In another top-level exit at Swiggy, the food delivery major’s independent director Mallika Srinivasan has stepped down, nearly a year after taking up the role.
This development comes as Swiggy prepares to debut on the stock exchanges, touted as the largest IPO by an internet company, with an issue size of $1 billion (INR 8,300 crore).
Continue Exploring: Swiggy may file IPO by fiscal year end, plans to raise capital with combination of offer-for-sale and new issue; Prosus contemplates stake reduction
The company announced on Thursday that Srinivasan has stepped down due to increasing business commitments.
“Working with a young and dynamic team at Swiggy was truly enriching and enjoyable and wished the Board more milestones and success in the years ahead,” Srinivasan said.
The latest development adds to Swiggy’s series of high-profile exits within a short span. Key figures including Karthik Gurumurthy (Senior Vice President and Head of Swiggy Instamart), Dale Vaz (CTO), Anuj Rathi (Senior Vice President, Central Revenue and Growth), Ashish Lingamneni (Vice President, Marketing), and Dineout co-founder Vivek Kapoor have stepped down from their respective positions.
Continue Exploring: Swiggy’s Senior VP of Revenue and Growth, Anuj Rathi, steps down after seven years
In February last year, Swiggy appointed three directors to its board: Srinivasan, Shailesh Haribhakti, and Sahil Barua.
Interestingly, in December, Swiggy appointed FMCG veteran Anand Kripalu as an independent director and the chairperson of its board of directors to bolster its board ahead of its initial public offering (IPO).
The food delivery major also recently brought on board Ashwath Swaminathan, a veteran of Hindustan Unilever (HUL), as its chief growth and marketing officer.
Last month, Snackfax reported that the foodtech giant is looking to terminate 400 staff members, or roughly 6% of its total workforce, as part of a corporate realignment process. The layoffs are anticipated to affect employees across departments, with the technology and customer support teams facing the most significant reductions.
Continue Exploring: IPO-bound Swiggy initiates workforce reduction, plans to cut 6% of jobs to enhance profitability
For the financial year ending March 2023 (FY23), Swiggy reported a revenue surge of 40% to INR 8,264.4 Cr from INR 5,704.9 Cr in FY22 as it scaled up its quick commerce vertical during the year.
