Vice President of Swiggy Instamart, Sidharth Satpathy resigned from the company. Having worked for four years, Satpathy will now be replaced by Amazon India’s performance marketing head Anirban Roy.
Satpathy in a LinkedIn post said, “Anirban Roy will be taking over my role in Instamart effective this week as I start my next stint - Back in CPG industry from Monday onwards.”
Two months earlier, company’s senior vice president (SVP) Karthik Gurumurthy stepped down to start his own venture, Convenio, according to a Moneycontrol report.
Over the past eight months, Swiggy has seen a number of senior employees leave the company, commencing with CTO Dale Vaz. In April 2023, Vaz resigned to launch his own wealth tech company, Aaritya Tech. Vice president and head of brand and product marketing Ashish Lingamneni also left the company a month later. He left Instamart a few days after Nishad Kenkre, vice president and head of revenue and growth, did. In a similar vein, Anuj Rathi, Swiggy's SVP of revenue and growth, resigned to work for fintech startup Jupiter.
These events occur as Swiggy gets ready to launch a massive initial public offering this year with a goal of raising over $1 billion. It might select seven investment bankers, including Jefferies, Kotak Mahindra Capital, Citi, JP Morgan and Bofa Securities.
According to regulatory filings as of October 31, 2023, US-based asset management firm Invesco has increased Swiggy's fair value for the second time in a row, valuing the food tech leader at $8.3 billion.
Despite Invesco increasing Swiggy’s valuation by around 6 per cent, the latest markup shows that the food delivery firm is now worth less than its $10.7 billion valuation in January 2022 when it raised $700 million in a round led by the US-based AMC.