Bengaluru-based Indian food tech decacorn Swiggy has announced that the chief executive officer (CEO) of Delhivery group Sahil Barua, managing director (MD) of TAFE, Mallika Srinivasan and chartered accountant Shailesh Haribhakti will be the members of the company’s administrative board.
The newly appointed executives will work as independent directors with the chief operating officer (CEO), Sriharsha Majety, co-founder Nandan Reddy, CEO of Prosus’ Edtech and Food Larry Illg, Ashutosh Sharma, the head of investment in Prosus’ Ventures India, Suner Jadeja, the managing director of India and EMEA at SoftBank Investment advisors and Anand Daniel, the partner at Accel.
The company has appointed three independent directors for the first time since its inception. The movement came at a time when the food aggregator is preparing itself for its Initial Public Offering (IPO).
Last year, the company planned its IPO programme at the end of December 2023. However, due to the volatilities in the market, it postponed the filing of its draft red hiring prospectus (DHRP)
Talking about the latest development, CEO Majety, said, “We’re very excited about bringing on Mallika Srinivasan, Shailesh Haribhakti, and Sahil Barua to Swiggy’s board of directors.”
“They have very rich and diverse experiences 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,” he added.
Swiggy has been going through a rough patch since the financial year (FY) 2022. In FY22, the company registered a loss of Rs 3,628.9 crore compared to Rs 1,616.9 crore in FY21. However, the company managed to earn a 2x scale in total revenues to Rs 6119.8 crore from Rs 2675.9 crore.
In an attempt to take some cost-cutting measures the company recently fired 380 employees and stepped into the club of Indian start-ups that trimmed down their employee bandwidth.