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Swiggy, the hyperlocal commerce business, has hired three independent members to its board of directors, including Delhivery founder and CEO Sahil Barua. The news comes just weeks after the company let off 380 workers in an effort to slash expenses and said that it was reconsidering several business sectors.
Mallika Srinivasan, Padma Shri awardee and Chairman and Managing Director of TAFE, and Shailesh Haribhakti, Chairman of Shailesh Haribhakti & Associates, will join the Swiggy board as independent directors.
“They have very rich and diverse experience in building sustainable businesses at scale. Getting these new and powerful perspectives and strengthening our governance will immensely benefit us as we march ahead in our mission to bring unparalleled convenience to consumers,” said Swiggy founder and CEO Sriharsha Majety.
These are Swiggy’s first independent directors, joining current members Majety, Co-founder Nandan Reddy, Prosus Edtech and Food CEO Larry Illg, Ashutosh Sharma, Head of Investments in Prosus Ventures India, Sumer Juneja, Managing Partner for India and EMEA at SoftBank Investment Advisors, and Anand Daniel, Partner at Accel.
According to Moneycontrol, Swiggy plans to list on stock markets in the near future, having engaged investment bankers early last year to raise $1 billion. However, nothing has happened while its IT contemporaries such as Zomato, Paytm, Nykaa, and Delhivery have been pummelling in the stock market.
Swiggy has announced a net loss of Rs 3,628.9 crore for fiscal year 22. According to financial data acquired by the business intelligence platform Tofler, the company’s income from operations climbed 125 percent to Rs 5,704.9 crore in FY22.