IPO-bound food delivery platform Swiggy has inducted Anand Kripalu on its board as an independent director and also named him as the chairperson, the Bengaluru-based startup said on December 6.
The appointment comes after Swiggy had also appointed three independent directors ahead of its planned IPO in 2024. Delhivery founder and CEO Sahil Barua, TAFE chairman and managing director Mallika Srinivasan and Shailesh Haribhakti & Associates chairman Shailesh Haribhakti were brought in as independent directors in February.
Kripalu's appointment points to Swiggy's grocery ambitions through Instamart, its quick-commerce arm. Kripalu's experience from working at large consumer companies like Unilever, Cadbury PLC, Mondelez and Marico and spirits maker Diageo, will help Swiggy leverage his expertise in the industry.
“Swiggy has transformed food and grocery delivery in the country, bringing unparalleled convenience to millions of homes. I am honoured to join its accomplished board, and look forward to lending my experience and perspective as Swiggy shapes the future of convenience," Kripalu said in a prepared statement.
With close to 40 years of experience in the fast-moving consumer goods (FMCG) space, Kripalu is currently the Managing Director and Global CEO of EPL Ltd (formerly Essel Propack Limited), a specialty packaging company.
“I’m pleased to have Anand Kripalu join as an independent director and Chairperson of the Swiggy board. Anand is a veteran in the consumer goods industry, and his deep knowledge and perspective will be instrumental in guiding Swiggy as we continue to innovate and redefine the on-demand delivery landscape in India," said Sriharsha Majety, co-founder and group CEO, Swiggy.
These developments come at a time when Swiggy is gearing up for a mega IPO in 2024 and is aiming to raise $1 billion, as reported earlier. Making progress, Swiggy is likely to have shortlisted seven investment banks as its advisors for a 2024 IPO. While Kotak Mahindra Capital, Citi, and JP Morgan have been picked for senior roles, Bofa Securities, Jefferies, ICICI Securities, and Avendus Capital, are also likely to join the pack.
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