Zomato's Co-founder Akriti Chopra resigns
Zomato is focused on ramping up its going-out segment and launching the District app to tap into synergies from its quick commerce and food delivery segments.
Food delivery giant Zomato's Co-founder and Chief People Officer Akriti Chopra has resigned with immediate effect, the company announced in an exchange filing.
She had been working at Zomato since November 2011 in various roles, including chief financial officer.
In an email to CEO Deepinder Goyal, she wrote, "It's been an incredibly enriching journey over the past 13 years. Thank you for everything."
Zomato, the only profitable player in the food delivery space, had earlier announced the company’s plans to ramp up its going-out segment with the acquisition of Paytm’s event ticketing business, which it acquired in August and currently looks to close the transaction during the current quarter.
It plans to soon launch its stepping-out app, District by Zomato, which would offer customer booking options for movies, sports ticketing, live performances, shopping, and 'staycations'. It would further tap on synergies with cross-integration from its quick commerce and food delivery segments.
“We're planning to launch this (District) as a separate app and brand, so that we take advantage of the traffic that we have on the Zomato app. It's going to be pretty much like how we built Blinkit, which is a separate brand, separate app, but still making sure that we keep our cost of customer acquisition lower using the traffic that we have on the Zomato app,” Zomato executives had earlier said in the company’s first quarter post-earnings call.
Its peer Swiggy filed its IPO papers yesterday as it looks to raise Rs 3,750 crore in a fresh issue through public listing. The total issue also includes an offer-for-sale of 18.52 crore shares from selling stockholders
While Zomato clocked a profit of Rs 253 crore in Q1 FY25, Swiggy grew much slower during the same period, with its losses widening by 8.31% to Rs 611 crore from Rs 564.08 crore a year ago.
During the same period, Zomato posted an operating revenue of Rs 4,206 crore as consumers continued to stay bullish on quick commerce. Meanwhile, Swiggy’s operating revenue for the April-June 2024 quarter was Rs 3,222.21 crore, a 34.8% increase from Rs 2,389.81 crore in the same quarter of the previous year.
Shares of the company closed 2.08% lower at Rs 278.00 apiece on Friday.
Edited by Kanishk Singh