In a recent development, it has been revealed that Anuj Rathi, the Senior Vice President of revenue and growth at Swiggy, the renowned food and grocery delivery platform, is slated to step down from his position. Insider sources have confirmed this upcoming departure, signaling a potential shift in the company’s leadership.
According to the sources, Anuj Rathi, who directly reports to Swiggy Founder and CEO Sriharsha Majety, is currently in discussions with the management to finalize the specifics of his departure. Rathi’s exit will add his name to the growing list of high-ranking executives who have recently left Swiggy. This includes Karthik Gurumurthy, the former Head of Instamart, Dale Vaz, the Chief Technology Officer, Ashish Lingamneni, the Vice President of marketing, and Nishad Kenkre, the Vice President and Head of revenue and growth at Swiggy’s quick commerce unit Instamart.
Read More: Dale Vaz steps down as Swiggy CTO, Madhusudan Rao takes charge
Anuj Rathi, an alumnus of IIT-Kanpur, joined Swiggy in 2016 and made significant contributions across various areas during his tenure. He led initiatives in growth marketing, customer management, Swiggy One, food marketplace, merchandising, social media, design solutions, financial services, partnerships, Swiggy Labs, as well as spearheaded the expansion of meat and alcohol delivery categories. Prior to joining Swiggy, Rathi held notable positions in product management, omnichannel commerce revenue, and growth at prominent companies such as Flipkart, Snapdeal, and Walmart.
Anuj Rathi’s decision to step down as the head of growth and revenue at Swiggy comes at a time when the company is strategically working towards profitability amidst a slowdown in its core food delivery business. In a recent announcement, Swiggy’s Founder and CEO, Sriharsha Majety, shared that the company’s food delivery operations had achieved profitability in March, factoring in all corporate costs except for employee stock option expenses. Majety highlighted this achievement as a significant milestone in the global food delivery landscape.
Read More: Swiggy’s strategic initiatives pay off as food delivery business turns profitable
In a series of challenging developments, Swiggy has undergone a significant downsizing, with 380 employees being laid off this year. The company has also made the decision to shut down certain business verticals, including its meat and gourmet grocery delivery service, Handpicked. Furthermore, Swiggy’s valuation, which was previously in the range of a billion dollars (making it a decacorn), has faced a decline as asset management companies that had invested in the company have exerted pressure on its financial standing.
Most recently, there has been a further reduction in Swiggy’s valuation by Baron Capital Group. As of March 31, 2023, the US-based asset management firm marked down Swiggy’s valuation by another 10%, bringing it down to $6.38 billion. This comes after Baron Capital Group had previously reduced Swiggy’s valuation by 34% to $7.1 billion as of December 2022.