Online food livery platform Zomato has rejigged the senior leadership team after reporting its better-than-expected quarterly results (Q4 FY23). Zomato informed the Bombay Stock Exchange in a filing that it has appointed Rakesh Ranjan as CEO of its food ordering and delivery business and Rinshul Chandra as COO, food ordering and delivery business.
The company also appointed Rishi Arora as CEO of Hyperpure, a subsidiary of the company. Ranjan was earlier business head of new businesses at Zomato and Chandra was vice president of product at the company. Arora held the position of senior vice president of operations at Zomato-owned quick commerce platform Blinkit, before being elevated as its cofounder last year.
"Rakesh, Rinshul and Rishi have been with Zomato/Blinkit for more than five years across various roles. We believe that a change of leadership every now and then with capable people at the helm brings new perspectives to the business enabling it to evolve faster," the online food delivery platform said in its regulatory filing. "Such leadership changes are also great for people development, and we are confident that our people strategy will set us up for success even decades from now," it added.
On the quick commerce side, while there is still a long way to go in terms of margin improvement, Zomato said it is pleased with the outcomes so far in a short period of time. In Q4 FY23, Zomato introduced a delivery charge for orders below a certain minimum value, which led to some churn in restaurants ordering from Hyperpure. "While the number of unique restaurants billed fell from 44,000 in Q3 to 42,000 in Q4, the overall profitability of the business improved as a result of this," the company said in its shareholders' letter.