Another High Profile Exit At Swiggy As Mallika Srinivasan Steps Down As Independent Director

Food delivery major Swiggy’s independent director Mallika Srinivasan has stepped down, nearly a year after taking up the role.

This comes close on the heels of Swiggy gearing up to list itself on the stock exchanges, in what is being called the biggest IPO by an internet company with an issue size of $1 Bn (INR 8,300 Cr).

The company announced on Thursday (February 8) that Srinivasan has stepped down due to increasing business commitments. 

“Working with a young and dynamic team at Swiggy was truly enriching and enjoyable and wished the Board more milestones and success in the years ahead,” Srinivasan said.

The latest development adds to Swiggy’s high-profile exits within a short span. Key people including Karthik Gurumurthy (senior vice president and head of Swiggy Instamart), Dale Vaz (CTO), Anuj Rathi (SVP, central revenue and growth ), Ashish Lingamneni (VP, marketing) and Dineout cofounder Vivek Kapoor, stepped down from their respective positions. 

Last year, in February, Swiggy had appointed three directors to its board who were Srinivasan, Shailesh Haribhakti, and Sahil Barua. 

Interestingly, in December, Swiggy appointed FMCG veteran Anand Kripalu as an independent director and the chairperson of its board of directors to strengthen its board ahead of its initial public offering (IPO). 

The food delivery giant also recently roped in Hindustan Unilever (HUL) veteran Ashwath Swaminathan as its chief growth and marketing officer.

Last month, Inc42 reported that the foodtech giant is looking to fire 400 staff, or around 6% of its total workforce, as part of a corporate realignment process. The layoffs may impact employees across departments, but the tech and customer support teams took the hardest hit.

For the financial year ending March 2023 (FY23), Swiggy reported a revenue surge by 40% to INR 8,264.4 Cr from INR 5,704.9 Cr in FY22 as it scaled up its quick commerce vertical during the year.