Yesterday (January 2, 2023), food delivery company Zomato co-founder and Chief Technology Officer (CTO) Gunjan Pattidar resigned.
Pattidar resigns
Pattidar was one of the earliest employees when Zomato started. He developed key technical systems for the company. Over the past ten-plus years, he has also built a technology leadership team, Zomato said in a stock market filing. According to his LinkedIn profile, one of Zomato’s earliest employees, Pattidar seems to have worked for the company for 14 years. He is also said to have studied together with Zomato CEO Deepinder Goyal at IIT Delhi.
Continued withdrawals at Zomato
News of Patidar’s resignation comes weeks after co-founder Mohit Gupta left the company. Zomato’s head of new initiatives and former head of food delivery, Rahul Kanju, and head of its intercity Legends service, Siddharth Jhawar, have also left the company.
Related News: Gayathri raguramm: “Women are not protected; “Annamalai is the reason” – Gayatri who left the BJP and filed complaints!
From 2018
Kanju resigned in November 2022 after five years in the job. Jawar left in November to run adtech unicorn Moloco’s India operations. He is the fourth co-founder to exit the company following Pankaj Chadha, Gaurav Gupta and Mohit Gupta. It is noteworthy that Chadha left in 2018 and Gaurav Gupta in 2021.
Is it because of the stock crash?
Amid the fall in tech stocks, the food delivery company took a hit in the public market in 2022 as its share price has fallen more than 50 percent from its peak of Rs 162 on the BSE. The share price on Monday was Rs.60.30. In the second quarter of fiscal 2023 (Q2FY23), Zomato’s net loss was Rs. 434.9 crore to Rs.250.8 crore. The company’s revenue from operations increased by 62.20 percent to Rs 1,661.3 crore. Zomato’s food delivery business has seen its growth slow as it grows in size. Compared to its quarterly sales in Q2FY23, it grew by 22 percent over the second quarter of fiscal 2022 (Q2FY22), from Rs 5,410 crore to Rs 6,631 crore. For the quarter ended September 30, 2022, Zomato reported gross order value (GOV) growth for its food delivery business at 3 percent quarter-on-quarter (QoQ) and 23 percent year-on-year (YoY).