SUMMARY
As per the stock exchange filings, the said resolution was passed in Zomato’s annual general meeting (AGM) that took place for the first time on August 30th after it went public
During the AGM, Zomato’s stakeholders also acknowledged its audited financial statements of FY21-22
98.9% of shareholders voted in favor of reappointing Bikhchandani as the non-executive director of the startup whilst the remaining 1.09% shareholders voted against this resolution
Foodtech major zomato
has reappointed Info Edge’s cofounder Sanjeev Bikhchandani as the non-executive director on its board.
As per the stock exchange filings, the said resolution was passed in Zomato’s annual general meeting (AGM) that took place for the first time on August 30th after it went public.
During the AGM, Zomato’s stakeholders also acknowledged its audited financial statements of FY21-22.
98.9% of shareholders (6.1 Bn voters) voted in favour of reappointing Bikhchandani as the non-executive director of the startup during the AGM, whilst the remaining 1.09% shareholders (67.4 Mn) voted against this proposition.
At the time of filing the report, Zomato was trading at INR 59.70 on Bombay Stock Exchange as of 2nd September.
The development has come barely a day after Zomato’s CEO Deepinder Goyal informed that the foodtech giant would be displaying the cell phone numbers of delivery executives thus, permitting users to report against executives if they are caught speeding. The said announcement was made at the AGM.
Goyal further said that the foodtech major would not encourage delivery executives to drive dangerously and if any of the executives get caught speeding then it would be of their own volition.
During the AGM, Zomato also showed confidence in its B2B supplies subsidiary Hyperpure. It said that Hyperpure has the potential to become bigger than its main business (of food delivery).
Zomato chairman Kaushik Dutta had said, “We think that this business has the potential of becoming as large or even larger than our food delivery business because the addressable market here is potentially larger than food delivery.”
Besides, Zomato has also begun piloting its recently acquired grocery delivery business Blinkit on its main app. The foodtech giant is currently offering Blinkit’s services in Delhi-NCR region.With this, Zomato reportedly aims to turn the loss-making grocery delivery business Blinkit into a profitable venture.
While Zomato is taking crucial courses of action, its investors seem to be losing faith in the company. Recently, Sequoia Capital offloaded 2.01% to 171.9 Mn shares of Zomato in the open market.
Prior to this, Moore Strategic Ventures sold 42.5 Mn shares in the open market merely days after Zomato’s lock-in period ended. Ride-hailing aggregator Uber and Tiger Global, who also invested in the foodtech giant, offloaded 612 Mn and 184.4 Mn shares respectively after the closure of Zomato’s lock-in period.
