Food delivery major Swiggy is reshuffling its top deck ahead of its upcoming initial public offering (IPO), expected sometime later this month.
The company on Wednesday said that it has roped in Dhruvish Thakkar as assistant vice president for revenue and growth at Swiggy Dineout, who was previously senior director, head of marketing and revenue at Flipkart.
However, Thakkar is not the only former Flipkart executive that the food delivery major has hired. Last week, Swiggy appointed Flipkart’s former senior vice president and head of grocery Amitesh Jha as the chief executive officer of its quick commerce business, Swiggy Instamart. He replaced co-founder Phani Kishan, who will now assume a broader organisation-wide role overseeing Swiggy’s central growth unit.
Early last month, the company had appointed Sairam Krishnamurthy as senior vice president and chief operating officer (COO) of Instamart. His appointment followed a series of senior hires at Instamart.
The company has recently brought in Himavant Srikrishna Kurnala as senior vice president of product and business, Aakash Bhotika as vice president – technical advisor, Mayank Rajvaidya as vice president of fruits and vegetables, and Manu Sasidharan as associate vice president of the FMCG category for Instamart.
Meanwhile, Swiggy’s chief growth and marketing officer Ashwath Swaminathan has left the firm. This follows Karthik Gurumurthy, senior vice president, who left the firm late last year to build his own venture.
Anuj Rathi, former head of revenue and growth, quit in September 2023, while Swiggy’s former chief technology officer Dale Vaz had also put in his papers in April last year.
Swiggy reshuffling its top deck comes ahead of its initial public offering (IPO), expected in the coming few weeks. In April, Swiggy had confidentially filed its IPO papers for Rs 10,400 crore (approximately $1.25 billion). The food delivery giant is reportedly targeting a valuation of around $15 billion for its stock market debut.
This comes at a time when competition is intensifying in the rapidly growing quick commerce space. Players like Zepto, Blinkit, and BB Now are rapidly expanding their operations, be it in terms of category expansion, scaling their dark store networks, or getting into newer cities. Moreover, e-commerce incumbents like Flipkart and Amazon have also jumped into the mix.
According to a report by HSBC Global, Instamart’s share has fallen from 52 per cent in March 2022 to 32 per cent in January 2024. At the same time, Blinkit emerged as the market leader with a 40 per cent share, while Zepto’s market share has risen from 15 per cent in March 2022 to 22 per cent in January 2024.
First Published: Sep 04 2024 | 4:53 PM IST
