Gaurav Gupta has quit Zomato after being one of the top executives at the food-tech company. Zomato CEO Deepinder Goyal tweeted to confirm the news, thanking Gupta for his contributions in the last six years, and wishing him luck for future endeavors. The news comes just a day after the company announced that it was shutting down its grocery delivery and nutraceutical business. Company stocks shed their early gain and declined 5% after the news.
Indian food tech startup Zomato has filed for an IPO to raise $1.1 bn. It has become the first Unicorn to file for an IPO in the country which is also the second-largest internet market across the globe. Zomato is a 12-year-old Gurgaon-based startup and has Info Edge and Ant Group among its investors. It clocked $183.6 mn in revenue between April 1 and Dec 31 2020 and made losses of $91.8 mn during the period. The startup employs 3,469 people across the globe.