Business Finance Head of Zomato Hemal Jain Steps Down After 6 years

Manvendra HadaDecember 18, 2024

Ecommerce Logistics and Delivery

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Three points you will get to know in this article:

Hemal Jain resigned on December 16, and her last working day at the foodtech company would be January 31, 2025.
Jain, an alumna of Ahmedabad’s HL College of Commerce, joined Zomato in 2018 and progressed through the ranks to become the company’s head of business finance and Hyperpure CFO.
Earlier this year, Akriti Chopra quit as Zomato’s cofounder and CPO.

Hemal Jain Steps Down from Zomato's Business Finance Head Position

Hemal Jain, Zomato’s business finance head, has resigned after a six-year tenure to “explore other opportunities”.

In an exchange filing, Zomato stated that Jain resigned on Monday (December 16) and would leave the firm on January 31, 2025. However, the foodtech major did not reveal 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,” the company said.

Hemal Jain’s Reason to Quit Zomato, Jain’s Background/Experience

In her resignation letter, Jain stated, “After much reflection, I have taken this tough decision to move forward and explore a different path.” I’d like to take this opportunity to thank everyone at Zomato for their support during my career.”

Jain is a chartered accountant and an alumnus of Ahmedabad’s HL College of Commerce. She previously worked for FMCG giant Unilever before joining Zomato in 2018 and rising through the ranks to become the company’s head of business finance as well as the chief finance officer of B2B vertical Hyperpure.

Leadership Exits from Zomato in Recent Times, Zomato’s Profit, Revenue

Akriti Chopra, the company’s cofounder and chief people officer (CPO), quit earlier in September to pursue other interests.

In addition, Gunjan Soni, CEO of Southeast Asia-focused ecommerce platform Zalora, stepped down as an independent director from the foodtech giant’s board in October.

Meanwhile, the company’s revenue and earnings growth remain strong. Zomato reported a net profit of INR 176 crore in the second quarter (Q2) of the fiscal year 2024-25 (FY25), increasing 389% from INR 36 crore in the previous quarter. Operating revenue increased 68.5% to INR 4,799 crore from INR 2,848 crore in Q2 FY24.

Recent Developments at Zomato, Zomato’s Share Price

However, the corporation is also dealing with tax concerns. Last Monday, Maharashtra GST authorities ordered Zomato to pay INR 803 crore in GST and a punishment for failing to pay GST on delivery charges from 2019 to 2022.

The latest development comes as Zomato aggressively expands its rapid commerce and going out verticals. It has obtained INR 8,500 crore (almost $1 billion) through a qualified institutional placement (QIP) to improve its balance sheets.

The company’s shares closed 2.03% higher at INR 294.25 on the BSE on Monday (December 16).