Zomato confirms laying off 3% of its workforce
Zomato is firing less than 3% of its whole employees.
TNI Bureau: Following three top-level departures earlier this month, food delivery giant Zomato is firing less than 3% of its whole employees.
A Zomato spokesperson stated, “There has been a routine performance-based churn of under three percent of our personnel; there is nothing more to it.”
Before these layoffs, Zomato employed about 3,800 employees, according to the company’s most recent earnings report. After working there for about four and a half years, Zomato co-founder Mohit Gupta announced his resignation on Friday.
Zomato CEO Deepinder Goyal stated in a regulatory filing that Gupta had saved Zomato from extinction, grew the company to new heights, achieved profitability, and most importantly, had trained Goyal over the years to be capable of managing “such a vast and complicated organisation.”
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Prior to this, Siddharth Jhawar, the leader of Zomato’s recently created Intercity Legends initiative, and Rahul Ganjoo, who previously oversaw new initiatives, both made announcements about their departures from the business.
Zomato’s net loss decreased from 434.9 crore reported in the same quarter last year to 250.8 crore in the quarter that ended September 30, 2022. The company’s operating revenue increased by 62.2% to Rs. 1,661 crore ($1,024 crore).
“Total Adjusted Revenue increased by 48% on a year over year basis to Rs. 2,107 crore (38 per cent year-on-year ex-quick commerce). This corresponds to $1.05 billion in annualised revenue. The company stated in a BSE filing earlier this month that this is the first quarter in which we have exceeded the milestone of $1 billion in annualised revenue.
According to Zomato, their total adjusted EBITDA loss dropped from 310 crore to 192 crore in Q2. The quarter’s adjusted EBITDA loss (excluding Quick Commerce) was 60 crores, down from 150 crore in Q1FY23.
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