Delhivery CEO Sahil Barua resigns from Swiggy Board as an independent director
Delhivery CEO Sahil Barua's resignation comes amid Delhivery acquiring its rival Ecom Express in a slump sale and focusing on integration.
Food delivery and quick commerce player Swiggy on Friday announced the resignation of its independent director Sahil Barua, CEO of Delhivery from Swiggy Board, it said in an exchange filing.
"Due to my increased professional commitments in my role as the Chief Executive Officer of Delhivery Limited, I find myself unable to dedicate the necessary time and attention required to fulfill my responsibilities as an Independent Director on your Board," Barua said in a letter sent to Swiggy Board.
Barua, whose resignation will be effective from April 11, 2024, suggested it will be in Swiggy's interest to allow him to step down and appoint someone who can devote the requisite time and focus.
This comes just a week after Delhivery, the largest third-party logistics player acquired its rival Ecom Express at an 80% discount from its peak valuation. The deal, valued at Rs 1,407 crore, will trigger integration processes as Delhivery gears to enhance utilisation of the combined network and scale.
Less than a year ago, Ecom Express had filed for an initial public offering with a valuation of Rs 7,500 crore. However, soon the underdog third-party player put its public debut plans on hold and started downsizing, eventually ending up in Delhivery's cart.
Earlier this year, Delhivery also entered into a format of quick commerce with its offering of rapid commerce. It is a two-hour delivery format made for D2C and ecommerce brands trying to fulfil consumer expectations for faster delivery. It is actively launching dark stores and rapid stores, in cities like Bengaluru, Hyderabad, Chennai, NCR, Mumbai, Pune, and Ahmedabad.
Edited by Affirunisa Kankudti