Swiggy leadership churn continues as Instamart VP departs

Swiggy leadership churn continues as Instamart VP departs

Food delivery giant Swiggy has seen another high-profile exit as Sidharth Satpathy, vice president of Swiggy Instamart, stepped down after four years with the company. Satpathy’s departure follows a string of senior resignations in recent months amidst preparations for its much-anticipated IPO.

Satpathy announced his move on LinkedIn, praising his colleagues and expressing gratitude for his time at Swiggy. He will be replaced by Anirban Roy, former performance marketing head at Amazon India. Interestingly, this marks another instance of Swiggy tapping into Amazon’s talent pool, following the appointment of Dipak Krishnamani, another ex-Amazon executive, to lead Swiggy Mall.

Since April 2023, Swiggy has witnessed a string of prominent resignations, starting with CTO Dale Vaz, who co-founded wealth tech firm Aaritya Tech. Ashish Lingamneni, VP of brand and product marketing and Nishad Kenkre, VP of revenue and growth for Instamart, also departed within the same timeframe. Anuj Rathi, SVP of revenue and growth, opted to join fintech company Jupiter, adding to the list of departures.

These developments take place amidst Swiggy’s plans for a mega IPO later this year, aiming to raise over $1 billion. The company has reportedly enlisted seven investment bankers, including Kotak Mahindra Capital, Citi, JP Morgan, Bofa Securities and Jefferies to navigate the process.

Despite Invesco, a US-based asset management firm, recently increasing Swiggy’s fair value for the second consecutive time, valuing it at $8.3 billion as of October 31, 2023, the company’s estimated worth remains lower than its $10.7 billion valuation from January 2022.