People · Commerce & Consumer Brands

Swiggy board sees two investor directors resign

By Startup Enthusiast · 25 July 2025

What they do

Swiggy operates food delivery and quick commerce across over 700 cities

SoftBank nominee Sumer Juneja and Accel nominee Anand Daniel resigned; Faraz Khalid appointed independent director

SoftBank and Accel together hold about 11.2% stake; SoftBank often exits boards after an IPO

Swiggy's board was reconstituted with the resignation of two investor-nominated directors.
Sumer Juneja, SoftBank Investment Advisers Managing Partner, resigned citing other pre-occupations and professional commitments.
Anand Daniel, Accel Partner, resigned citing other professional commitments.
Faraz Khalid, CEO of UAE-based ecommerce company Noon, was appointed as an independent director, subject to shareholder approval.
Shailesh Haribhakti, a chartered accountant, was reappointed as independent director for a second term from January 2026.
Cauveri Sriram, a former Tata group veteran, was appointed company secretary and compliance officer.
The changes come six days before Swiggy reports its Q1 FY2026 earnings results.

SoftBank typically gives up board seats in portfolio companies around or shortly after their IPO, as seen with Meesho, Paytm, and PB Fintech.
Accel was Swiggy's first institutional backer in 2015, investing $2 million alongside Elevation Capital.
SoftBank entered Swiggy's cap table in early 2018 and invested $450 million in December 2018 as part of a $1 billion round.
As of June 30, SoftBank held a 6.9% stake in Swiggy, while Accel owned 4.3%.
Sumer Juneja originally joined Swiggy's board in 2015 when Norwest Venture Partners invested, and moved to SoftBank in 2018.

Swiggy operates food delivery and quick commerce services across more than 700 cities in India.
It is expanding newer offerings such as Snacc, Pyng, and Scenes.
The company listed on stock exchanges in November 2024 through an ₹11,300 crore IPO at ₹390 per share.
Swiggy shares closed at ₹407.80 on BSE on July 25, down 2.7%.

Swiggy is set to report its Q1 FY2026 earnings results six days after the board changes.

SoftBank (existing) — Held 6.9% stake as of June 30; Sumer Juneja was its nominee on the board.
Accel (existing) — Held 4.3% stake as of June 30; first institutional backer in 2015; Anand Daniel was its nominee.