IPO-Bound Swiggy Strengthens Instamart’s Leadership Team With Four Key VP Heads

SUMMARY

The Bengaluru-based startup said that these new appointments would further enhance the efficiency of its on demand services across India

Swiggy is also gearing for its public listing

Ecommerce giant Amazon India has reportedly approached Swiggy for a potential deal involving Instamart

IPO-bound foodtech major Swiggy has strengthened its quick commerce business Instamart with four new vice president appointments across various roles.

The Bengaluru-based startup said that these new appointments would further enhance the efficiency of its on demand services across India. This also comes at a time when ecommerce giant Amazon India has reportedly approached Swiggy for a potential deal involving Instamart.

The latest development comes at a time when Swiggy is gearing up for its public listing.

According to the company, Himavant Srikrishna Kurnala has been roped in as senior vice president and head of product at Swiggy Instamart, whereas Mayank Rajvaidya will be heading as the VP in fruits and vegetables segment.

Manu Sasidharan will head the FMCG category as associate vice president and Kumar Rahul will head the business development of the Lynk vertical by Swiggy.

This appointment comes at a time when Swiggy initiated its fifth employee stock option plan (ESOP) liquidity programme worth $65 Mn (about INR 543.5 Cr).

This comes close on the heels of Swiggy and its rival Zomato reportedly registering a hike of the platform fee to INR 6 per order in its key markets, including Delhi and Bengaluru.

Swiggy’s loss reportedly stood at $207 Mn (INR 1,730 Cr) during the first nine months of the financial year 2023-24 (FY24). In contrast, the decacorn reported a net loss of INR 4,179.3 Cr in FY23.