India's Zomato Co-Founder Leaves the Company, Following Other Executives' Departures

Inno Flores, Tech Times 03 January 2023, 01:01 am

Another executive has resigned from India's one of the biggest food delivery services. Zomato's Chief Technology Officer announced his resignation, following the loss of shares for over 57% of its value in the past year.

(Photo : INDRANIL MUKHERJEE/AFP via Getty Images)
In this photo taken on December 24, 2018, an Indian delivery man working with the food delivery app Zomato sits on his bike in a business district in Mumbai. - A surge in the popularity of food-ordering apps like Uber Eats, Swiggy and Zomato provides a welcome source of income for many as India's unemployment rate sits reportedly at a staggering 45-year high.

Leaving Zomato

Zomato announced on Monday the resignation of Co-Founder and Chief Technology Officer Gunjan Patidar, joining other executives who departed from the company in the past few months. TechCrunch reported that Patidar is the fourth co-founder to leave the company.

During the stock exchange filing, Zomato disclosed that Patidar was one of the first few employees of Zomato who helped to build the core systems of 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," the statement added.

His contributions to the company were described as invaluable, as he nurtured a tech leadership team that became capable of taking on the mantle of leading the company in the future.

Other Departures

IndiaToday reported that aside from Patidar, Mohit Gupta, another co-founder of the company resigned. He joined the company four years ago and was elevated to co-founder in 2020 from his previous role as a Chief Executive Officer of the food delivery company.

The Head of Initiatives Rahul Ganjoo, and Erstwhile Vice President and Head of Intercity Gaurave Gupta were also the co-founders who exited the company last year.

Also Read: DoorDash to Lay Off 1,250 Employees as Part of Cost-cutting Measures

Zomato's Food Delivery Service

Zomato, which is backed by Ant Group, Temasek, and Goldman Sachs, did not confirm any reasons for Patidar's departure, along with his other co-founders.

SiliconAngle reported that the company launched in August 2021 as a restaurant aggregator and food delivery company with a $12 billion initial public offering.

Last November 2022, the company laid off 3% of its workforce, affecting 3,800 employees and business units, including teams from technology, product, and marketing.

Amazon Food in India

Aside from Zomato, other food delivery businesses in India struggled to survive in these trying times. Amazon Food announced the shutdown of its services last November.

After launching in 2020, Amazon discontinued its offerings on December 29th, as a part of the company's broader restructuring. "We are discontinuing these programs in a phased manner to take care of current customers and partners and we are supporting our affected employees during this transition," the company stated.

Despite this, Amazon remains focused on providing customers with the best online shopping experience with the largest selection of products at great value and convenience.

Through their services, TechCrunch reported that customers were able to order from handpicked local restaurants and cloud kitchens while experiencing convenience and the highest standards of safety during the pandemic.