Vivek Sunder, the COO of food tech major Swiggy will be leaving the organisation by October to pursue different personal and professional interests, with founder and CEO Sriharsha Majety slated to step in till they find a replacement
Moneycontrol has accessed a copy of the mail that Majety sent internally on June 30th,2021.
"I will be directly overseeing the marketplace business with immediate effect. We have been discussing this for a while now and over the course of the past few weeks I have been planning the way forward as well" Majety said in the email.
He added, "Needless to say Vivek has played a very significant role on the growth story of Swiggy as a brand as a service and as a organisation since joining us 3 years ago."
Majety further said that Sunder played a pivotal role in expanding the geographic footprint of the marketplace business taking Swiggy beyond 500 plus cities and also played a key role in holding the fort during the Covid19 lockdown phases. Swiggy will be initiating a search for the next COO.
Sunder, who joined Swiggy three years ago, is a veteran from the FMCG space and was also the public face of the organisation, as it bet big on its online grocery service Instamart and its on-demand delivery service Genie.
Prior to joining Swiggy, he held the position of managing director for P&G’s East Africa operations. Vivek is a graduate of the Indian Institute of Management (IIM) Calcutta, where he specialized in Marketing, Finance & Economics.
Swiggy is also close to sealing a billion dollar funding round that will see significant investment from SoftBank.
Moneycontrol reported earlier that SoftBank will invest $450-500 million in Swiggy at a post-money valuation of close to $5.5 billion.
The investment from SoftBank will come on top of $800 million series J round that Swiggy recently closed, with Falcon Edge, Amansa, Think Investments, Carmignac and Goldman Sachs at a valuation of $5 Billion. Swiggy's over $1.2 billion fund raise will give it significant firepower at a time when rival Zomato is looking to hit the public markets.
