Zomato co-founder steps down
dubai — Pankaj Chaddah, cofounder of online restaurant guide and food ordering app Zomato, has resigned from the company after serving 10 years.
He said he will take a few months break and start something new. Chaddah tweeted on Thursday: “After 10 yrs, I am moving on from @Zomato to try out something new. I’ll continue to play an active role till the end of this month. Have been thinking about this for a while, and the timing seems right today as Zomato is back to being a rocket-ship.”
He further tweeted: “A big thanks to @deepigoyal for having me onboard, and everyone who’s built and will keep building @Zomato; special thanks to @sbikh for showing faith in us at a time when no one would. Hanging my boots now... all the best to the best team in the world. Make me proud(er)!”
In his letter to employees posted on the company’s blog on Thursday, Chaddah said: I have been thinking of moving on for sometime now, but I didn’t want to leave when the company really needed me to be around.”
Stating that the company has been going through some rough times in the last two years, he said: “Now that the company is in good shape, I think its a good time.” He will be a part of the company until March 31.
Meanwhile, Zomato announced on Thursday that it has raised $150 million in a fresh round of funding from Ant Financial Services Group. As part of the transaction, Ant is also buying $50 million worth of shares from Info Edge taking the total investment from Ant in Zomato to $200 million. This transaction values Zomato in excess of $1 billion. Zomato will use the investment to further strengthen its leadership position in its core markets by investing in product and technology.
With inputs from Reuters — business@khaleejtimes.com