Indian food delivery firm Zomato’s co-founder exits after 6 years
Zomato Ltd (ZOMT.NS) co-founder and head of supply Gaurav Gupta has left the Indian food delivery firm after six years, the company said on Tuesday, months after it went public in a high-profile listing.
Gupta, who was promoted to the position of founder in March 2019, had been instrumental in helping build Zomato’s premium membership subscription and driving up sales in a competitive market.
His departure comes a day after local media reported that Zomato had shut its health and fitness products business just six months after launch at a time when the government was getting stringent about private label rules in India.
The company earlier this month laid off about 70 people from its sales team, according to a source who declined to be named as the matter was private.
The layoffs were the latest in a line of initiatives by the company to focus more on its mainstay food delivery business.
Zomato had also exited several of its international markets to focus solely on its India businesses in the build-up to its July market debut, in which its stock soared nearly 66%.
Zomato shares ended little changed on Tuesday after swinging wildly earlier in the session.
Moneycontrol had first reported on Gupta’s exit earlier in the day.
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