Swiggy has experienced another high-level departure as Anuj Rathi, SVP, resigns after a 7-year tenure. “After a career-defining journey of seven years with Swiggy, I’ve decided to hang up my boots here,” Rathi stated in a LinkedIn post on September 7th.
Anuj Rathi, Swiggy’s Senior Vice President of Revenue and Growth, has resigned after more than seven years with the food-delivery startup. Rathi’s resignation follows a series of senior management departures at the food-delivery startup. Ashish Lingamneni, VP, Head of Brand and Product Marketing, and Nishad Kenkre, VP, Head of Revenue and Growth for Instamart, both left the company in May 2023, according to a Moneycontrol report.
In May, the Softbank-backed firm announced that its core food delivery business had become profitable nine years after its inception, while its newer grocery delivery service, Instamart, continues to incur losses, according to a Reuters report.
Swiggy was founded in 2014 and delivers food from restaurants as well as groceries. It has raised over $3.5 billion from several investors including Prosus, SoftBank, GIC, QIA among others and was valued at $10.7 billion in its last fundraising in 2022.
The company is preparing for a market debut next year and has selected ICICI Securities and JP Morgan to raise around $1 billion. It has resumed talks with bankers to assess its valuation after pausing the process for months due to weak markets, according to Reuters. Swiggy had previously put its IPO plans on hold due to a funding crunch and investor concerns about inflated valuations.
Swiggy has resumed its IPO planning by inviting eight investment banks to pitch in early September to work on the IPO, including Morgan Stanley, JP Morgan and Bank of America, according to Reuters. Invesco, a minor shareholder in Swiggy, valued the company at around $5.5 billion in May in a filing.