According to persons familiar with the situation, senior executive Gaurav Gupta has chosen to depart Zomato Limited, just two months after the meal delivery business received $1.3 billion in an initial public offering.Gupta joined Zomato in 2015 and was promoted to Chief Operating Officer in 2018 and founder in 2019. In the run-up to the IPO, he was the company's face, leading investor and media talks.
His exit comes just days after Zomato's grocery delivery and nutraceutical businesses were shuttered. Dietary fibres, antioxidants, and herbal and natural funds are all instances of nutraceuticals.The story was first reported by Moneycontrol, and it was later confirmed by Zomato.The co-founder of Zomato, Deepinder Goyal, confirmed the news. "There's so much of our journey still ahead of us, and I am thankful that we have a great team and leadership to carry us forward,"
Goyal stated.The first source, who wished to remain anonymous, claimed Gupta's exit had been planned for some time after he and Goyal had a falling out.Gupta's businesses, such as food delivery and nutraceuticals, underperformed or had to close down. His efforts to expand abroad, which he led, also failed.After six years at Zomato, Gupta said in an internal letter that he was "starting a new chapter."Zomato closed down its nutraceutical business after first shutting down its food delivery service. With the debut of health and fitness products last year,
Zomato entered the nutraceutical market.The company decided to close it at a time when the government was enforcing harsher private label norms for marketplace enterprises in the country.On November 10, 2020, Moneycontrol reported on the venture. The company verified the news, but declined to provide further specifics. Any food-related product that has medical or health benefits is referred to as a nutraceutical.
This could be everything from food to beverages to medications claiming to prevent or cure chronic ailments. Following the outbreak of COVID-19, Indian consumers have gradually increased their intake of healthful foods. Zomato ventured into nutraceuticals, citing a potentially lucrative opportunity in the area, and chose Gupta as the division's head of this division for 5 years.Last year, Gupta remarked,
"This business can potentially be a large value driver for Zomato in the future." Meanwhile, Zomato, which went public in July, posted a net loss of Rs 356 crore for the quarter ended June 30, 2021, compared to a net loss of Rs 99.8 crore in the previous financial year's comparable period. Revenue increased to Rs 916 crore in the quarter under review, up from Rs 283.5 crore in the previous quarter. At 2 p.m. on Tuesday, Zomato shares were trading 1.57 percent higher at Rs.145.40. The Nifty gained 0.2 percent to 17,389.25 points on the National Stock Exchange.
Source: Money Control
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