Zomato’s chief financial officer Sameer Maheshwary has called it quits in less than six months after he joined the food-delivery and restaurant-discovery platform. As per three people aware of the development, the ongoing week is Maheshwary’s last at the company.
A company spokesperson stated, “We confirm that Sameer is moving on from Zomato. Sameer has hired a great finance team which is very excited about the work they are doing. Gaurav Gupta (COO, Zomato) will lead the finance team in the interim, until we complete the search for a new CFO.”
Sameer joined Zomato in July this year after his latest stint at General Electric where he was serving as the CFO for its South Asia business.
On his exit, Sameer stated, “My short time at Zomato has been extremely memorable and fulfilling. The growth has been exhilarating – Zomato has already grown 2x within the last 6 months. Deepinder has an expansive vision for Zomato and has built an incredible team around it. While I will be moving on to pursue different personal and professional interests, I will continue to cheer for Zomato’s success.”
His quick exit is one of the many senior management exits that the foodtech startup has seen this year. Prominent among those was that of co-founder Pankaj Chaddah in March after a decade at the startup.
Pankaj’s exit brought with it a huge churn 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. But June saw Mukund quitting in less than five months after taking the role.
Meanwhile, the influx of senior leaders at the helm also continues with the company recently appointing Durga Raghunath, formerly with Indian Express Digital Media, as Senior Vice President-Growth. She will manage Zomato’s upcoming food events division, its video content business, SneakPeek, and ad innovations, as well as help with monetization initiatives. This month, Zomato also hired Chaitanya Mathur, formerly with The Grub Fest, to steer its events business, Zomato Live.
The churns are typical of a company in a hyper-growth phase and locked in a battle of supremacy with a formidable competitor namely Swiggy. Both Zomato and Swiggy are well funded and are holding their spot in the food delivery business. To consolidate its presence further in India, Zomato is expanding its services in 30 more cities in the next week. After the expansion, the company will have a presence in a hundred cities.
Apart from announcing the expansion, the company is also planning to get 5,000 people on board in their delivery team in upcoming cities such as Jamshedpur, Haridwar, Meerut, and Ujjain.