Zomato chief operating officer Gaurav Gupta has announced that he is stepping down from his position. Gupta, in an email to the employees, told that he'll be focussing on Zomato's nutraceuticals business, which the company will be launching soon.
Gaurav has been the company's Chief Operating Officer for the last five years. In 2019, he was given the title of the company's cofounder. The food delivery company thus has four cofounders - Deepinder Goyal, Gunjan Patidar, Gupta, and Mohit Gupta.
The Gurugram-based startup has made several changes to its leadership positions in the past few weeks. Last month, it lifted Akshant Goyal as the new Chief Financial Officer. He replaced Akriti Chopra, becoming the third person to hold the CFO title.
The leadership changes come at a time when the startup is looking for a public-listing by the first half of 2021. The company, as a part of its ongoing $600 million fundraising round, has raised over $300 million in capital in this year alone. Last month, it received a $52 million from US-based Kora investment. Prior to this, In September, the food tech unicorn closed a $62 million funding from MacRitchie Investments, a unit of Singapore state investment arm Temasek, and an additional $103 million from US-based hedge fund Tiger Global. The ongoing funding round values Zomato at a whopping $3.3 billion. In 2019-20, the company doubled its revenue to $394 million. Notably, the losses also increased from $277 million in 2018-19 to $293 million in 2019-20.
Comment from Gaurav Gupta
“I will be vacating the COO position at Zomato. I was anyway not doing this role and it will be great for all of us if we find someone better than me to do this role,” the email read. “I will be focusing on our nutrition business...This business can potentially be a large value driver for Zomato in the future," it added. "I am very excited about the capabilities we are building here and will share more details at the right time," he said in the emailed statement.