Zomato co-founder Pankaj Chaddah hangs his boots

Zomato co-founder Pankaj Chaddah has resigned from the food technology firm. While Chaddah gave no indication of his next move, he is expected to stay with the company until the end of March to enable a smooth transition.

Chaddah said on Twitter that he would “play an active role” in the firm until the end of March.

<1/2> - After 10 yrs, I am moving on from @Zomato to try out something new. I’ll continue to play an active role till the end of this month. Have been thinking about this for a while, and the timing seems right today as Zomato is back to being a rocket-ship 🚀

— Pankaj Chaddah (@pankajchaddah) March 1, 2018

In his letter to the employees posted on the company's blog, Chaddah said: I have been thinking of moving on for some time now, but I didn't want to leave when the company really needed me to be around".

Stating that the company has been going through some rough times in the last two years, he said: "now that the company is in good shape, I think its a good time".

Chaddah will retain his stake in the company which stands at about 3.11 percent and is worth about Rs 237 crore post the latest funding by Ant Financial, as per data sourced by business data platform, Paper.vc. Chaddah will also continue to serve on Zomato's board of directors, wrote CEO Deepinder Goyal in a blog post.

Zomato founded in 2008 by Goyal and Chaddah, currently operates in 24 countries, including Australia and the United States.