Swiggy's Executive Exodus: A Tale of Departures and Valuations
April 10, 2024, 3:45 am
Location: United Kingdom, England, Stratton St Margaret
Employees: 5001-10000
Founded date: 2014
Total raised: $2.31B
Swiggy, the food delivery giant, is experiencing a wave of high-level departures as key executives bid farewell to pursue new ventures. The latest departure saw Karan Arora, the Vice President and Head of Supply Chain Management, leaving after a tenure of three and a half years. This trend of exits began last year with the departure of the former Chief Technology Officer, Dale Vaz, followed by other notable executives like Ashish Lingamneni and Nishad Kenkre. While some motivations remain undisclosed, many are leaving to embark on their entrepreneurial journeys.
The departure of Arora adds to the growing list of high-level exits at Swiggy, including Anuj Rathi, Sidharth Satpathy, and Karthik Gurumurthy. These exits come at a time when Swiggy is gearing up for its much-anticipated initial public offering (IPO) later this year, aiming to raise over $1 billion. The company's valuation has seen a significant increase, with US-based asset management company Baron Capital raising the fair value of its stake in Swiggy by almost 17 per cent to $87.2 million. This adjustment values Swiggy at $12.1 billion, representing a 13 per cent increase from its previous valuation.
In addition to Baron Capital, Invesco, another investor in Swiggy, has also adjusted its valuation to $8.5 billion. Both investors participated in Swiggy's last fundraising round, signaling confidence in the company's growth potential. Swiggy's revenue has shown a strong year-on-year growth, with reports indicating revenue of Rs 5,476 crore in the first nine months of FY24.
As Swiggy undergoes a restructuring initiative and prepares for its IPO, the company's transformation from a private limited to a public limited company marks a significant milestone. This move will enable Swiggy to raise funds from the public, including through its upcoming IPO. The company's name change from 'Swiggy Private Limited' to 'Swiggy Limited' reflects its evolution into a publicly traded entity, poised for further growth and expansion in the competitive food delivery market.
The departure of Arora adds to the growing list of high-level exits at Swiggy, including Anuj Rathi, Sidharth Satpathy, and Karthik Gurumurthy. These exits come at a time when Swiggy is gearing up for its much-anticipated initial public offering (IPO) later this year, aiming to raise over $1 billion. The company's valuation has seen a significant increase, with US-based asset management company Baron Capital raising the fair value of its stake in Swiggy by almost 17 per cent to $87.2 million. This adjustment values Swiggy at $12.1 billion, representing a 13 per cent increase from its previous valuation.
In addition to Baron Capital, Invesco, another investor in Swiggy, has also adjusted its valuation to $8.5 billion. Both investors participated in Swiggy's last fundraising round, signaling confidence in the company's growth potential. Swiggy's revenue has shown a strong year-on-year growth, with reports indicating revenue of Rs 5,476 crore in the first nine months of FY24.
As Swiggy undergoes a restructuring initiative and prepares for its IPO, the company's transformation from a private limited to a public limited company marks a significant milestone. This move will enable Swiggy to raise funds from the public, including through its upcoming IPO. The company's name change from 'Swiggy Private Limited' to 'Swiggy Limited' reflects its evolution into a publicly traded entity, poised for further growth and expansion in the competitive food delivery market.