Swiggy has hired another top executive from Flipkart, the second in a fortnight, as the food delivery major reshuffles its management team ahead of its initial public offering (IPO), expected later this month.
The company on Wednesday announced that it has hired Dhruvish Thakkar as deputy vice president of revenue and growth at Swiggy Dineout. Thakkar was a senior director and head of revenue and marketing at Flipkart.
Before him, Flipkart’s former SVP and Head of Groceries Amitesh Jha was hired by Swiggy. Jha has been appointed as CEO of Swiggy Instamart.
He replaced the company’s co-founder Phani Kishan, who will now take on a broader role across the organization overseeing Swiggy’s Core Growth unit.
Customer turnover at Instamart
Earlier last month, the company had appointed Sairam Krishnamurthy as the SVP and Chief Operating Officer (COO) of Instamart. His appointment followed a series of senior appointments in the fast-commerce unit.
The company has recently added Himavant Srikrishna Kurnala as Senior Vice President, Product and Business, Aakash Bhotika as Vice President and Technical Advisor, Mayank Rajvaidya as Vice President, Fruits and Vegetables, and Manu Sasidharan as Associate Vice President, FMCG Category for Instamart.
The exits
These recent appointments come after a series of departures. Swiggy’s chief growth and marketing officer Ashwath Swaminathan recently left the company.
Before him, Karthik Gurumurthy, the company’s senior vice president, resigned late last year to set up his own company.
Anuj Rathi, former Chief Revenue and Growth Officer, resigned in September 2023, while Swiggy’s former Chief Technology Officer Dale Viz also filed his papers in April last year.
The initial public offering
This turmoil at Swiggy’s top deck comes ahead of its IPO, which is expected to take place in the coming weeks.
In April, Swiggy confidentially filed documents for its IPO worth Rs 10,400 crore (about $1.25 billion). The food delivery giant is reportedly targeting a valuation of around $15 billion for its stock market debut.
This comes at a time when competition is heating up in the growing fast-commerce space. Companies like Zepto, Blinkit and BB Now are rapidly expanding their operations, be it in terms of category expansion, scaling their dark store networks or entering new cities. Moreover, traditional e-commerce players like Flipkart and Amazon have also joined the mix.
According to a report by HSBC Global, Instamart’s market share has fallen from 52 percent in March 2022 to 32 percent in January 2024.
At the same time, Blinkit emerged as the market leader with a 40 percent share, while Zepto’s market share increased from 15 percent in March 2022 to 22 percent in January 2024.
First published: September 4, 2024 | 16:53 IS
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