Online food delivery platform Zomato has made changes in the senior leadership team after reporting better-than-expected quarterly results (Q4 FY23). Zomato informed the Bombay Stock Exchange in a filing that it has appointed Rakesh Ranjan as the CEO of its food ordering and delivery business and Rinshul Chandra as the COO of its food ordering and delivery business.
The company also appointed Rishi Arora as the CEO of the company’s subsidiary Hyperpure. Ranjan was earlier the business head of new businesses at Zomato and Chandra was the vice president of product at the company. Arora held the position of senior vice president of operations at Zomato-owned instant commerce platform Blinkit, before being promoted as its cofounder last year.
“Rakesh, Rinshul and Rishi have been with Zomato/Blinkit for over five years now in various roles. We believe that periodic leadership change by capable people brings fresh perspectives to the business, making it to develop rapidly.” “Such leadership changes bode well for people growth as well, and we are confident that our people strategy will set us up for success decades from now,” the online food delivery platform said in its regulatory filing.
On the instant commerce side, while there is still a long way to go in terms of improving margins, Zomato said it is pleased with the results so far in a short span of time. In Q4 FY23, Zomato introduced delivery charges for orders below a certain minimum value, which led to some churn among restaurants ordering from Hyperpure. “While the number of unique restaurants decreased from 44,000 in Q3 to 42,000 in Q4, the overall profitability of the business improved as a result,” the company said in its shareholders’ letter.
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