Food-delivery giant Zomato's co-founder Akriti Chopra quits

Online food delivery platform Zomato Ltd's co-founder and chief people officer (CPO) Akriti Chopra resigned to pursue other interests, the company's Bombay Stock Exchange (BSE) filing on Friday says.

Zomato stated that the co-founder was going `to pursue other interests' with immediate effect.

Zomato Ltd's shares closed 1.97 percent lower at ₹278.25 after Friday's market session, compared to ₹283.85 at the previous market close.

Ms Chopra has been with the company for 13 years and has played a major role in setting up and scaling the food delivery giant's legal and finance teams with her previous role as the chief financial officer (CFO) for the company.  Before joining Zomato, Ms Chpra had worked with PWC for three years.

Another boss quit in July

Another of Zomato's senior-level executive, Gunjan Patidar, former chief technology officer (CTO) of the company, resigned in January 2024 after a decade-long run in the company.port. In November 2022, co-founder Mohit Gupta resigned, Gupta was promoted to co-founder level in 2020 from the position of CEO of its food delivery business.

Zomato's stock has surged 369 percent over the past two years, with nearly 200 percent of that surge happening in the last year alone. The online food delivery platform's stock remained in the green every month since April last year, with May 2024 being the only exception to its steady climb.

Several global brokerage firms, including JPMorgan, CLSA, and Jefferies, raised their target prices for the stock and expressed their positive views on its quick commerce business, Blinkit.

(By arrangement wtih livemint.com)