Co-founder and head of supply of food delivery platform Zomato Gaurav Gupta resigned from his position in the company on Tuesday.
His resignation came less than two months after the company got listed on the stock markets in July.
Zomato Chief Executive Officer Deepinder Goyal confirmed Gupta’s exit in a tweet.
“I wish you all the best for your future, and look forward to continue being the friends that we are for the rest of our lives,” Goyal said in another tweet. “I am pumped and excited to see what you will cook up next. Make Zomato proud.”
In his tweet, Goyal also shared a blog post with the email sent by Gupta announcing his resignation.
“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,” Gupta wrote. “We have a great team now to take Zomato forward and it’s time for me to take an alternate path in my journey.”
In his reply, Goyal thanked Gupta for ensuring that Zomato was able to get through “great as well as terrible times”.
“Thank you for being a better friend to me than anyone else I’ve ever had,” Goyal added. “I can’t yet imagine everyday life at Zomato without you.”
Zomato’s share prices plunged to Rs 136.20 – a dip of 4.88% – in Tuesday’s intra-day trading as Gupta’s resignation came to light. However, by afternoon, the Zomato stock had recovered its losses. At 2.40 pm, the stock was trading at Rs 144.60, up by almost 1%.
On July 23, Zomato made an impressive debut in the stock markets by getting listed on the National Stock Exchange at a 52.63% premium over its issue price. Since then, the company has decided to shut down its grocery delivery service and multiple foreign subsidiaries.
The grocery delivery service, which Zomato has started as a pilot operation in a few cities, will be shut on September 17, the Economic Times reported on Monday. This is the second time in two years that Zomato has had to fold its grocery delivery business.