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Zomato Plans New Management Structure With Multiple CEOs


Zomato on Monday posted a smaller quarterly loss.

Mumbai:

Zomato, the Indian meals supply firm backed by China’s Ant Group, is contemplating reorganising its administration so that every of its particular person companies would have its personal CEO, whereas the mother or father firm can be renamed “Eternal”, an inner firm memo seen by Reuters stated.

Zomato’s CEO Deepinder Goyal within the memo said that the corporate was no longer solely operating the Zomato meals supply enterprise but additionally different giant companies.

Mr Goyal stated these included Zomato’s proposed buy of grocery-delivery startup Blinkit, kitchen and meals elements provide enterprise Hyperpure, and Feeding India, a not-for-profit agency that goals to scale back starvation in India’s poor communities.

“We are transitioning from a company where I was the CEO to a place where we will have multiple CEOs running each of our businesses…all acting as peers to each other,” Mr Goyal stated within the memo.

Zomato didn’t instantly reply to an e mail in search of remark.

A supply accustomed to the matter stated the memo was posted by Mr Goyal final week. It was first reported by information portal Moneycontrol on Monday.

Zomato’s shares plunged to a report low final week as a one-year share lock-in interval for promoters, workers and different buyers expired.

The firm made a stellar debut on July 23, 2021 on the Mumbai inventory market, however its shares have misplaced greater than 60% of their worth since then on issues about valuations and development amid turmoil amongst international development shares.

Mr Goyal additionally stated within the memo that “Eternal”, the proposed title for the mother or father organisation, would stay an “internal name for now.”

Zomato on Monday posted a smaller quarterly loss, helped by a rise in orders for restaurant meals on its platform.

The firm’s web loss stood at 1.86 billion rupees ($23.53 million) for the three months ended June 30, in contrast with a lack of 3.56 billion rupees a 12 months in the past, the corporate stated in a regulatory submitting.



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