TAFE’s Mallika Srinivasan steps down from Swiggy’s Board as independent director

Mallika Srinivasan, Chairman and Managing Director of Tractor and Farm Equipment Limited (TAFE), has stepped down from the Board of food and grocery delivery firm Swiggy due to “increasing business commitments”, Swiggy said in a statement.

Srinivasan joined Swiggy’s Board as an independent director in February last year along with Sahil Barua (Managing Director and CEO of Delhivery) and Shailesh Haribhakti (Chairman of Shailesh Haribhakti & Associates).

“Reflecting on her experience with Swiggy, 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,” Swiggy said on Thursday.

The Bengaluru-based on-demand convenience platform has been making several changes in preparation for its initial public offering (IPO), which is slated to take place between July and September next year, as per a Reuters report.

In December, the Sriharsha Majety-led company appointed Anand Kripalu, Managing Director and Global Chief Executive Officer of packaging firm EPL Limited, as an independent director and chairperson of the board, as it gears up for a public listing later this year.

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Last year, Prosus—one of Swiggy’s earliest and biggest backers—said in its annual report that the startup’s food delivery business grew 17%, delivering a gross merchandise value of $1.43 billion in the first six months of the year. This was led by a rise in transacting users that drove double-digit order growth and inflation in average order value, according to the Netherlands-based investor. 

This came months after the company turned profitable for the first time in March since its launch in 2014, around the time that rival Zomato reported a profitable quarter.