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‘Tech winter is not coming for Zomato.’ Deepinder Goyal says it’s best time to look for great talent, Retail News, ET Retail

 Writing about the responsibilities the role (Chief of Staff)  would entail, Goyal stated that “this is a 24x7 job, and the traditional employee mindset of ‘work-life balance’ won’t work." This has not gone down well with his LinkedIn followers.
Writing about the responsibilities the role (Chief of Staff) would entail, Goyal stated that “this is a 24×7 job, and the traditional employee mindset of ‘work-life balance’ won’t work.” This has not gone down well with his LinkedIn followers.

The slowdown in the food delivery business hasn’t been kind to Zomato. The Year-on-Year losses widened and higher expenses have also been a dampener for India leading food delivery company.

However, founder and CEO Deepinder Goyal is optimistic about his company’s growth.

Taking to Twitter, the 40-year-old announced that Zomato “hit a milestone in January 2023”. He said that the company’s adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation), excluding the contribution from local grocery delivery service Blinkit, turned positive in January. “We are on track with our path to profitability by Q2FY24,” he wrote in his tweet.

In a series of tweets, Goyal spoke about Zomato’s growth, journey and future. He said that exciting things were unfolding on the growth front.

Launched in late January, Goyal said that the brand-new membership programme, Zomato Gold, has managed to enrol more than 900K members on board in less than a month.

The top boss said he is also confident that Zomato Everyday – the home-style cooked food offering – will also be equally disruptive. “I’m really excited about the potential these hold,” he said in his post.

Goyal also had an important announcement to share, “At Zomato, winter is NOT coming.” He said that rough years for the tech industry are only a blip. “Globally, companies may have gone on the defensive but we believe an attack is the best defence. This is the best time to be on the lookout for great talent,” he added talking about the mass layoffs by major tech companies.

In November 2022, the food aggregator Zomato had confirmed that it will lay off under 3 per cent of its staff across the organisation. Two months later, Goyal announced 800 job vacancies on his LinkedIn post.

Calling the delivery partners Zomato’s backbone, Goyal said that they have set a goal of ‘zero’ on-road delivery partner fatalities. To make this a success, they are working towards prompt ambulance support, incorporating reflectors on all delivery partner assets, and several other initiatives.

Goyal also spoke about the company’s environmental, social, and governance (ESG) framework. “Our head might be on business but our heart belongs to the community,” he said.

According to the founder, Zomato is on track to meet its plastic recycling and 100% e-vehicle fleet targets. “Along with Feeding India, we will continue to drive both long and short-term impact,” he shared.

“Zomato was an idea to serve the community, which became an accidental company. We are proud to have served millions of customers through thick and thin, and this is what inspires us every single day,” Goyal concluded his post.

Impressed with Zomato’s efforts, entrepreneur Vijay Shekhar Sharma, whose company Paytm also achieved an EBITDA profitability milestone, congratulated Goyal and his team. “Delivered ‘well done’,” he added.

In July 2021, the new-age start-up became one of the many unicorns to make its stellar debut on Dalal Street. After the recent corrections amid the global sell-off, Zomato shares, along with other tech stocks, took a hard hit. Experts believed that the overvalued IPO (initial public offering) was the primary reason why the stocks were underperforming.

The regulatory filing on Thursday showed that the company’s consolidated net loss widened to Rs 346.6 crore (year-on-year) for the quarter that ended December 31, against a loss of Rs 63 crore in the same period last financial year.

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