Gaurav Gupta, Zomato co-founder quits
Gaurav Gupta, joined Zomato in 2015 and was promoted to Chief Operating Officer in 2018, and Founder in 2019. He played a major role in the company’s blockbuster IPO, as he led discussions with investors and the media.
In a huge development today, Gaurav Gupta has quit Zomato. This comes days after Zomato had exited the grocery delivery and Nutraceutical business.
Insiders say this exit does not come as a surprise as Zomato founder Deepinder Goyal and Gaurav Gupta had a falling out some time back.
Several businesses led by Gaurav Gupta were struggling and had to be shut down in some cases, including the grocery and nutraceutical business. Even the overseas expansion carried out by Gaurav Gupta too was not very succesful.
It is believed that Gaurav Gupta plans on “starting a new chapter” after having spent 6 years at Zomato.
The rise of COVID-19 in the country had increased the public’s adoption of healthy food, and Zomato believed there was a huge opportunity in this space and had stepped into it. “This business can potentially be a large value driver for Zomato in the future,” Gupta had said last year.
Zomato which got listed in July reported a net loss of ₹356 crores during the quarter ended June 30, 2021. This loss was ₹257 crore as compared to the loss for the same period last year.
Zomato shares fell down by 11% from day’s high on receiving the news. However, the share prices have recovered since. The shares are up 15% on a YTD basis.