Zomato lays off under three per cent of its workforce: Report
The job cuts come after three top executives quit the company in the recent weeks. On Friday, Zomato co-founder Mohit Gupta stepped down after a four-and-a-half stint at the firm. At the time of his exit, he was heading the food delivery unit. He was elevated as the co-founder in 2020.
Food aggregator platform Zomato has confirmed that it will lay off around three per cent of its workforce across various departments in the organisation. A company spokesperson told Hindustan Times' business website Livemint that the company witnessed a regular performance-based churn of under three per cent of the workforce.
The job cuts come after three top executives quit the company in the recent weeks. On Friday, Zomato co-founder Mohit Gupta stepped down after a four-and-a-half stint at the firm. At the time of his exit, he was heading the food delivery unit. He was elevated as the co-founder in 2020.
In a message sent to Zomato which was shared by the company on the Bombay Stock Exchange website, Gupta said he is moving on to seek other unknown adventures that life holds for him.
Besides Gupta, Zomato's new initiatives head Rahul Ganjoo and Siddharth Jhawar, the head of Intercity Legends service had resigned earlier this month.
On November 10, the food delivery platform had reported narrowing of consolidated net loss to ₹250.8 crore for the second quarter which had ended in September.
The company's consolidated net loss stood at ₹434.9 crore in the year-ago period.
Revenue from operations increased to ₹1,661.3 crore during the July-September quarter, as against ₹1,024.2 crore in the corresponding period of the previous financial year, it said in a regulatory filing.
The company said this is the first quarter where it has crossed the billion dollar annualised revenue mark.
(With PTI inputs)