Zomato announced Monday that co-founder and chief technology officer Gunjan Patidar has left the company. It is the latest in a series of retirements for the Indian food delivery company whose share price has fallen more than 57% over the past year.
Patidar is the fourth co-founder to leave the company. His departure also follows the departure of another co-founder, Mohit Gupta, and two of his other senior executives last month.
“Patidar was one of Zomato’s first few employees and built the company’s core technical systems. His contribution to building Zomato is immeasurable,” the Indian food delivery company said in a stock exchange filing.
The departure comes as Zomato CEO Deepinder Goyal (who is also co-founder) is about to share and delegate top responsibilities with other executives. The company appointed his four chief executives last August and renamed the wider organization within the company “Eternal.”
Loss-making Zomato, which is backed by Ant Group, Temasek and Goldman Sachs, has not disclosed why Patidar and other recently resigned executives have resigned.
The company, which went public in mid-2021, reported a net loss of $30.4 million in the quarter ended September last year.
“Fortunately, Zomato has no shortage of co-founders in-house. We have another executive, Akriti Chopra, who became a co-founder last year. […] Earlier this year, it promoted an executive to become a co-founder of Brinkit (owned by Zomato), replacing one of the Brinkit co-founders who retired last year,” said the Indian news and analysis publication The. Ken wrote in last year’s newsletter.
“At this point, I began to suspect that Zomato’s corporate governance team had someone working a full-time job regularly updating the documents tracking who is currently co-founding what company. I have.”
