Anuj Rathi, who served as the Senior Vice President (SVP) of Revenue and Growth at Swiggy, has tendered his resignation following a tenure of over seven years with the food-delivery startup.
“After a career-defining journey of seven years with Swiggy, I’ve decided to hang up my boots here,” Rathi said in a LinkedIn post on September 7.
This resignation represents the most recent in a series of high-level departures from the Bengaluru-based company. As previously reported in May, Ashish Lingamneni, the Vice President (VP) responsible for Brand and Product Marketing, and Nishad Kenkre, the VP overseeing Revenue and Growth at Instamart, also decided to part ways with the organization.
Aparna Giridhar assumed Lingamneni’s role, and Sreeram Suresh stepped into Kenkre’s position.
Back in April, Chief Technology Officer Dale Vaz had similarly resigned with the intention of launching his own wealth technology company. According to a report by Moneycontrol, Vaz has secured funding in the range of $7-10 million from Accel and Elevation Capital for his new venture.
“I’ve been privileged to lead some of the best individuals across a variety of teams – product management, growth marketing, pricing, discounting…meat and alcohol delivery. I’m glad to have played a small role in your professional journeys. It’s the most precious gift that I take away,” Rathi’s post said.
Prior to his role as Vice President at Swiggy in 2016, Rathi held positions at Snapdeal, Walmart, and Flipkart. Altogether, he possesses over 18 years of professional experience.
His future plans and next career move were not immediately disclosed. “… A few days before I finalise my next steps,” Rathi said.
His exit coincides with Swiggy’s announcement that its food delivery division achieved profitability in March, considering all corporate expenses except for employee stock option (ESOP) costs.
To pave the way toward profitability, the company has implemented a “platform fee” for all food deliveries, including members of its loyalty program.
It initiated the imposition of a platform fee of INR 2 in April and is currently raising it to INR 5 in specific instances.
Zomato, Swiggy’s competitor, followed a similar strategy by introducing a Rs 2 platform fee in August, and it is currently conducting tests with higher amounts in specific situations.
Established in 2014, Swiggy has garnered more than $3.5 billion in investments from various investors, including Prosus, SoftBank, GIC, QIA, and numerous others.
Its most recent valuation stood at $10.7 billion, although it has experienced fluctuations with investors initially lowering and subsequently raising its valuation amid the global turmoil in tech stocks.
The fluctuations in valuation coincide with Swiggy’s preparations for an upcoming market debut, anticipated to occur sometime next year. The company has selected ICICI Securities and JP Morgan as its advisors and aims to raise approximately $1 billion.