powering the last mile delivery is an inevitable part of the future and hence is going to be a significant area of investment for us,” Zomato founder and CEO Deepinder Goyal said.

Food delivery business currently contributes about 65 per cent to the overall revenue of Zomato. The company claims to have over 75,000 restaurant partners offering food delivery services across 100 cities in India. It competes with the likes of Swiggy, Foodpanda and UberEats in the food delivery business.

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