Zomato Announces Three Top-level Appointments

Zomato’s business head for building businesses and hyperpure chief, Rakesh Ranjan, has been appointed as the Chief Executive Officer of the food ordering and delivery business. While, Rinshul Chandra, Vice President of Product, has been designated as the Chief Operating Officer of the food ordering and delivery business.

The third appointment was that of Rishi Arora as the CEO of Hyperpure, a B2B business to deliver groceries to restaurants. Arora, a long-time Blinkit executive, had previously been elevated as the co-founder of Blinkit in July last year.

Rakesh, Rinshul and Rishi have been with Zomato, Blinkit for more than 5 years across various roles, said the company in its filing.

"We believe that a change of leadership every now and then with capable people at the helm brings new perspectives to the business enabling it to evolve faster. Such leadership changes are also great for people development, and we are confident that our people strategy will set us up for success even decades from now.

Food delivery platform Zomato's consolidated net loss for the quarter ended March narrowed sharply to ₹188.2 crore on the back of a 70% jump in its overall revenue

The company also announced that its business, excluding the quick commerce vertical, BlinkIt, turned adjusted Ebitda (earnings before interest, taxes, depreciation, and amortization) positive. It calculates adjusted Ebitda as Ebitda plus share-based payment expense minus rental paid for the period.

The profitability was driven by the company’s food delivery business, which generated an adjusted Ebitda of ₹78 crore in the March quarter. It added that the difference between the adjusted Ebitda and net profit has narrowed significantly over time.

Zomato’s adjusted revenue from the food delivery arm, which accounted for most of its topline, stood at ₹1530 crore, down from 1565 crore in the quarter ago. This is mainly due to the slowdown in the overall food delivery space which also brought down its gross order value (GOV) to ₹6559 crore in the March quarter from ₹6680 crore in the December quarter.

Shares of the company settled 1.72% higher at ₹64.54 apiece on the BSE on Friday.