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Zomato Shares Plunge Over Co-Founder Gaurav Gupta Exit

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Zomato Co-Founder Gaurav Gupta announced the exit from the company on Tuesday with a heartfelt letter published in a blog post.

The move has come just after the two months the food delivery company debuted in the bourses to raise $1.3 billion. Gupta who joined Zomato in 2013, became Chief Operating Officer of the company in 2018 and as a founder in 2019.

His exit has come amidst Zomato announcing stopping grocery delivery and nutraceutical business that deals with dietary fibres, antioxidants and herbal and natural funds.

“I am taking a new turn in my life and will be starting a new chapter, taking a lot from this defining chapter of my life – the last 6 years at Zomato. We have a great team now to take Zomato forward and it’s time for me to take an alternate path in my journey,” said Gaurav in the email sent to every employee in the organisation.

In reply to the email, Deepinder Goyal said, “Thank you GG for everything you have helped Zomato achieve over the last few years. We have seen Zomato through great as well as terrible times together and brought it here today. There’s so much of our journey still ahead of us, and I am thankful that you are hanging your boots at a point where we have a great team and leadership to carry us forward.”

He also took to Twitter and said, “ I wish you all the best for your future, and look forward to continuing being the friends that we are for the rest of our lives. I am pumped and excited to see what you will cook up next. Make @zomato proud!”

The news of Gaurav Gupta leaving Zomato did not go down with investors and Zomato shares opened Rs 142.95, down Rs 1.55 apiece. At 1430 hours, the stock was trading at Rs 142.50, losing 1.11% apiece from the previous day close144.10. On the charts, the Doji symbol is forming for the day, indicating the day to be indecisive for the traders.

Zomato co founder Gaurav Gupta Exits, Shares plummet

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