Zomato Co-Founder Mohit Gupta resigned from his post, reason revealed

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Mohit Gupta, co-founder of online food ordering and delivery platform Zomato, has resigned from his post. Mohit Gupta joined Zomato four and a half years ago. He started his innings in the year 2020 as the CEO of the company. Recently the company launched its IPO.

Resigned because of

In his message, Gupta said that he has decided to move on from Zomato to explore other areas in life, according to the company’s filing to the stock market. Zomato said Gupta was not designated as key managerial personnel under the Companies Act 2013 and the Listing Rules.

Two big companies pulled out of Zomato

Tiger Global had sold nearly half of its stake in online food delivery company Zomato. After this, his stake in Zomato was reduced to 2.77 percent. Zomato had told that Tiger Global has sold 18.45 crore of its shares in this deal done in the open market.

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Now the share was reduced to 2.77 percent

Prior to this sale, Internet Fund, a company of Tiger Global, held 5.11 per cent stake in Zomato. Zomato said that between July 25 and August 2, 2022, the company has sold 18.45 crore shares, which is equal to 2.34 percent stake. After this sale, Internet Fund’s stake in Zomato has come down to 2.77 per cent.

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