Food delivery startup Zomato’s deputy CFO Nitin Savara has quit a day after the company held its first annual general meeting (AGM) on Tuesday. Savara, who joined the firm in December last year has quit to pursue his entrepreneurial dreams, said two people with knowledge of the development.
Savara, a lawyer and a chartered accountant, came to Zomato from global consulting firm EY where he was a partner looking after M&A tax. Savara was deputy to Akshant Goyal, who was earlier the head of corporate development and named the CFO in October 2020.
Zomato spokesperson did not respond to email queries and Savara could not be reached for an immediate comment.
Savara, said people cited above, was instrumental in stitching up the Blinkit acquisition for the firm. Zomato acquired Blinkit in an all-stock deal of Rs 4,447 crore, earlier this year.
Savara's exit comes a year after one of Zomato’s cofounder Gaurav Gupta, the official face of the firm during the run up to the high-profile public listing, quit expressing his desire to pursue his own venture.
On Tuesday, the Ant Group-backed Zomato's management reiterated that the food delivery company is expected to hit profitability over the next six months in its AGM.
As investors, both private and public stress for companies to aim for stronger unit economics and work towards profitability, India’s new age economy companies are realigning strategy and holding back on cash burns.
In the earnings call, Zomato’s founder and chief executive Deepinder Goyal had added that the company will try not to spend most of the funds by the time it turns profitable.
Having listed with a bang last year, Zomato’s shares are currently trading closed at Rs 58.3 per share on Tuesday, a discount of over 20% to the issue price of Rs 76 a share in its initial public offering.
