Zomato COO Rinshul Chandra Steps Down

Rinshul Chandra tendered his resignation from Zomato Ltd. as the chief operating officer, food ordering and delivery business on Saturday.

In his resignation, Chandra said he will pursue new opportunities and passions, according to an exchange filing on Saturday. "It has been an incredibly fulfilling journey over the past seven years, and I am truly grateful for the trust, support, and opportunities I’ve received during my time here. I wish our world-class teams at Eternal the very best," he wrote.

His last working day with the company will be April 7.

Zomato's approved name change 'Eternal' is expected to come into effect on April 9. In February, Zomato approved to change its name to 'Eternal', marking its expanding business portfolio.

Informing its shareholders, the company's Chief Executive Officer Deepinder Goyal had said that the name change would only apply to the company and not the brand or application.

Under this new umbrella, Eternal will include Zomato's four core verticals, namely its flagship food delivery service, quick-commerce platform Blinkit, B2B supplies business Hyperpure, and its dining-out platform District.

Shares of Zomato closed down 0.18% to Rs 210.53 apiece on the NSE on Friday. This compares to a 1.49% decline in the Nifty 50. The stock has risen 10.51% in the last 12 months and fallen 24.8 year-to-date.

Out of 30 analysts tracking the company, 24 maintain a 'buy' rating on the stock, two suggest 'hold' and four recommend 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 33.8%.