IPO-bound Swiggy Names Delhivery Chief, Two Others As Independent Directors

Food delivery platform Swiggy has appointed three independent directors to its board as it prepares for an initial public offering (IPO).

The three are Sahil Barua, managing Director and CEO of Delhivery; Mallika Srinivasan, managing director of TAFE, and Shailesh Haribhakti, chairman of Shailesh Haribhakti & Associates.

The appointments were announced two weeks after Swiggy laid off 380 employees, saying it was part of a restructuring exercise.

“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,” said Sriharsha Majety, CEO and co-founder of Swiggy.

Barua, Srinivasan and Haribhakti are the first independent directors on Swiggy’s board and will join current members Sriharsha Majety, CEO and co-founder of Swiggy; Nandan Reddy, co-founder of Swiggy; Larry Illg, CEO of Prosus Edtech and Food, Ashutosh Sharma, Head of Investments, India, Prosus Ventures; Sumer Juneja, managing partner, India and EMEA, SoftBank Investment Advisors, and Anand Daniel, partner at Accel.

Swiggy losses widened to Rs 3,628.9 crore in FY22, from Rs 1,616.9 crore in FY21, fuelled by a 227 per cent rise in costs.

Expenses came in at Rs 9,748.7 crore in FY22, compared to Rs 4,292.8 crore the year before. This despite the company reporting a revenue of Rs 5,704.9 crore, more than a twofold jump from the previous financial year.