Swiggy, the food and grocery delivery platform, is strengthening its leadership team for its upcoming initial public offering (IPO). It has appointed Ashwath Swaminathan as the Chief Growth and Marketing Officer.
With a background in the consumer brands sector, Swaminathan previously held the position of Vice President for the oral care and deodorants business at FMCG company Hindustan Unilever Limited.
As the Chief Growth and Marketing Officer at Swiggy, Swaminathan will implement the company’s growth and marketing strategy. This involves engaging new and returning customers and seeking partnerships to enhance Swiggy’s market position.
“Ashwath brings with him the right experience and a strong track record of strengthening consumer brands and growth marketing through data-driven insights and strategic collaborations. He joins Swiggy at a time of unprecedented opportunity, and we’re excited by the critical role he will play in bringing our mission of unparalleled convenience to life,” said Sriharsha Majety, Group CEO of Swiggy.
Swiggy has expanded its leadership team by bringing in Anirban Roy as the Vice President of Growth, Revenue, Category, Swiggy Instamart, and Dipak Krishnamani as the Vice President of Swiggy Mall.
The move comes as the on-demand convenience platform prepares for its upcoming public-market listing, following the example set by rival Zomato, which went public in 2021.
Swiggy has undergone significant changes to its board, appointing independent directors such as Mallika Srinivasan, Chairman and Managing Director of TAFE; Shailesh Haribhakti, Chairman of Shailesh Haribhakti and Associates; and Sahil Barua, Managing Director and CEO of Delhivery.
During the financial year ending March 2023, Swiggy witnessed a 44% increase in revenue from operations, reaching Rs 8,264.6 crore, and achieved its first-ever profitable month.
Swiggy experienced a slight 15% increase in losses, reaching Rs 4,179.3 crore from Rs 3,628.9 crore in the previous year, primarily due to escalating expenses.
In March of the preceding year, CEO Majety announced that the company, backed by Prosus and Invesco, achieved its inaugural profitable month, marking a milestone 14 years after its establishment.
“This is a milestone for food delivery globally, not just for us, as Swiggy has become one of the very few global food delivery platforms to achieve profitability in less than nine years since its inception,” Majety had written in a blog post, adding that the company now looks to gain a stronger foothold in Tier II and III markets.
