Zomato Stock Declines Over 4% After Co-Founder Gunjan Patidar Resigns; Know Details

Last Updated: January 03, 2023, 11:42 IST

Shares of Zomato dipped 4.31 per cent. (File Photo)

Zomato Share Price: Shares of Zomato dipped 4.31 per cent to Rs 57.65 on the BSE in Tuesday’s intra-day trades after the food aggregator platform company

Zomato Share Price: Shares of Zomato dipped 4.31 per cent to Rs 57.65 on the BSE in Tuesday’s intra-day trades after the food aggregator platform company said in a regulatory filing that Gunjan Patidar, its co-founder and chief technology officer had quit. On NSE, it fell 4.97 per cent to Rs 57.30.

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.

In the last couple of months, Zomato has seen several top-level exits. Another co-founder Mohit Gupta had resigned after spending four-and-a-half years with the company.

Prior to that, head of new initiatives Rahul Ganjoo, and vice-president and head of intercity legends service Siddharth Jhawar had also put in his papers.

While management reshuffle happens in a normal course of business, Zomato has seen a spate of exits in a very short span. Moreover, this has happened just when stability returned in the stock after the strong September quarter earnings.

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 per cent from Rs 1024.20 crore reported in Q2 September 2021.

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.

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