Zomato Food Delivery COO Rinshul Chandra Resigns

Foodtech giant Zomato said that Rinshul Chandra has resigned from the position of its chief operating officer (COO) of its food ordering and delivery business.

In an exchange filing, Zomato said Chandra’s last working day at the company will be April 7. The disclosures with the bourses were necessitated as Chandra is a senior management personnel (SMP) of the company. 

In his resignation letter, Chandra said he is stepping down to “pursue new opportunities and passions that align with my evolving personal and professional goals”.

“After careful consideration, I have decided to pursue new opportunities and passions that align with my evolving personal and professional goals. It has been an incredibly fulfilling journey over the past 7 years, and I am truly grateful for the trust, support, and opportunities I’ve received during my time here. I wish our world-class teams at Eternal the very best,” said Chandra.

Zomato is yet to name a successor for the outgoing COO. 

The departure comes as the foodtech company has been witnessing a churn in its top leadership. In September 2024, Akriti Chopra, who had been with the company since 2011, resigned from her position as cofounder and chief people officer. 

Later in December 2024, Zomato’s business finance head Hemal Jain also resigned after a six-year long stint to “explore other opportunities”.

This also comes days after the foodtech major reportedly laid off nearly 600 employees from its customer support team amid push for AI-driven automation and quick commerce wars. 

Meanwhile, on the financial front, the company’s food delivery arm has seen a slow down over the last two quarters. 

In the second quarter (Q2) of the fiscal year 2024-25 (FY25), the gross order value (GOV) of the company’s food delivery vertical grew just 4% quarter-on-quarter (QoQ) to INR 9,690 Cr. The momentum further slowed down in Q3, with GOV rising only 2.3% to INR 9,913 Cr. 

This slowdown in food delivery and intense competition in quick commerce is weighing on the company’s profitability. Zomato’s consolidated net profit declined 57.2% to INR 59 Cr in Q3 FY25 from INR 138 Cr in the same quarter last year. 

As a result, brokerage firm BofA Securities recently downgraded the ratings for Zomato and trimmed its target price to INR 250 per share from INR 300 earlier.