In another important rejig of Zomato's top management, Chief Operating Officer Gaurav Gupta has stepped down from the COO post to focus on the company's nutraceuticals business. Gupta will not focus exclusively on the nutrition business, which is seen as a value driver for the food delivery company, ET reported.
"I will be vacating this position at Zomato," Gupta said in an email to employees. "I was anyway not doing this role, and it will be great for all of us if we find someone better than me to do this role. I am very excited about the capabilities we are building here and will share more details at the right time."
Gupta's role change isn't the first major top-level management reshuffle in recent times. Only a week ago, head of corporate development Akshant Goyal was appointed Zomato's new CFO, replacing Akrity Chopra, who now heads people development.
Gupta was elevated to the co-founder position in March last year. In total, Zomato has. four co-founders, which including Deepinder Goyal, Gunjan Patidar, and recently Mohit Gupta.
Zomato's blockbuster IPO
The change comes at a crucial time when Zomato is preparing for its blockbuster IPO, for which the company even appointed Kotak Mahindra Capital as the banker as well as law firms Cyril Amarchand Mangaldas and Indus Law as legal advisors.
Last week, the company raised $147 million from various investors, including Mirae Asset, Steadview Capital, Luxor Capital, Lugard Road Capital, ASP India LP, and Pacific Horizon. Tomato is valued at $3 billion as a part of its $600 million funding round. The much-anticipated IPO is planned for the first half of 2021.