Resignation of Vice President Sidharth Satpathy
Swiggy Instamart, the renowned food delivery giant, is witnessing a series of top-level departures, with the latest being the resignation of Vice President Sidharth Satpathy. Having dedicated over four years to the company, Satpathy has decided to move on, marking another significant shift in the leadership landscape.
Successor Named: Anirban Roy Takes the Helm
In the wake of Satpathy’s departure, Amazon India’s performance marketing head, Anirban Roy, has been appointed to fill the void. Satpathy shared this development in a LinkedIn post, stating, “Anirban Roy will be taking over my role in Instamart effective this week as I start my next stint – Back in CPG industry from Monday onwards.”
Continued Leadership Changes at Swiggy
This recent exit comes on the heels of Swiggy’s senior SVP Karthik Gurumurthy stepping down to launch his venture, Convenio, just two months ago. In the past eight months, Swiggy has witnessed a series of high-profile exits, including CTO Dale Vaz, VP Ashish Lingamneni, Nishad Kenkre (VP, head of revenue and growth, Instamart), and Anuj Rathi (SVP of revenue and growth). These changes in leadership are occurring amidst Swiggy’s preparations for a significant IPO later this year, with plans to raise over $1 billion.
Invesco’s Valuation and IPO Preparations
As Swiggy gears up for its IPO, there’s increased attention on the company’s valuation. Invesco, a US-based asset management company, recently raised Swiggy’s fair value for the second time, valuing the food tech major at $8.3 billion. However, despite this upward revision, it is noteworthy that Swiggy’s current valuation is lower than its peak of $10.7 billion in January 2022. The company is navigating these leadership changes and valuation dynamics as it positions itself for a significant milestone in the form of a mega IPO.
