Zomato co-founder Gaurav Gupta has resigned from the company weeks after the successful stock market debut of the company.
Zomato co-founder Gaurav Gupta has resigned from the company weeks after the successful stock market debut of the company. Gaurav Gupta, who joined the food delivery behemoth six years ago, was designated as the co-founder of the company in 2019. He was heading the supply function at Zomato. “I am taking a new turn in my life and will be starting a new chapter, taking a lot from this defining chapter of my life — the last 6 years at Zomato,” Gaurav Gupta wrote in an email sent to Zomato colleagues.
Gaurav Gupta’s exit comes weeks after the company completed its bumper initial public offering, raising more than Rs 9,000 crore from the stock market. Gupta led the charge for Zomato during its IPO process. His exit comes days after the company decided to stop its grocery delivery service and the nutracential business.
“Thank you GG (Gaurav Gupta) for everything you have helped Zomato achieve over the last few years. We have seen Zomato through great as well as terrible times together, and brought it here today. There’s so much of our journey still ahead of us, and I am thankful that you are hanging your boots at a point where we have a great team and leadership to carry us forward,” said Zomato founder Deepinder Goyal.
Zomato share price slipped into the negative after new broke out of Gaurav Gupta’s exit, however, the stock soon recouped losses turned positive once again. Major domestic brokerage firm such as ICICI Securities and Kotak Securities along with global brokerage firms have recently initiated the coverage of Zomato with a positive outlook.