In a big development, Gaurav Gupta, one of the top executives of food tech platform Zomato has decided to leave the company, sources told Moneycontrol.
Gupta, who joined Zomato in 2015 was elevated as Chief Operating Officer in 2018 and as founder in 2019. He was the face of the company in the run-up to the IPO, leading discussions with investors and the media.
His exit comes days after Zomato exited its grocery delivery and Nutraceutical business.
After shutting down its grocery delivery service, online food delivery firm Zomato has pulled the plug on another business – Nutraceutical.
The company has decided to shut it at a time when the government is trying to get stricter about private label norms for marketplace businesses in the country.
Moneycontrol reported about this foray on November 10, 2020. While the company confirmed the development, it declined to share further details.
Nutraceuticals are defined as any food-related product which provides medical or health benefits. This could range from food to beverages or even tablets with a claim of prevention or cure of chronic diseases.
Following the onslaught of COVID-19, there has been a gradual rise in the adoption of healthy food among the average Indian.
Citing a huge opportunity in the segment, Zomato had made a plunge in the segment and named Gaurav Gupta, Chief Operating Officer as the head of this division for five years.
This business can potentially be a large value driver for Zomato in the future,” Gupta had said last year.
Meanwhile, Zomato, which got listed last month, reported a net loss of Rs 356 crore during the quarter ended June 30, 2021, against Rs 99.8 crore during the like period of the previous financial year.The total income of the company stood at Rs 916 crore during the quarter under review. This was a massive jump from a revenue of Rs 283.5 crore reported in the year-ago period.