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