Zomato slips after co-founder Gunjan Patidar resigns

Zomato fell 2.32% to Rs 58.85 after the company said its co-founder and chief technology officer Gunjan Patidar quit.

The food delivery platform informed that its co-founder and chief technology officer, Gunjan Patidar, tendered his resignation on Monday, 2 January 2023.

Patidar was one of the first few employees of Zomato and built the core tech systems for the company. Over the last ten plus years, he also nurtured a stellar tech leadership team that is capable of taking on the mantle of leading the tech function going forward. His contribution to building Zomato has been invaluable, the company said in a statement.

Gunjan Patidar was not designated as key managerial personnel under the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Zomato connects customers, restaurant partners and delivery partners. Customers use Zomato to search and discover restaurants, read and write customer generated reviews and view and upload photos, order food delivery, book a table and make payments while dining-out at restaurants. On the other hand, it provides restaurant partners with industry-specific marketing tools which enable them to engage and acquire customers to grow their business while also providing a reliable and efficient last mile delivery service. The company also operates a one-stop procurement solution, Hyperpure, which supplies high quality ingredients and kitchen products to restaurant partners.

The online food delivery platform reported a consolidated net loss of Rs 250.80 crore in Q2 September 2022, as against net loss of Rs 429.60 crore in Q2 September 2021. Revenue from operations stood at Rs 1661.30 crore in Q2 September 2022, up 62.2% from Rs 1024.20 crore reported in Q2 September 2021.

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