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Zomato CFO Maheshwary quits within six months

Dec 05, 2018, 08.27 AM IST
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Zomato is locked in a battle with Swiggy for supremacy in the domestic online food-delivery space.
NEW DELHI | MUMBAI: Zomato chief financial officer Sameer Maheshwary has resigned less than six months after he joined, becoming the latest CXO-level executive to leave the food-delivery and restaurant-discovery platform in the past two years.

The ongoing week is Maheshwary’s last at the company, according to three people aware of the developments. The Delhi College of Engineering and Alliance Manchester Business School alumnus joined Zomato in June after nearly two decades at General Electric and GE Capital spanning roles and geographies.

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In an emailed statement from Zomato, Maheshwary said he was “moving on to pursue different personal and professional interests.”
A spokesperson for Zomato said chief operating officer Gaurav Gupta would lead the finance team until the company completes its search for a new CFO. The Ant Financial, Info Edge and Sequoia Capital-backed company has seen a spate of senior management exits, including that of cofounder Pankaj Chaddah in March. Chaddha’s resignation came on the same day Zomato announced a $150 million fundraise led by China’s Ant Financial.

His exit brought with it a huge churn in senior management, with Gupta taking over as COO and Mukund Kulashekaran, who was the global head of Zomato’s online ordering division, elevated as chief business officer. Shortly after, though, in June, Kulashekaran resigned.

Last year, the company battled with the exits of then COO Deepak Gulati and Samir Kuckreja, who headed its cloud-based point-of-sale system, Zomato Base. Zomato, valued at about $2 billion following its latest fundraise in October, meanwhile, continues to hire senior leaders across its new business segments.

The company recently appointed Durga Raghunath, formerly with Indian Express Digital Media, as senior vice-president - growth. She will manage Zomato’s upcoming food events division, its video content business, SneakPeek, and ad innovations, as well as help with monetisation initiatives. This will be Raghunath’s second stint at Zomato, after a brief five-month stay in 2015.

Zomato also recently hired Chaitanya Mathur, formerly with The Grub Fest, to lead its events business, Zomato Live.

Zomato is locked in a battle with Swiggy for supremacy in the domestic online food-delivery space. The company earlier said it clocked a monthly order run rate of 21 million in October, implying that it registered its highest daily order volume during the month at 7,00,000 a day.
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