Zomato co-founder Pankaj Chaddah exits amid rejig; more likely to follow

In February, the company secured $200 million from Ant Financial, raising its valuation to $1 billion

At least two more high-level resignations were expected at the country’s oldest food technology firm Zomato, which saw the exit of one of its founders Pankaj Chaddah on Thursday, sources said.

According to sources in the company, new investors Ant Financial and older ones, including Sequoia Capital and Temasek Holdings, wanted a rejig in the top management to boost some of its verticals, including the delivery business, which is crucial for Zomato’s growth.

After months of talks, Zomato in February managed to secure $200 million from Ant Financial, raising the valuation of the company to $1 billion. Alibaba, which has