“After leading the company for 11 years as chief executive, I have decided to step into the role of chairman of the company. My cofounder, Deepit, who has been an instrumental part of our journey from the beginning, will take charge as the chief executive of the company and I am excited to see him lead our company to greater heights,” Iqubal said in a statement.
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The Noida-based startup saw its losses widen by over a third in FY23 to Rs 309.75 crore, from Rs 231.87 crore in FY22, as expenses outpaced revenue. Operating revenue rose 8.7% to Rs 180.90 crore in FY23 from Rs 166.37 crore in FY22, according to its financial statements filed with the Registrar of Companies (RoC).
The company last raised funds in July 2021, picking $60 million from Vy Capital and existing investors such as Tiger Global, A91 Partners, Lee Fixel’s Addition, SIG and Tanglin Venture Partners. It has raised a total of $165 million, according to information sourced from Tracxn.
Over the last 8-10 months, several startups and new-age companies have done organisational rejigs.
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On Tuesday, housing society management app MyGate elevated cofounder Abhishek Kumar, who was previously the chief operating officer, to the position of chief executive. Cofounder Vijay Arisetty, who previously served as the chief executive, took the role of chairman of the board. In March, specialty coffee chain Third Wave Coffee said its founder and CEO Sushant Goel is set to transition into a board role with the company roping in former KFC India and Nepal head Rajat Luthra as CEO.
In December 2023, healthy snacks brand Epigamia’s chief operating officer Rahul Jain was elevated to the CEO role succeeding Rohan Mirchandani, who became executive chairman.
Similarly, in August 2023, Tiger Global-backed logistics startup Porter’s cofounder Uttam Digga was named CEO after its previous chief executive Pranav Goel transitioned to the role of executive vice chairman.
