Zomato’s chief operating officer or COO Gaurav Gupta has stepped down from the position. Gupta will now lead the nutrition business for the Gurugram-based firm. While there are no details about the company’s nutrition business, Zomato is likely to reveal its plan about the new business line in the coming weeks.
Gupta was elevated to the co-founder position in March, last year. According to an email sent by Gupta to Zomans, he will be moving from the COO role. “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,” wrote Gupta.
Entrackr has seen the email sent by Gupta. A Zomato spokesperson also confirmed the development without disclosing details about nutrition business. ET was first to report the development.
Importantly, this is the second major internal movement at Zomato. Last month, the company elevated Akshant Goyal to a chief financial officer or CFO role. Until late October, Goyal was acting as vice president (corporate development).
Entrackr had exclusively reported about Goyal’s elevation in October. His elevation is in line with Zomato’s plan to go public in the first half of 2021.
The change in Gupta and Goyal role has come at a time when Zomato is raising a pre-IPO round. Last week, the company raised $147 million from half a dozen investors including Mirae Asset, Steadview Capital, Luxor Capital, Lugard Road Capital, ASP India LP, and Pacific Horizon.
Entrackr had exclusively reported the fresh fundraise on November 6. Since August the company has raised over $221 million across four tranches in its ongoing Series F round. The firm is likely to raise $400 million more in primary and secondary capital in the coming months.
Zomato is also in an advanced stage to offer an exit to its co-founder Pankaj Chaddah and two dozen other employees in a secondary transaction. Chaddah is expected to offload shares worth up to $25 million. The potential secondary round has been aimed to reduce shareholders on Zomato’s cap table before going public.