Zomato News Update: Mohit Gupta, co-founder of food delivery company Zomato, has resigned from his post. The company has informed this in the regulatory filing filed with the stock exchange. Mohit Gupta was associated with the company for the last four and a half years.
Prior to the resignation of Mohit Gupta, former food delivery chiefs Rahul Ganju and Siddharth Jhawar had resigned from the company. Mohit Gupta joined the food delivery company in 2018. In 2021, he was promoted as co-founder. Prior to joining Zomato, Mohit Gupta was the Chief Operating Officer (COO) of travel portal Makemytrip.
Mohit Gupta said in his farewell note that four and a half years back I joined hands with Deepender Goyal to build the best foodtech company. All I can say is that despite the pandemic and tough competition, we managed to build a large and profitable company. Dipendra Goyal praised Mohit Gupta and wrote that you have done a great job here and have taken the company to new heights of making profits. He said that he will miss Mohit Gupta.
Zomato’s IPO came in July 2021 and Mohit Gupta played a big role in it. Zomato had a great listing on the stock exchange. Shares with IPO of Rs 76 reached the level of Rs 169. But right now the stock is trading below its IPO price of Rs.76. In fact, after the completion of one year of listing, big investors had sold the stock, due to which a decline was seen in the stock. In the second quarter of 2022-23, the loss of Zomato has decreased and it has come down from Rs 434.9 crore to Rs 250.8 crore.