Zomato Chief Financial Officer Sameer Maheshwary resigns after 5 months

INDIA – Food delivery platform, Zomato’s Chief Financial Officer, Sameer Maheshwary has resigned less than six months after joining the company, reports ET Retail citing information from three people.

The finance team would likely be led by Chief operating officer Gaurav Gupta until the company completes its search for a new CFO, said a spokesperson for Zomato.

Three people familiar with the matter revealed that Maheshwary had sent an email to Zomato saying ‘he was “moving on to pursue different personal and professional interests.”

Maheshwary is an alumnus of the Delhi College of Engineering and Alliance Manchester Business School and joined Zomato in June.

Before Zomato, he worked with General Electric and GE Capital since 1999 having held various finance and business roles in US, Japan and India.

He was earlier the co-chief executive officer at SBI Card, a joint venture between State Bank of India and GE Capital.

The restaurant search service has undertaken several shake-ups in leadership especially at the top management.

In March this year, Zomato co-founder, Pankaj Chaddah called it a quit 10 years after co-establishing the food technology company.

Chaddah said he would retain his stake in the company which stands at about 3.11% and is worth about US$33.24 million.

The company, backed by Ant Financial, Info Edge and Sequoia Capital then announced a change in senior management, with Gupta taking over as COO and Mukund Kulashekaran, who was the global head of Zomato’s online ordering division,elevated as chief business officer.

Mukund Kulashekaran resigned less than five months after taking on the role.

Zomato, valued at about US$2 billion following its latest fundraising in October saw COO Deepak Gulati and Samir Kuckreja, who headed its cloud-based point-of-sale system, Zomato Base leave the company last year.

The company recently appointed Durga Raghunath as senior vice-president – growth and Chaitanya Mathur, formerly with The Grub Fest, to lead its events business, Zomato Live.

In its recent funding, the company raised US$210 million from Alibaba’s payment arm, Ant Financial as it strives for a bigger market share in the delivery space.

The investment included buying 6.66% of Zomato’s stake for US$50 million from Indian e-commerce and online classifieds company Info Edge India Ltd, and a definitive agreement to invest approximately US$150 million in Zomato.

Zomato took a stake in Loyal Hospitality to expand its cloud kitchen operations and also acquired TongueStun Food, a Bengaluru-based caterers and restaurants startup.

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