Zomato’s co-founder Pankaj Chaddah has quit the company and is now apparently moving on to try out something new. He announced the move in a tweet, and said that after 10 years in the company, he is moving on from Zomato.
In a farewell blog, the company writes that as of 31st March, Pankaj will be moving on from an active role at Zomato to focus on the next chapter in his personal journey, and will keep serving on its Board of Directors. Quoting data platform Paper.vc, The Economic Times writes that Chaddah will retain his stake of about 3.11% in the company.
[2/2] A big thanks to @deepigoyal for having me onboard, and everyone who’s built and will keep building @Zomato; special thanks to @sbikh for showing faith in us at a time when no one would.
Hanging my boots now… all the best to the best team in the world. Make me proud(er)!
— Pankaj Chaddah (@pankajchaddah) March 1, 2018
The development comes at a time when Zomato has recently raised US $150 million from Alibaba’s Ant Financial, and bought another 6.66% stake (around 32,629 shares) of Zomato from Info Edge for $50 million, taking the total expenditure for Ant Financial in this deal to $200 million. Zomato had reported a turnover of Rs 3322.72 crores in FY17, and in September, had announced that it is profitable throughout the 24 countries it operates, across all its businesses.
Senior management shuffle
Media reports suggests that the company is going to see a reshuffle in top management. Quoting a source, Business Standard reported that next senior-executive exit would be from the company’s technology team, and at least two exits are expected by end of April.
In September last year, Deepak Gulati, the President and chief operating officer (COO) of restaurant listing and food delivery company Zomato resigned within six months of his appointment at the company. Prior to that, Zomato had seen senior executives quitting in the year 2015, when Durga Raghunath quit as its Senior Vice President of growth, within six months of being appointed to the position. And before that, it’s CMO Rameet Arora quit after 10 months of his appointment.
