Zomato’s Business Finance Head Hemal Jain Quits

Zomato’s business finance head Hemal Jain has stepped down after a six-year long stint to “explore other opportunities”.

In an exchange filing, Zomato said that Jain tendered her resignation on Monday (December 16) and will depart from the company on January 31, 2025. However, the foodtech major did not disclose her replacement. 

“… we would like to inform that Ms. Hemal Jain, Head- Business Finance, designated as senior management personnel (SMP), has tendered her resignation today, December 16, 2024,” Zomato said. 

Jain, in her resignation letter, said, “… After much reflection, I have taken this tough decision to move on and explore a different path. I take this opportunity to thank everyone in Zomato for the support extended to me during my tenure”.

An alumnus of Ahmedabad’s HL College of Commerce, Jain is a qualified chartered accountant. Having previously worked with FMCG major Unilever, she joined Zomato in 2018 and rose through the ranks to become Zomato’s head of business finance and B2B vertical Hyperpure’s chief finance officer (CFO). 

Earlier in September, Akriti Chopra resigned as the cofounder and chief people officer (CPO) of the company to pursue other interests. 

Besides, Southeast Asia-focussed ecommerce platform Zalora’s CEO Gunjan Soni also quit as an independent director from the foodtech giant’s board in October. 

The latest development comes at a time when Zomato has been aggressively scaling up its quick commerce and going out verticals. It recently raised INR 8,500 Cr (nearly $1 Bn) via qualified institutional placement (QIP) to strengthen its balance sheet. 

Meanwhile, the company continues to post healthy growth in revenue and profit. Zomato clocked a net profit of INR 176 Cr in the second quarter (Q2) of the financial year 2024-25 (FY25), up 389% from INR 36 Cr in the year-ago quarter. Operating revenue jumped 68.5% to INR 4,799 Cr from INR 2,848 Cr in Q2 FY24.

However, the company is also grappling with tax issues. Last week, Maharashtra GST authorities asked Zomato to pay INR 803 Cr GST and fine for non-payment of GST on delivery charges between 2019 and 2022. 

Shares of the company closed 2.03% higher at INR 294.25 on the BSE on Monday (December 16). 

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