zomato
zomato

Zomato’s 50% board directors are now women

Zomato includes unique and differently thinking people in its board team members resulting in 50% directors being women.

The CEO of Zomato Deepinder Goyal said, this is one of many initiatives taken up by Zomato to create a more inclusive and diverse workplace.

Zomato has include five new independent members to its boards, which also includes Sutapa Banerjee, Aparna Popat.

The company is planning for an IPO launch this year and has converted itself to an unlisted public entity already.

On Friday, 23rd April.The food aggregator Zomato has declared its five new independent board members which makes the total of eight people in the board management, having four women in the team. Uptill now they had a majority investor run board, but it has made changes ahead to its initial public offering later this year.

With the new addition, Zomato’s board of directors includes CEO Goyal himself, ANT Group’s  Douglas Feagin and Info Edge’s Sanjeev Bikhchandani. It has now added Sutapa Banerjee, who is also on boards of other companies like Godrej Properties, JSW Cement and Axis Capital among others; former Olympian Aparna Popat; Zalora Group CEO Gunjan Tilak Raj Soni; Airveda’s founder Namita Gupta; and TARI founder Kaushik Dutta.

Not only on board level but the company claims to have younger professionals from diverse educational backgrounds to have a seat at the tables that matter the most in organization.

“More than gender diversity though, what we have always been gunning for is cognitive diversity across levels in our organisation. Evidence based research shows that a key prerequisite for innovation comes from cognitively diverse people. On that note, having gender diversity on our board was a baseline, not a north star. Today, it makes me truly happy to share that each of our board members come from different occupational backgrounds bringing diverse cognitive skills and perspectives to the table,” Goyal added, in a blog post.

Zomato has been aggressively working towards putting themselves as a public company this year. Early on this month, Zomato converted itself from a private company to a public limited company. It has finalized Kotak Mahindra Bank, Morgan Stanley, Citi Bank, Credit Suisse and Bank of America as the bankers of the proposed IPO and it will file the DRHP soon.

The CEO and cofounder Deepinder Goyal denied filing IPO on Friday, but assured that this task is on our to-do-list.  As a part of the IPO exercise, Zomato has been raising capital from both new and existing investors in order to build a war chest of $1 Bn. In the first quarter of 2021, it raised $250 Million (over INR 1,800 Cr) from Tiger Global, Kora and others, increasing its valuation to $5.4 Bn. It is now looking to increase its valuation to about $8 Billion with the planned IPO.