Zomato makes changes to leadership team elevates Akriti Chopra to founder ahead of IPO
Online food-ordering and restaurant-discovery firm Zomato has elevated former chief finance officer (CFO) Akriti Chopra as founder as it gears up to go public.
Akriti Chopra, who was CFO till October, left the position soon after the company got active with its IPO plans. Akshant Goyal will be the new CFO. This is not the first time Zomato is elevating an employee to the position of a founder. A year ago, it elevated Mohit Gupta, the CEO of its food delivery business, by making him a co-founder. Earlier, Gaurav Gupta, the chief operating officer of the company was also given the designation of a co-founder.
Akshant Goyal will be the new CFO.
Earlier, Zomato filed its Draft Red Herring Prospectus (DRHP) with the market regulator on June 9, kicking off one of India's most anticipated internet IPOs in a tumultuous year.
The company will offer equity shares aggregating up to Rs 8,250 crore (nearly $1.1 billion). Of this, Rs 7,500 crore will be a fresh issue, while Rs 750 crore will be an offer for sale for its existing investor, Info Edge.
Zomato raised $250 million in its pre-IPO primary fundraising a couple of months ago, at a valuation of $5.4 billion, from investors such as Kora Management, Tiger Global, Fidelity, Dragoneer, and Bow Wave. Post this, Info Edge, one of Zomato's earliest investors, said its effective stake in Zomato is 18.4 percent.