Zomato's global finance head Hemal Jain quits
Jain, who is stepping down to pursue other opportunities, was keenly involved in taking Zomato public and the acquisition of Blinkit.
Zomato's global finance head, Hemal Jain, is set to leave the company next month to explore other opportunities.
The foodtech giant has notified the stock exchanges about the departure of Jain, who will leave the company by January 31, 2025.
Jain was with the company for about six years and has stepped down as the global head of finance and CFO of Hyperpure, the company's B2B supplies arm.
Jain, who was part of the core team that took Zomato public, was responsible for financing the company's largest acquisition of Blinkit and the subsequent transition process.
"Spearheaded various initiatives focused on cost optimisation and profitability enhancement, resulting in a journey of high monthly burn to organization level profitability," stated Jain's LinkedIn page.
Hyperpure is the company's only segment that is yet to achieve positive adjusted EBITDA. The segment clocked a loss of Rs 21 crore in the quarter ended September 2024, against a loss of Rs 34 crore in the corresponding quarter in the previous year. During the same period, it almost doubled its revenue to Rs 1,473 crore from Rs 745 crore.
This is the second executive departure after the company's co-founder and chief people officer Akriti Chopra resigned with immediate effect in September this year.
Chopra had been working at Zomato since November 2011 in various roles, including chief financial officer.
The news of Jain's departure comes just days after Zomato received an order from the government for non-payment of goods and services taxes (GST) on delivery charges.
The order, given by the Joint Commissioner of CGST and Central Excise, Thane Commissionerate, demands Rs 401 crore of GST with interest, along with a penalty of Rs 401 crore, amounting to a total of over Rs 803 crore in unpaid tax dues and penalty.
Image: Hemal Jain's LinkedIn
Edited by Swetha Kannan
