Zomato’s global finance head Hemal Jain is set to leave the company next month to pursue other opportunities.
The foodtech giant has informed stock exchanges about the departure of Jain, who will leave the company by January 31, 2025.
Jain had been with the company for about six years and has stepped down as global head of finance and CFO of Hyperpur, the company’s B2B supply arm.
Jain, who was part of the core team that took Zomato public, was responsible for financing the company’s biggest acquisition, Blinkit, and the subsequent transition process.
“Lead various initiatives focused on cost optimization and profit growth, resulting in a journey to higher monthly burn in organization-level profitability,” Jain’s LinkedIn page said.
Hyperpure is the only segment of the company that has yet to achieve positive adjusted EBITDA. The sector posted a loss of Rs 21 crore in the quarter ended September 2024, compared to a loss of Rs 34 crore in the same quarter last year. During the same period, it nearly doubled its revenue from Rs 745 crore to Rs 1,473 crore.
This is the second executive departure since the company’s co-founder and chief executive officer Akriti Chopra resigned with immediate effect in September this year.
Chopra has been working at Zomato since November 2011 in various roles including Chief Financial Officer.
News of Jain’s departure comes days after Zomato received a government order not to pay Goods and Services Tax (GST) on delivery charges.
The order passed by the Joint Commissioner of CGST and Central Excise, Thane Commissionerate demanded Rs 401 crore GST and penalty of Rs 401 crore with interest, totaling unpaid tax arrears and penalties of Rs 803 crore. .