Rakesh Ranjan, chief executive officer of Zomato's food delivery business, will be stepping down from his current position.

Zomato founder and group CEO Deepinder Goyal will lead food delivery operations for the coming months.

Certainly, Rakesh Ranjan will stay with the company and will not depart. An additional source indicated that this was part of a leadership change that the company implements every few years.

Rakesh was appointed CEO in June 2023 and has been with the Gurugram-based firm for almost eight years. Although Zomato was already the market leader when Rakesh assumed control, it expanded its advantage during his leadership in recent months.

The food delivery market, on the other hand, keeps changing as Swiggy and Zomato experience fluctuations in their market share periodically, and a definitive winner has yet to be established.

Although a leadership reshuffle is common at Zomato, the change in management occurs as the broader food delivery sector experiences a downturn.

"At present, we are experiencing a widespread decline in demand that began in the latter part of November," says Rakesh Ranjan, former CEO of the food ordering and delivery service, Zomato.

Zomato, the leading player in food delivery, is not the sole company experiencing a slowdown. Its competitor, Swiggy, has likewise experienced a deceleration similar to its counterparts.

In the context of a wider slowdown and a slight decline in market share, Zomato has recently implemented two significant leadership changes in its food delivery sector.

Deepinder Goyal has taken over from Rakesh Ranjan as the unit's CEO, and earlier this month, the chief operating officer (food delivery), Rinshul Chandra, also resigned from his role.

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On April 23, Eternal (previously Zomato) saw its shares rise by 0.74 percent, trading at Rs 239.2 each on the BSE.