Zomato co-founder and chief people officer Akriti Chopra has resigned with immediate effect, marking the end of her 13-year tenure at the food delivery giant. The company announced the news in a stock exchange filing on September 27, 2024.
Chopra, who was elevated to co-founder status in 2021 ahead of Zomato’s initial public offering (IPO), played a pivotal role in the company’s growth. In an email addressed to Zomato CEO Deepinder Goyal, Chopra formally submitted her resignation, effective immediately.
“Deepi, as discussed, formally sending in my resignation effective today, September 27, 2024. It’s been an incredibly enriching journey over the past 13 years. Thank you for everything. I’m always a call away. Wishing you and Eternal, the very best,” she wrote.
Chopra joined Zomato in 2011 as a senior manager of finance and operations, during the early stages of the company’s expansion. Over the years, she held several key roles, including that of chief financial officer (CFO), a position she relinquished in 2020 when Akshant Goyal took over. Her most recent role as chief people officer involved overseeing the company’s people and culture strategies, cementing her as one of the company’s most influential leaders.
Chopra’s resignation comes at a time of significant growth for Zomato, which reported a consolidated profit of ₹351 crore in FY24, a substantial turnaround from losses of ₹971 crore in FY23 and ₹1,208.7 crore in FY22. The company’s shares have performed exceptionally well, surging 273% since Zomato’s debut on the stock market on July 23, 2021. As of September 26, 2024, the stock traded at ₹283.85, well above its issue price of ₹76.
In addition to its robust financial performance, Zomato is accelerating the expansion of its quick commerce subsidiary, Blinkit. Kotak Institutional Equities, in a research report issued on September 23, upgraded its outlook for Blinkit’s growth and maintained a ‘Buy’ rating on Zomato, with a revised fair value of ₹315. This forecast is driven by Blinkit’s aggressive expansion strategy, which includes plans to open 1,000 stores by March 2025 and 2,000 stores by December 2026. As of June 2024, Blinkit operated 639 stores.
Kotak’s report highlighted several initiatives aimed at boosting customer engagement, including a pilot program for product returns, larger dark stores, and the addition of new product categories. The brokerage also upgraded Blinkit’s Gross Merchandise Value (GMV) compound annual growth rate (CAGR) projection to 81% for FY2024-27, up from the previous estimate of 70%. This comes as Blinkit aims for a FY2027 GMV of ₹74,100 crore.
Akriti Chopra’s departure marks the end of an era for Zomato, as the company continues to navigate the competitive landscape of food delivery and quick commerce. While her resignation may leave a void in the leadership team, Zomato’s strategic focus on profitability and expansion seems well on track for continued success.