Zomato Co-Founder Akriti Chopra Resigns

Zomato Ltd. said on Friday that its co-founder Akriti Chopra has resigned.

Chopra, who served the food-quick commerce company as a co-founder and chief people officer, has tendered her resignation and would step down with immediate effect to pursue other interests, Zomato said in a statement to the exchanges.

The former Zomato co-founder resigned via email to Deepinder Goyal, the Chief Executive Officer of Zomato.

"It's been an incredibly enriching journey for the past 13 years. Thank you for everything. I'm always a call away. Wishing you and Eternal the very best," Chopra wrote.

Chopra initially joined Zomato as Senior Manager of Finance and Operations in Nov. 2011, after which she was promoted to the post of Vice President of the aforementioned department on Sept. 2012, where she served for more than six years.

She then served as Chief Financial Officer in Apr. 2019, after which she took the post of Head of People Development in Oct. 2020 and transitioned into Founder in June 2021, holding the post until Sept. 27. 2024.

Chopra's exit followed a series of resignations from other former co-founders, starting with the exit of Pankaj Chaddah in March 2018 and the resignations of Mohit Gupta in Nov 2022 and Gaurav Gupta in 2023.

Gaurav Gupta has launched his healthtech venture Gabit, backed by Zomato Ltd.'s Deepinder Goyal and Cars24's Vikram Chopra in Jan.2024.

Shares of Zomato Ltd. closed 2.08% higher at Rs 278.15 apiece on the NSE, compared to a 0.14% decline in the NSE Nifty 50. It has declined 177.87% in the last 12 months and 124.86% on a year-to-date basis. The relative strength index was at 49.60.

Out of the analysts tracking XX have a 'buy' rating on the stock, XXX recommend a 'hold' and XXXX suggest a 'sell', according to Bloomberg data. The average of 12-month Bloomberg analyst consensus price target implies a potential downside of XXXXX%.

(This is a developing story.)