Online local business search engine Just Dial Ltd's chief technology officer Sandipan Chattopadhyay has decided to step down with effect from December 31, 2015, according to a stock market disclosure.
Chattopadhyay, who has been CTO at Just Dial for the past seven years when the firm really scaled up big time, however, will continue to advise the company in technical matters. The firm is yet to name a successor.
Prior to joining Just Dial, he owned E Dot Solutions India Pvt Ltd.
An IIM Calcutta alumnus, Chattopadhyay started his career with DIAS Infotech as manager, interactive media and then moved to Tata Interactive Systems as manager, technology before founding E Dot Systems in 1999.
His exit comes at a time when the firm has been facing investor ire over a delayed launch of its revamped mobile app that allows transactions on its platform.
Founded by VSS Mani in 1994, Just Dial was earlier only a local search firm that provided both B2C and B2B listings of small and medium businesses across the country.
In September this year, the firm launched the new version of its search app that integrates each of its 25 transaction-related services on a single platform. The new version of the app features an updated user interface and large tiles for each category. The app also features a voice search option to find results on the app, other than a loyalty-point system.
The company is also developing a mini-ERP system, called JD Omni that will enable small businesses to manage their inventory, billing and third-party logistics, through a cloud-based system. It will also have bar-coding system and QR codes.
After a successful IPO two years ago, the company's share price shot up over three times as investors lapped on to the firm as a proxy exposure to internet business. However, the company has lost over half of its market cap after hitting a peak and has also seen some of its early venture investors sell shares. Tiger Global has already exited while SAIF Partners and Sequoia Capital have trimmed stakes in the firm.
For the quarter ended September 30, Just Dial had posted a 47 per cent growth in its net profit to Rs 46.3 crore from Rs 31.5 crore in the
year-ago period, primarily boosted by non-operating other income.
On Wednesday, shares of the company were trading at Rs 795.05, up 0.35 per cent at 3:20 PM on the Bombay Stock Exchange in a flat Mumbai market.