Online grocery delivery portal ZopNow has appointed Raj Pandey as its CEO, reports VCCircle. Zopnow’s cofounder Mukesh Singh, who was the CEO before Pandey’s appointment has stepped away from the role. The company has confirmed this development to MediaNama. Pandey worked as an executive director of TMT investment banking at JP Morgan for 9 years before joining ZopNow, and as a manager at Deloitte Consulting for over 5 years before that.
Meanwhile, Mukesh Singh will ‘work with Sunit, Vikash and Sanket to make the company’s operations profitable by the end of this year across all formats of stores.’ Singh will also work on tech operations, while Pandey will look after investor relations and marketing among other functionalities. Singh apparently sent an email to ZopNow’s employees citing that “.. ZopNow has reached a stage where I need to put it in a school.”
Previous CEO asked to step down
Note that this is not the first time the company has replaced its co-founder as CEO. In August 2013, the company’s investors told Bal Krishn Birla, the other co-founder of ZopNow to step down as CEO. Birla worked at ZopNow from September 2011 to August 2013. He then went on to work at multiple companies including CommonFloor, Radiowalla, mycity4kids and co-founded a couple of companies. Birla currently works as the CEO of Zimplify according to his LinkedIn profile.
Funding: ZopNow was founded in 2011 and raised $10 million in a round of funding led by Dragoneer Investment Group with participation from existing investors Accel Partners, Times Internet* and Qualcomm Ventures in April 2015. At the time, the company said it planned to use the funds for expansion to 15 cities, investing in technology and hiring.
Developments in online grocery this year:
– Last month, we reported that online grocery delivery startup Grofers laid off 10% of its workforce in the customer support and content teams while retracting job offers given to fresh graduates. In January, Grofers had shut down its services in 9 cities due to low acceptance.
– In May, autorickshaw aggregator Jugnoo restarted its hyperlocal delivery business ‘Fatafat’ in Chandigarh, with plans to expand to Delhi NCR in June.
– In April, AskMe Group* said that it planned to expand its Askme Grocery business from its 38 cities to 80 cities by this financial year.
– In the same month, online grocery delivery service PepperTap, which raised $51.2 million in funding since inception, shut down its grocery delivery operations across the country.
– In March, Bangalore-based online grocery store BigBasket raised $150 million in a round of funding.
– In February, Amazon launched grocery delivery services via an app called Amazon Now in Bangalore.
Our online grocery coverage.