Online meal delivery service Following the release of its better-than-anticipated quarterly earnings (Q4 FY23), Zomato has changed its senior leadership team.
Rakesh Ranjan has been named CEO and Rinshul Chandra has been named COO of Zomato’s food ordering and delivery division, the company said in a statement to the Bombay Stock Exchange.
Additionally, the business named Rishi Arora as CEO of its subsidiary Hyperpure.
Chandra served as vice president of product at Zomato, while Ranjan previously served as business head of emerging companies.
Before being promoted to co-founder of Blinkit, a rapid commerce platform owned by Zomato, Arora held the post of senior vice president of operations.
“Rakesh, Rinshul, and Rishi have each served in a variety of capacities with Zomato/Blinkit for more than five years. The online meal delivery company said in its regulatory filing that it “believes 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.”
“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 said.
Zomato stated it is happy with the results thus far in a short amount of time, despite the fact that there is still more work to be done in terms of margin improvement.
Zomato started charging a delivery fee in Q4 FY23 for orders that didn’t meet a certain amount, which caused several restaurants to stop using Hyperpure as their preferred delivery service.
“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 firm said in a statement to shareholders.
