People · Commerce & Consumer Brands

Swiggy adds independent director, preps for IPO

By Startup Enthusiast · 4 April 2024

What they do

Swiggy runs food delivery and quick commerce platform Instamart

It appointed Suparna Mitra as independent director and is preparing to file IPO papers soon

The company reported Rs 5,476 crore revenue and $200 million loss in first nine months of FY23

Swiggy's board added Suparna Mitra as an independent director.
Mitra is the former CEO of Titan Company's Watches and Wearables Division with over 30 years in lifestyle and retail.
Existing independent directors include Anand Kripalu (chairperson), Shailesh Haribhakti, and Sahil Barua.
Since April 2023, several key executives have left, including Karan Arora, Nishad Kenkre, Ashish Lingamneni, Dale Vaz, and Karthik Gurumurthy.
New appointments include Ashwath Swaminathan as chief growth & marketing officer, Anirban Roy as VP of Growth, and Dipak Krishnamani as VP of Swiggy Mall.
Swiggy is preparing to file its IPO (initial public offering) papers soon.
Revenue from operations was Rs 5,476 crore in the first three quarters of FY23.
Loss was $200 million (approx Rs 1,600 crore) for nine months of FY23.

The board changes and executive departures signal a restructuring phase ahead of the IPO.
Swiggy is backed by major investor Prosus, which may influence its public listing plans.
The company's high losses despite strong revenue highlight the competitive pressure in food delivery and quick commerce.

Swiggy operates a food delivery platform connecting restaurants and customers.
It also runs Instamart, a quick commerce service delivering groceries and essentials in minutes.
The company makes money through commissions from restaurants, delivery fees, and advertising.
It operates across hundreds of Indian cities and competes with Zomato and Zepto.
Swiggy has expanded into Swiggy Mall for non-food items and Swiggy Genie for package delivery.