Swiggy Elevates Sidharth Bhakoo To CBO For Food Marketplace

Foodtech major Swiggy has elevated its senior executive Sidharth Bhakoo to the role of chief business officer- food marketplace.

Bhakoo, who previously held the position of vice president and national business head at Swiggy, announced about his new move in a LinkedIn post. 

“I am happy to share that I am starting a new position as chief business officer – food marketplace at Swiggy!,” his post read.

He joined the Bengaluru-based company in 2018 and has been associated for over six years, holding various positions, including associate vice-president and regional business for north, east and central zones.

At Swiggy, Bhakoo’s expertise spans across team management, B2B sales and distribution, channel management and business development, which helped in driving the company’s regional and national business strategies.

Bhakoo started his career as a product manager for consumer durables and two-wheelers at GE Money. He later joined the Royal Bank of Scotland as a programme manager for business banking in India and eventually advanced to senior relationship manager.

Following that, he joined Vodafone Business Services, holding roles from senior manager – SME sales to GM and sales head.

Swiggy made its public markets debut on November 13. Its shares listed on the NSE at a premium of 8% to the issue price and a premium of 6% on the BSE.

The total size of its IPO was INR 11,324 Cr, of which fresh issue was INR 4,999 Cr and offer for sale (OFS) of 17.5 Cr shares. 

Tencent, Alpha Wave, Goldman Sachs Asia, Norwest Venture Partners, Times Internet, among others, divested their stakes under the OFS. Swiggy founders Sriharsha Majety, Nandan Reddy and Rahul Jaimini also made substantial gains from the IPO. 

The development comes at a time when the company has been on a hiring spree for key roles. For instance, a few days back, Swiggy hired former Flipkart executive Kanika Tiwari as the head of monetisation for its quick commerce business Instamart.

Also, earlier last month, it appointed former Lenskart executive Supriya Shankar as vice president of events and experience vertical. 

Prior to that, Swiggy appointed Shalabh Shrivastava as senior vice president of the driver organisation and Hari Kumar G as senior vice president and chief business officer for Swiggy Instamart. 

On the financial front, Swiggy trimmed its loss by 44% to INR 2,350 Cr in the financial year ended March 31, 2024 from INR 4,179.3 Cr in FY23. Operating revenue rose 36% to INR 11,247.3 Cr in FY24 from INR 8,264.5 Cr on the back of the growth of Swiggy Instamart.

Shares of Swiggy ended today’s (December 13) trading session 5.54% higher at INR 532.50 on the BSE.