Zomato co-founder Mohit Gupta quits; third big exit in two weeks

Gupta was previously the chief operating officer for the travel company Makemytrip

Mohit Gupta, co-founder of food aggregator Zomato, has resigned after a four-and-a-half-year stint at the company.

This marks the third exit of a high-profile executive from the aggregator’s roster in the last few weeks.

Rahul Ganjoo, head of new initiatives at the company, had tendered his resignation earlier this week. Siddharth Jhawar, head of intercity legends, the company’s inter-state delivery service, had left the company a week before.

Gupta was previously the chief operating officer (COO) of Makemytrip.

He joined Zomato in 2018 as head of food delivery and was elevated to co-founder in 2021, when Ganjoo was made chief executive officer (CEO) of food delivery.

The string of resignations comes after the food aggregator reported that its net loss narrowed to Rs 251 crore for the July-September quarter. This compares to Rs 429.6 crore in the corresponding period of the previous financial year, the company said in a regulatory filing.

The company also revealed that this is the first quarter when it crossed the billion-dollar mark in annualised revenue.

Earlier this week, Zomato also said it will discontinue food delivery service through its app in the UAE from November 24.

Notably, Japanese tech investor Softbank had initially invested $309 million in Zomato. Its investment value was pegged at $220 million at the end of the September quarter.

Softbank booked a total loss of $576 million for the September quarter vis-a-vis its shareholding in paytm and Zomato.