Zomato mentioned on Monday its co-founder and chief expertise officer Gunjan Patidar has left the agency, the most recent in a collection of exits on the Indian meals supply agency whose shares have misplaced over 57% of its worth up to now 12 months.
Patidar is the fourth co-founder to depart the agency. His departure additionally follows exits by Mohit Gupta, one other co-founder, and two different senior executives final month.
“Patidar was one of many first few workers of Zomato and constructed the core tech techniques for the Firm. During the last ten plus years, he additionally nurtured a stellar tech management crew that’s able to taking up the mantle of main the tech operate going ahead. His contribution to constructing Zomato has been invaluable,” the Indian meals supply agency disclosed in a inventory alternate submitting.
The exits come at a time when Zomato chief govt Deepinder Goyal, additionally a co-founder, is making an attempt to share and delegate prime duties with different executives. The corporate appointed 4 chief executives in August final 12 months and rebranded its inside, broader group as “Everlasting.”
Loss-making Zomato, backed by Ant Group, Temasek and Goldman Sachs, didn’t say why Patidar — or any of the opposite lately departed prime executives — had left.
The corporate, which went public mid-2021, reported a internet lack of $30.4 million for the quarter that led to September final 12 months.
“Fortunately Zomato has no scarcity of co-founders in its firm. There’s Akriti Chopra, one other govt who grew to become co-founder final 12 months. […] Earlier this 12 months, it elevated an govt as co-founder of Blinkit (which Zomato owns) to interchange considered one of Blinkit’s co-founders who left final 12 months,” Indian information and evaluation publication The Ken wrote in a e-newsletter final 12 months.
“At this level, I’m beginning to suspect there’s somebody at Zomato’s company governance crew whose full-time job is to periodically replace the doc that retains monitor of who’s their co-founder proper now, during which firm.”