In a significant development, Karthik Gurumurthy, the Senior Vice-President (SVP) at Swiggy, is poised to leave the renowned food delivery giant to kickstart his own venture, according to insiders familiar with the situation, as reported by Moneycontrol.
A Brief Sabbatical and Return to Swiggy
Back in March, Gurumurthy, who is credited with creating Swiggy Instamart, took a sabbatical. However, he made a comeback in May, taking the helm of Swiggy Mall, previously known as Swiggy Maxx, an online hyperlocal shopping destination.
A New Venture in the Offing
Gurumurthy’s upcoming project shares some similarities with Swiggy but ventures into the offline realm. One individual familiar with the matter likened it to Aldi, a well-known low-cost physical store model in Germany, indicating that this approach would be replicated in Gurumurthy’s new endeavor.
Investor Interest and Fundraising
Given Gurumurthy’s extensive experience in the food and vegetables (F&V) sector, particularly in building Swiggy Instamart, investors are expected to show a keen interest in supporting his new venture. It has been reported that over the past few months, Gurumurthy has engaged in discussions with venture capital firms such as Matrix and Accel to secure funding for his venture, known as Convenio, with the possibility of a name change in the future.
Echoes of Gurumurthy’s Earlier Plans
This latest development aligns with what Gurumurthy previously expressed in a LinkedIn post, where he hinted at his intention to “come back afresh and build something (0-1), something which I have loved… Live back and play back the memories of 2020 and 2021.”
Swiggy’s Prepared Transition
Swiggy has taken proactive measures to ensure a smooth transition upon Gurumurthy’s departure. The company has brought on board Dipak Krishnamani, who will assume the leadership role at Swiggy Mall. Krishnamani, who joined Swiggy just last month, brings with him nearly seven years of experience at Amazon and nine years at Marico.
A String of High-Level Departures
Gurumurthy’s exit from Swiggy adds to the growing list of top-level departures within the company. Earlier, the Chief Technology Officer (CTO) Dale Vaz also left to pursue his own entrepreneurial venture and secured funding from Accel, with participation from other investors. Additionally, in May, Ashish Lingamneni, the Vice President (VP) and Head of Brand and Product Marketing, bid farewell to Swiggy after a six-year tenure. This departure closely followed the exit of Nishad Kenkre, VP and Head of Revenue and Growth at Instamart. In a similar vein, Anuj Rathi, the Senior Vice President of Revenue and Growth at Swiggy, left to join the fintech company Jupiter. The revolving door of top talent at Swiggy indicates a period of transformation and evolution within the company.
