Zomato makes changes to leadership team2 min read . Updated: 29 Oct 2020, 04:31 PM IST
- The company has made Akshant Goyal, who was earlier heading corporate development, Zomato's newest chief financial officer, and Akriti Chopra, who was earlier the company CFO and led Zomato’s fundraising efforts until now, will be responsible for people development for the organization.
Bengaluru: Food aggregator unicorn Zomato, which is gearing to go public by first-half of 2021, has made key changes to its leadership team in India. Deepinder Goyal, co-founder and CEO, informed employees on Wednesday that the company has elevated Akshant Goyal, who was earlier heading corporate development for the company, as Zomato’s newest chief financial officer (CFO).
With this, Akriti Chopra, who was earlier the company CFO and led Zomato’s fundraising efforts until now, will be responsible for people development for the organization.
A Zomato spokesperson confirmed the development to Mint.
Goyal, the newly appointed CFO, has been with Zomato for the last four years. Prior to joining Zomato, he co-founded and served as the CFO of PinCap, a fintech firm that helped SMEs secure short term loans, before which he had a seven-year-long stint at Kotak Bank as an investment banker.
Chopra, who was appointed as Zomato’s CFO in November last year, has built the company’s in-house legal, governance, risk and compliance teams, during her nine-year stint with the food-tech major .
During her stint at Zomato, Chopra also was a part of the global growth and international operations teams.
This change in leadership function comes at a time when Zomato has been eying a public listing in the coming months. In a bid to bolster its cash reserves, the company has also been on a fundraising spree and has already cornered a little more than $270 million in investments alone this year from key investors including—Tiger Global Management, Temasek (through MacRitchie Investments), Ant Financial and others.
The Gurugram-based company holds a valuation of $3.3 billion, as per its last funding round from Kora Investments, earlier this month, which infused close to $52 million in the startup.
Now, Zomato is expected to raise a final round of investments, with participation of existing investors, in the coming months, as its final fundraise before the initial public offering (IPO), two individuals aware of the discussion confirmed to Mint earlier.
This funding will be used as a "war chest" by the company for future acquisitions, and to fight any possible price-wars. The company is looking at possible acquisitions in the space of logistics, according to an individual, quoted above.
Unlike competitor Swiggy, Zomato scaled down its offerings around grocery and hyperlocal, over the past few months, in a bid to focus on its core business and recover completely from the impact of covid-19.
Since the lockdown, Zomato has delivered close to 92 million orders and expects the food-delivery sector to grow at 15% month-on-month, moving forward.
Earlier this month, Zomato's founder Goyal tweeted that food delivery volumes have reached pre-covid peaks, as volumes continue to climb with the advent of Indian Premier League (IPL) and the festive season.