New Zomato CEO: Rakesh Ranjan Appointed as Chief Executive Officer of Online Food Delivery Platform
Zomato informed the Bombay Stock Exchange in a filing that it has appointed Rakesh Ranjan as CEO of its food ordering and delivery business and Rinshul Chandra as COO, food ordering and delivery business.
New Delhi, May 20: Online food delivery platform Zomato has rejigged the senior leadership team after reporting its better-than-expected quarterly results (Q4 FY23).
Zomato informed the Bombay Stock Exchange in a filing that it has appointed Rakesh Ranjan as CEO of its food ordering and delivery business and Rinshul Chandra as COO, food ordering and delivery business. Zomato Revenue Jumps 70% to Rs 2,056 Crore in Q4 Results, Net Loss Narrows to Rs 188 Crore; Here's How CEO Deepinder Goyal Reacts.
The company also appointed Rishi Arora as CEO of Hyperpure, a subsidiary of the company. Ranjan was earlier business head of new businesses at Zomato and Chandra was vice president of product at the company. Arora held the position of senior vice president of operations at Zomato-owned quick commerce platform Blinkit, before being elevated as its cofounder last year.
"Rakesh, Rinshul and Rishi have been with Zomato/Blinkit for more than five years across various roles. 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," the online food delivery platform said in its regulatory filing. Zomato Launches Home-Style Cooked Meal Delivery Service With Real Home Chefs, Starts Rs 89.
"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," it added. On the quick commerce side, while there is still a long way to go in terms of margin improvement, Zomato said it is pleased with the outcomes so far in a short period of time.
In Q4 FY23, Zomato introduced a delivery charge for orders below a certain minimum value, which led to some churn in restaurants ordering from Hyperpure. "While the number of unique restaurants billed fell from 44,000 in Q3 to 42,000 in Q4, the overall profitability of the business improved as a result of this," the company said in its shareholders' letter.
(The above story first appeared on LatestLY on May 20, 2023 12:21 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).