First Published Jan 3, 2023, 10:55 AM IST
Co-Founder and Chief Technology Officer of online food ordering and delivery company Zomato, Gunjan Pattitheer has suddenly left the company.
Zomato continues to have senior executives stepping down from leadership positions. As a result, Zomato stock fell by 2 percent in morning trading
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When Zomato started with a few employees, Gunjan Pattidar joined the company. Pattidar, who has worked at Zomato for over 10 years, has created and built the technology department from scratch.
Zomato also announced in a statement to the stock exchange that “Gunjan Pattidar, co-founder of Zomato, has stepped down from the role of Chief Technology Officer.”
After the recent exit of Zomato co-founder Mohit Gupta, Gunjan Patti has resigned. Zomato’s head of new ventures Rahul Ganju and head of food supply division Siddharth Jhawar also recently left the company in November last year.
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Gunjan Pattidar, the 4th founder of Zomato, has also left. So far co-founders Pankaj Chadha, Gaurav Gupta and Mohit Gupta have also left. In which Pankaj Chadha withdrew in 2018 and Andilir and Gaurav Gupta in 2021.
After the news of Gunjan Pattidar’s departure from Zomato came to light, Zomato stock price fell sharply in the stock market. Zomato shares fell 2 percent in morning trade.
Zomato stock underperformed in the stock market last year as well. In the last year alone, Zomato’s stock value has fallen by 50 percent. At one stage it was Rs.162 per share and now it has come down to Rs.60
Zomato’s net loss for the current financial year is Rs.250.80 crore. 434.90 crore in the corresponding quarter last year. The company’s revenue rose 62 percent to Rs 1,661.30 crore.
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Growth in Zomato’s food delivery business has slowed. Sales in the 2nd quarter increased by 22 percent to Rs 6,631 crore. It was Rs.5410 crore in the 2nd quarter of last financial year
Last Updated Jan 3, 2023, 10:55 AM IST