Ahead of its $1.1 billion IPO, meals delivery service Zomato has elevated its former chief economic officer Akriti Chopra as co-founder and chief individuals officer. In an internal e-mail to personnel on Wednesday, the company’s founder Deepinder Goyal stated that Akriti has been at Zomato “for almost a decade. She has undying commitment to Zomato, and our well-being. She has been one of the strongest pillars of support for Zomato, as we weathered multiple ups and downs through these years.” He added, “Congratulations Akriti for now officially being a founder at Zomato.”
According to Chopra’s Linkedin profile, she had joined Zomato in 2011 as Senior Manager, Finance and Operations, and had moved up to be the vertical’s Vice President till April 2019 ahead of being the CFO till October last year. The corporation had moved its head of Corporate Development Akshant Goyal as its new CFO last year. Before Chopra, Zomato had elevated its COO Gaurav Gupta and meals delivery head Mohit Gupta as co-founders in March 2019 and May 2020 respectively. Zomato has a different co-founder Gunjan Patidar who is presently the Chief Technology Officer. Pankaj Chaddah, who had launched Zomato along with Goyal, had left the corporation in 2018.
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Zomato had in April filed the draft red herring prospectus for a Rs 8,250 crore ($1.1 billion) initial public providing (IPO). The corporation was valued at $5.4 billion throughout its $250 million funding round in February this year from Kora Management, Fidelity Management and Research, Tiger Global Management, Bow Wave Capital and Dragoneer Investment Group, up from $3.9 billion in December right after it closed $660 million round.
According to the draft filing, the corporation had 161,637 active delivery partners and 350,174 active restaurant listings like 132,769 restaurants that actively delivered orders. Moreover, its early investor Info Edge will sell its stake worth Rs 750 crore in the IPO. The corporation had reported a 160.6 per cent jump in its losses for FY20 even though its revenues had elevated 98 per cent from the preceding FY. The losses mounted from Rs 940 crore in FY19 to Rs 2,451 crore amid a 36.7 per cent improve in costs from Rs 3,383 crore to Rs 4,627 crore throughout the stated period, regulatory filings from Tofler had showed. On the other hand, the corporation, backed by Alibaba’s Ant Financial, Tiger Global, and other individuals, managed to push its revenues up from Rs 1,255 crore in FY19 to Rs 2,485 crore in FY20.