Mohit Gupta, co-founder, Zomato has tendered his resignation, a filing with the Bombay Stock Exchange showed. Gupta was not designated as key managerial personnel under the companies act, 2013, the filing further said.
Gupta’s departure is the third top-level exit at Zomato this month. Earlier this month, Rahul Ganjoo, head of new initiatives at Zomato, had left the company.
This was after Siddharth Jhawar, who headed the Gurugram-based company’s intercity food delivery service, left to lead Tiger Global-backed adtech unicorn Moloco’s India operations.
“The journey to build a world class tech business out of India, for India, and then maybe the world, is still on, just 1% done…I am deciding to move on from Zomato to seek the other unknown adventures that life holds for me,” Gupta wrote in his farewell note.
Also Read: Zomato Rating: Hold | Profitability at the cost of growth
Prior to joining Zomato in 2018, Gupta worked with MakeMyTrip for over a decade and for nearly 10 years with PepsiCo, according to his LinkedIn profile.
The exits come at a time when Zomato reported an improvement in its financial health. Its losses reduced considerably from Rs 251 crore in the September quarter, to Rs 430 crore in the same period of the previous financial year.
While announcing the company’s latest quarterly results, Deepinder Goyal, its chief executive officer said although the company’s food delivery business has been growing and steadily moving towards profitability, there is room for the “business to grow much faster than what it is currently trending at”.
“I don’t know if I can attribute this to the macro environment — primarily because I know for a fact that we could have innovated and executed better in the last couple of months. I don’t want macro headwinds to be an excuse for us to innovate less…” he concluded.