Zomato co-founder Gaurav Gupta resigned from his position after six years stint. He informed about his decision to his employees via mail. When he left Zomato, the stock price fell to Rs.136.20 and the company faced a downfall of 10% in its stock price.
Earlier the price was Rs.152.75 and at the end of the day, it again rose to Rs.152.75. Gaurav Gupta joined the start-up in 2015 and was placed as the Chief Operating Officer, CEO in 2018. Later, in 2019 in earned the position of being a co-founder of Zomato. Zomato decided to shut down its grocery delivery and nutraceutical business.
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REASON OF ZOMATO CO-FOUNDER GAURAV GUPTA RESIGNATION
Consequently, Gaurav gave his news of departure. Gaurav while resigning expresses his grief of leaving the startup. He said that he has different plans in his life towards which he is heading now. He learned a lot here and contributed the previous six years of his life. Moreover, he appreciated his current team of Zomato and said that he will take an alternative path in his journey.
JOURNEY OF ZOMATO CO-FOUNDER GAURAV GUPTA
A.T. Kearney is a consulting firm from which Gaurav joined Zomato. He launched the idea of table reservation across different nations like India, UAE, and Australia. Moreover, he raised the ad revenue business across India, West Asia, and Europe as a global advertising sales head. In November, he began the nutrition business.
REPLY OF DEEPINDER GOYAL
The founder of Zomato Deepinder Goyal replied to Zomato co-founder Gaurav Gupta via mail. He thanked Gaurav for healing Zomato shine like a star in the past few years. He even exclaimed how both of them bore difficulties and celebrated good time here. Goyal thanked Gaurav for his efforts to lead a great team and being a commendable leader.
ZOMATO IPO, REVENUE AND LOSSES
Two months back in an Initial Public Offering, Zomato earned 1.3 billion. Moreover, the revenue grew from Rs.266 crore to Rs.844 crore and losses were more than Rs.356 crore. Soon after 2 months, Zomato co-founder Gaurav Gupta passed his resignation.