Rakesh Ranjan, who is currently the CEO of Zomato’s food delivery business, will be stepping down from his position, according to people familiar with the changes. Zomato’s founder and group CEO, Deepinder Goyal, will take charge of the food delivery operations for the next few months.
Ranjan will not leave the company, and he will continue to be part of Zomato. This move is part of a regular leadership reshuffle the company does every few years.
Ranjan became CEO of the food delivery business in June 2023 and has been with Zomato for almost eight years. Under his leadership, the company grew even stronger in the market. However, the food delivery market remains competitive, with Zomato and Swiggy constantly changing positions in market share, and no clear winner has emerged yet.
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This leadership change comes at a time when the entire food delivery industry is facing a slowdown. Zomato and Swiggy, its biggest rival, have both seen a drop in demand, which began around November last year.
Ranjan had mentioned in a letter to shareholders in January that the demand slowdown had affected the business, and Zomato wasn’t the only company feeling the impact. Swiggy has also experienced similar challenges.
Earlier this month, Zomato also saw another key change when Rinshul Chandra, the Chief Operating Officer of food delivery, stepped down. Now, Deepinder Goyal will take over as CEO of the food delivery business.
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On April 23, Zomato’s shares were trading at Rs 239.2, up by 0.74%.
