Swiggy appoints 3 independent directors ahead of IPO

Food delivery company Swiggy has appointed three independent directors to its Board as it gears up for a potential public listing.

Mallika Srinivasan (Chairman and Managing Director of TAFE), Shailesh Haribhakti (Chairman of Shailesh Haribhakti and Associates), and Sahil Barua (Managing Director and CEO at Delhivery) will join the company’s Board as directors, Swiggy said in a statement.

The Prosus-backed food and grocery delivery firm already has six directors on its board, including Sriharsha Majety and Nandan Reddy (Co-founders, Swiggy), Anand Daniel (Partner, Accel), Ashutosh Sharma (Head of Investments-India, Prosus Ventures), Sumer Juneja (Managing Partner-India and EMEA, SoftBank Investment Advisors), and Larry Illg (CEO, Prosus Edtech and Food).

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Swiggy's revenue grows two fold in FY22, losses widen

The company, which is eyeing a public-market listing to raise close to $1 billion, has hired bankers to manage the listing. Swiggy could launch its IPO as early as this year, according to media reports.

Swiggy laid off 380 members of its 6,000-strong workforce as part of a restructuring exercise last week.

The company's losses widened to Rs 3,629 crore in FY22 against Rs 1,617 crore last year. Expenses shot up to Rs 9,574 crore from Rs 4,139 crore last fiscal led by an increase in the cost of product procurement, combined with advertising expenses.

The food delivery platform, which turned decacorn in early 2022 after raising $700 million in a round led by Invesco, faces stiff competition from listed company Zomato.