Mallika Srinivasan steps down as independent director from Swiggy's board

Mallika Srinivasan was appointed as an independent director in February 2023

Mallika Srinivasan has stepped down as an independent director of the Swiggy board, the company said on February 8, a year after taking up the assignment. The development comes at a time when Swiggy is preparing for its initial public offering (IPO) which is likely slated for later this year.

The company said Srinivasan stepped down because of an increasing commitment to other businesses but did not offer more details.

"Reflecting on her experience...Mallika expressed that working with a young and dynamic team at Swiggy was truly enriching and enjoyable and wished the Board more milestones and success in the years ahead," the company's statement said.

Srinivasan, Padma Shri awardee and Chairman and Managing Director of TAFE, was appointed to Swiggy's board along with Delhivery's Sahil Barua and Shailesh Haribhakti, Chairman of Shailesh Haribhakti & Associates in February 2023 as the company was gearing up to go public.

Srinivasan was among the first set of independent directors on Swiggy’s board and had joined members like co-founder and group CEO Sriharsha Majety, co-founder Nandan Reddy, Head of Investments in Prosus Ventures India Ashutosh Sharma, Managing Partner for India and EMEA at SoftBank Investment Advisors Sumer Juneja, Partner at Accel Anand Daniel, among others.

The appointment of independent directors was part of the many steps the Bengaluru-based company is taking towards its IPO. Swiggy is likely to have picked seven investment banks, including Kotak Mahindra Capital, Citi and JPMorgan, Bofa Securities, Jefferies, among others for its IPO processes.