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Zomato co-founder Gaurav Gupta quits

Zomato co-founder Gaurav Gupta quits

Right after reports of Gupta’s exit surfaced, Zomato shares shed their early gains and declined 5 per cent to hit an intraday low of Rs 136.20 on BSE

Zomato co-founder Gaurav Gupta quits company Zomato co-founder Gaurav Gupta quits company

Zomato co-founder Gaurav Gupta has quit the food tech platform. Gupta was one of the top executives at the company.

Zomato founder and CEO Deepinder Goyal took to Twitter to confirm the news. "Thank you @grvgpta – the last 6 years have been amazing and we have come very far. There's so much of our journey still ahead of us, and I am thankful that we have a great team and leadership to carry us forward," he said.

"I wish you all the best for your future, and look forward to continue being the friends that we are for the rest of our lives. I am pumped and excited to see what you will cook up next. Make @zomato proud," he further added.

Right after news of Gupta’s exit surfaced, Zomato shares shed their early gains and declined 5 per cent to hit an intraday low of Rs 136.20 on BSE. With a market capitalisation of Rs 1,11,950, the shares stand higher than 20-day, 50-day, 100-day and 200-day moving averages but lower than 5-day moving averages.

Gupta had joined the company in 2015 and was subsequently elevated to Chief Operating Officer in 2018, and finally as a co-founder in 2019. He was instrumental in the talks leading to the company’s initial public offering.

Reports of the Gupta’s exit comes a day after the company said that it is shutting down its grocery delivery service and the nutraceutical business.

"At Zomato, we believe in delivering best in class services to our customers and largest growth opportunities to our merchant partners. We don't believe that the current model is the best way to deliver these to our customers and merchant partners. Hence, we intend to stop our pilot grocery delivery service effective 17 September, 2021," said the company in an email to its grocery partners.

Also read: Zomato to discontinue grocery services from Sep 17; banks on Grofers in the segment