Swiggy appoints 3 independent directors on board as it gears up for IPO

On course to float its maiden public issue, hyperlocal commerce company Swiggy has appointed three independent directors to its board, including Delhivery founder and CEO Sahil Barua. The development comes weeks after the company fired 380 employees in a bid to cut costs and said that it was taking a harder look at some business verticals.

The other two independent directors who will join the Swiggy board are Mallika Srinivasan, Padma Shri awardee and Chairman and Managing Director of TAFE; and Shailesh Haribhakti, Chairman of Shailesh Haribhakti & Associates.

“They have very rich and diverse experience in building sustainable businesses at scale. Getting these new and powerful perspectives and strengthening our governance will immensely benefit us as we march ahead in our mission to bring unparalleled convenience to consumers,” said Swiggy founder and CEO Sriharsha Majety.

These are the first independent directors on Swiggy’s board and join current members Majety, Co-founder Nandan Reddy, Prosus Edtech and Food CEO Larry Illg, Head of Investments in Prosus Ventures India Ashutosh Sharma, Managing Partner for India and EMEA at SoftBank Investment Advisors Sumer Juneja, and Partner at Accel Anand Daniel.

Swiggy intends to list on the stock exchanges in the near future, having hired investment bankers early last year to raise $1 billion, according to a Moneycontrol report. However, nothing has materialised on that front as its tech peers such as Zomato, Paytm, Nykaa, and Delhivery have been hammered in the stock market.

Swiggy recently reported a net loss of Rs 3,628.9 crore for FY22. The company's revenue from operations increased 125 percent to Rs 5,704.9 crore in FY22, according to financial data accessed by the business intelligence platform Tofler.