Food delivery giant Zomato has said it will discontinue its food delivery operations in the United Arab Emirates. “We would like to update the exchange that the Company will discontinue rendering of services to talabat in the UAE w.e.f. November 24, 2022,” the company said while informing the National Stock Exchange and Bombay Stock Exchange. Zomato sold off its UAE operations to Talabat in 2019. However, the former has been rolling out services to the latter in return for cost reimbursement. Zomato company further highlighted that the discontinuation will not have any material impact on the “financials and operations of the company.” The company will continue to offer restaurant discovery and dining-out services in the UAE, the regulatory filings revealed. The announcement comes a few days after two top executives at the foodtech firm resigned. Yesterday, the company informed the stock exchanges that Rahul Ganjoo, head of new initiatives at Zomato, has resigned from his post after a five-year stint. Ganjoo joined the food tech company in August 2017 as head of product management. In October 2020, he was elevated to the position of the Co-CEO of food delivery. Four months ago, he started heading the new initiatives vertical. Last week, Siddharth Jhawar, also announced his exit from the company on the professional networking app, LinkedIn. He was the vice president of global growth and he quit the company to join California-based adtech start-up, Moloco.
Zomato’s focus on Indian operations has increased significantly as it has pulled the plug on several international markets such as the UK, the US, Singapore, Lebanon, and a few others. On November 10, Zomato announced its Q2 results for FY2023. Its consolidated revenue for the quarter (July-August-September) surged 62.20 per cent to Rs 1,661.30 crore from Rs 1,024.20 crore in the corresponding quarter last year.