India- Zomato’s shareholders have opted to reappoint co-founder Sanjeev Bikhchandani to serve as a non-executive director on the company’s board.
Sanjeev’s appointment was made during the company’s 12th annual general meeting where financial results for the year ending March 31st were also considered and adopted.
During the AGM, the Gurgaon-based company reiterated its commitment on expanding its topline and reassured shareholders about its route to profitability.
Zomato has also announced that Nitin Savara, the company’s deputy chief financial officer (CFO), had resigned.
Savara, a partner at the international professional services company Ernst & Young, joined Zomato in November of last year.
He was a key contributor to Zomato’s acquisition of fast-growing startup Blinkit during his time there.
The business stated in the statement that Savara was not listed as key managerial staff and is leaving Zomato in order to launch his own business.
“Nitin Savara loves Zomato, and as much as I and Akshant (Goyal – CFO), tried to retain him with us for the last few weeks it didn’t work because Nitin is very excited about what he wants to build and there’s no one stopping him.” said CEO Deepdiner Goyal.
He added that he is the last person to stop anyone from starting up on their own and highlighted on the need for more entrepreneurs in their country.
Zomato raised US$250 million in February 2021 from five investors, including Tiger Global Management, at a US$5.4 billion valuation.
In 2008, Deepinder Goyal and Pankaj Chaddah launched Zomato, an international restaurant directory and food delivery service based in India.
Zomato offers information on restaurants, menus, and user reviews in addition to food delivery alternatives from affiliate restaurants in a few cities.
The service is accessible as of 2019 in 24 nations and more than 10,000 localities. Zomato raised roughly US$16.7 million from Info Edge India between 2010 and 2013, providing Info Edge India a 57.9% interest in Zomato.
It received an additional US$37 million in November 2013 from Sequoia Capital and Info Edge India.
Zomato raised US$250 million in February 2021 from five investors, including Tiger Global Management, at a US$5.4 billion valuation.
The company recently launched Intercity Legends, a company that allows customers to order and enjoy renowned dishes from cities all over the world.
This includes baked rosogollas from Kolkata, biryani from Hyderabad, Mysore pak from Bengaluru, kebabs from Lucknow, butter chicken from Old Delhi, and pyaaz kachori from Jaipur.
These iconic dishes will be served to users from all around India by utilizing Zomato’s extensive network of restaurant partners and delivery partners, strong expertise of culinary technology, and insights into what customers enjoy.
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