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Zomato is laying off under 3% workforce

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Food delivery major Zomato is laying off under three per cent of its workforce across the organisation, following three top-level exits earlier this month.

“There has been a regular performance-based churn of under three per cent of our workforce; there’s nothing more to it,” said a Zomato spokesperson.

As per the company’s last earnings report, Zomato had around 3,800 employees before these layoffs. On Friday, Zomato announced that its co-founder Mohit Gupta has resigned from the company after an almost four-and-a-half-year stint. 

In a regulatory filing, Zomato CEO Deepinder Goyal said that Gupta has brought back Zomato from the brink of extinction, scaled the business to new heights, got it to profitability, and above all, coached Goyal over the years to become capable of running “such a large and complex business.” 

Prior to this, Rahul Ganjoo — who used to head new initiatives at Zomato — and the head of Zomato’s newly launched Intercity Legends initiative, Siddharth Jhawar, also announced their exit from the company. 

Zomato’s net loss narrowed to ₹250.8 crore in the quarter ended September 30, 2022, compared with ₹434.9 crore reported in the same quarter last year. The company’s revenue from operations jumped 62.2 per cent to ₹1,661 crore (₹1,024 crore).

“Total Adjusted Revenue grew 48 per cent year-on-year to ₹2,107 crore (38 per cent year-on-year ex-quick commerce). This translates to annualised revenue of $1.05 billion. This is the first quarter where we have crossed the billion dollar annualised revenue mark,” the company said in a BSE filing earlier this month.

Zomato said its total adjusted EBITDA loss reduced to ₹192 crore in Q2 (₹310 crore). Adjusted EBITDA loss (ex-quick commerce) was at ₹60 crore for the quarter (compared with ₹150 crore in Q1FY23).

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Published on November 19, 2022

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