Sidharth Satpathy, Vice President at Swiggy Instamart has resigned from the company, joining the growing list of top-level exits at the food delivery giant.
Satpathy, who worked with the firm for over 4 years, will be replaced by Amazon India’s performance marketing head Anirban Roy.
“Anirban Roy will be taking over my role in Instamart effective this week as I start my next stint - Back in CPG industry from Monday onwards,” Satpathy shared in a LinkedIn Post.
Satpathy’s exit comes two months after the firm’s senior SVP Karthik Gurumurthy, who built Swiggy Instamart, stepped down to start his own venture, Convenio, Moneycontrol had exclusively reported.
Interestingly, Swiggy had roped in another former Amazon senior executive Dipak Krishnamani to head Swiggy Mall.
Also read: Invesco raises IPO-bound Swiggy's valuation for second time in a row to $8.3 billion
“Karthik Gurumurthy, Being your partner in crime in the Instamart blitz scale journey is probably the luckiest thing to have happened to me,” Satpathy notes in his post as he goes on to thank co-founders Sriharsha Majety and Nandan Reddy.
He further writes, “Around 5 years back a conversation with Sandeep Mina led me to take a leap into the startup ecosystem Swiggy and what a ride it has been! As I move on from Swiggy and reflect on how this phase of life has been I am filled with nothing but gratitude.”
Leadership churn, IPO preps
In the last 8 months, Swiggy has witnessed some top-level exits in the house, starting with its CTO Dale Vaz.
Vaz put down his papers in April 2023 to start his own wealth tech firm Aaritya Tech. A month later, Ashish Lingamneni, vice president (VP), and head of brand and product marketing, also left the company after nearly six years.
His exit came days after Nishad Kenkre, VP, head of revenue and growth, Instamart also departed.
Similarly, Anuj Rathi, SVP of revenue and growth at Swiggy also quit to join fintech company Jupiter.
These developments come at a time when Swiggy is preparing for a mega IPO this year and plans to raise over $1 billion. It is likely to have picked seven investment bankers including Kotak Mahindra Capital, Citi and JP Morgan, Bofa Securities, Jefferies, among others.
Recently, US-based asset management company Invesco has raised Swiggy's fair value for the second consecutive time, and valued the food tech major at $8.3 billion, regulatory filings as of October 31, 2023 showed.
Despite Invesco increasing Swiggy’s valuation by around 6 percent, the latest markup indicates that the food delivery firm is now worth less than its valuation of $10.7 billion in January 2022 when the Bengaluru-based company raised $700 million in a round led by the US-based AMC.
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