Following the confirmation that Zomato has raised $200 million from Ant Financial, Zomato’s Co-Founder, Pankaj Chaddhah announced last week his resignation from the company. After serving the company for 10 years he will now be moving on to try out something new. However, he will continue to play a significant role until the end of March and will remain a part of the board.
Pankaj's stake in the company stands at about 3.11 percent and is worth about Rs. 237 crores, subsequent to the latest funding by Ant Financial.
Pankaj announced his resignation on Twitter and wrote, “Have been thinking about this for a while, and the timing seems right today as Zomato is back to being a rocket -ship.”
Over the last year, Pankaj has been responsible for kick-starting several new initiatives for Zomato. During the launch of Zomato Gold, he directed the initiative for the first couple of months and has also provided assistance in the firm’s offline cloud kitchen model.
Pankaj’s resignation adds on to the restructuring Zomato’s top management has been going through. Earlier, Mukund Kulashekaran was re-appointed as the Chief Business Officer and Gaurav Gupta was promoted as the Chief Operating officer, elevating him from his role of Global Head for Advertising Sales. The reshuffle in the management, especially with the roles of the Chief Operating Officer and the Chief Business Officer is being speculated to have been made due to Pankaj’s move away from a profit and loss accountability mandate. However, the startup can now move on from these upheavals as the $200 million that came in from Alibaba’s payment affiliate, Ant Financial has raised the value of Zomato to $1.1 billion, giving it the Unicorn status.
The food delivery business segment in India continues to witness aggressive movements from multiple players like Swiggy, Uber Eats, and Ola which has recently acquired Foodpanda. And now, with the unicorn status and a new leadership team, Zomato can look forward to standing a strong ground amidst fierce competition.