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Food delivery platform Swiggy is bolstering its leadership team ahead of its upcoming initial public offering (IPO), set to take place later this month, amid increasing competition in the fast-growing quick commerce sector. Recently, Swiggy has brought in another high-level executive from Flipkart, marking the second hire from the e-commerce giant within two weeks.
On Wednesday, Swiggy announced the appointment of Dhruvish Thakkar as Assistant Vice President for Revenue and Growth at Swiggy Dineout. Previously, Thakkar served as Senior Director and Head of Revenue and Marketing at Flipkart. Before Thakkar's appointment, Swiggy hired Flipkart's former Senior Vice President and Head of Grocery, Amitesh Jha, as the new CEO of Swiggy Instamart, replacing co-founder Phani Kishan. Kishan will now take on a broader role overseeing Swiggy’s Central Growth unit.
The restructuring at Instamart also included several senior appointments. Last month, Sairam Krishnamurthy joined as Senior Vice President and Chief Operating Officer (COO) of Instamart, following a wave of other high-level hires. Himavant Srikrishna Kurnala was appointed Senior Vice President of Product and Business, Aakash Bhotika took on the role of Vice President - Technical Advisor, Mayank Rajvaidya became Vice President of Fruits and Vegetables, and Manu Sasidharan was named Associate Vice President for the FMCG Category at Instamart.
These new hires come amid a series of high-profile exits. Swiggy’s Chief Growth and Marketing Officer, Ashwath Swaminathan, recently departed the company. Before him, Karthik Gurumurthy, a Senior Vice President, left to pursue his own venture, while Anuj Rathi, the former Head of Revenue and Growth, resigned in September 2023. Additionally, former Chief Technology Officer Dale Vaz exited in April last year.
Swiggy's ongoing leadership changes come as it prepares for its IPO, expected in the coming weeks. In April, the company confidentially filed for an IPO to raise ₹10,400 crore (around $1.25 billion) and is eyeing a valuation of approximately $15 billion for its market debut. This preparation takes place against the backdrop of heightened competition in the quick commerce space, with companies like Zepto, Blinkit, and BB Now aggressively expanding their operations through category diversification, the growth of their dark store networks, and expansion into new cities. Meanwhile, e-commerce giants such as Flipkart and Amazon have also entered the sector.
A report from HSBC Global highlights shifting market dynamics, with Swiggy’s Instamart losing market share—from 52% in March 2022 to 32% in January 2024. During the same period, Blinkit emerged as the leader with a 40% market share, while Zepto saw its market share increase from 15% to 22%.
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