Mallika Srinivasan, independent director at food delivery giant Swiggy, has resigned from her position, marking yet another high-profile exit from the company. Srinivasan's departure comes nearly a year after she assumed the role and amidst Swiggy's preparations for its highly anticipated IPO, touted as the largest IPO by an internet company with a $1 billion (INR 8,300 crore) issue size.
Citing increasing business commitments, Swiggy officially announced Srinivasan's resignation on Thursday (February 8). Srinivasan expressed her appreciation for the opportunity to work with Swiggy's dynamic team, wishing the board continued success in the future.
Srinivasan's exit adds to a string of notable departures from Swiggy in recent times, including Karthik Gurumurthy (senior vice president and head of Swiggy Instamart), Dale Vaz (CTO), Anuj Rathi (SVP, central revenue and growth), Ashish Lingamneni (VP, marketing), and Dineout co-founder Vivek Kapoor.
Last February, Swiggy had appointed Srinivasan, along with Shailesh Haribhakti and Sahil Barua, as directors to its board. In December, the company reinforced its board with FMCG veteran Anand Kripalu as an independent director and chairperson.
Amidst these changes, Swiggy continues to strengthen its leadership team, recently bringing in Hindustan Unilever (HUL) veteran Ashwath Swaminathan as chief growth and marketing officer.
However, Swiggy's growth trajectory hasn't been without challenges. The company recently announced plans to lay off 400 employees, around 6% of its workforce, as part of a corporate realignment process. This move follows a revenue surge of 40% in FY23 to INR 8,264.4 crore, attributed to the expansion of its quick commerce vertical.
Despite the changes in its leadership and organizational structure, Swiggy remains focused on its mission to revolutionize food delivery and quick commerce services in India, navigating both opportunities and challenges in the competitive market landscape.
