Zomato Ltd has said that its co-founder Gaurav Gupta’s exit from the company ‘does not warrant any disclosure under the listing regulations’.
In a notification to the exchanges on Saturday, the food delivery business said that the Gupta is not designated as key managerial personnel under the Companies Act, 2013 and the Listing Regulations.
Gupta joined the company in 2015 and was designated as co-founder in 2019. He became the head of supply in 2021, the company said.
"However, he was neither a promoter nor was holding any equity shares in the Company. Therefore, his exit from the Company does not warrant any disclosure under the Listing Regulations.” the company said.
Gupta’s exit came one day after Zomato said it was exiting its nutraceutical business and consumer grocery delivery business.
Last month, Zomato shut its US business Zomato USA LLC which was generating no revenue.
In its first earnings report after listing, Zomato reported a 26% sequential growth in adjusted revenue year-on-year for the first quarter of FY22.
Its losses widened at Rs 360.7 crore from Rs 134.2 crore for the previous period.
Zomato is backed by investors include Sequoia Capital, Info Edge, Alibaba Group’s Ant Financials, Tiger Global, Kora Investments, Nexus Ventures and Temasek Holdings.