Leading food distributor Swiggy is reorganizing its business structure ahead of its upcoming initial public offering (IPO), scheduled for later this month.
The company on Wednesday said it has hired Dhruvish Thakkar as deputy vice president, 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 former SVP and head of Flipkart’s grocery division Amitesh Jha as CEO of its fast commerce business, Swiggy Instamart. He replaced co-founder Phani Kishan, who will now take on a broader role across the organization overseeing Swiggy’s core growth unit.
Earlier last month, the company had appointed Sairam Krishnamurthy as the SVP and Chief Operating Officer (COO) of Instamart. His appointment followed a series of senior hires at Instamart.
The company has recently added Himavant Srikrishna Kurnala as Senior Vice President, Product and Business, Aakash Bhotika as Vice President and Technical Advisor, Mayank Rajvaidya as Vice President, Fruits and Vegetables and Manu Sasidharan as Associate Vice President, FMCG Category for Instamart.
Meanwhile, Swiggy’s chief growth and marketing officer Ashwath Swaminathan has left the company. This follows Karthik Gurumurthy, senior vice president, who left the company late last year to set up his own venture.
Anuj Rathi, former head of revenue and growth, stepped down in September 2023, while Swiggy’s former chief technology officer Dale Vaz also filed his papers in April last year.
The restructuring of Swiggy’s structure comes ahead of its initial public offering (IPO), expected in the coming weeks. In April, Swiggy had confidentially filed documents for its IPO 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 heating up in the growing fast-commerce space. Companies like Zepto, Blinkit and BB Now are rapidly expanding their operations, be it in terms of category expansion, scaling their dark store networks or entering new cities. Moreover, traditional e-commerce players like Flipkart and Amazon have also joined the mix.
According to a report by HSBC Global, Instamart’s share fell from 52 percent in March 2022 to 32 percent in January 2024. At the same time, Blinkit emerged as the market leader with a 40 percent share, while Zepto’s market share increased from 15 percent in March 2022 to 22 percent in January 2024.
First published: September 4, 2024 | 16:53 IS
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