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Business News/ Companies / News/  Swiggy sees another top-level exit as SVP Anuj Rathi quits after 7-year stint
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Swiggy sees another top-level exit as SVP Anuj Rathi quits after 7-year stint

“After a career-defining journey of seven years with Swiggy, I've decided to hang up my boots here,” Rathi said in a LinkedIn post on September 7.

Swiggy outdoor advertisement and delivery boys in Kolkata by Indranil Bhoumik/MintPremium
Swiggy outdoor advertisement and delivery boys in Kolkata by Indranil Bhoumik/Mint

Anuj Rathi, the senior vice president (SVP) of revenue and growth at Swiggy has resigned after a stint of more than seven years at the food-delivery startup. “After a career-defining journey of seven years with Swiggy, I've decided to hang up my boots here," Rathi said in a LinkedIn post on September 7.

Rathi's resignation comes amid a string of senior-level management exits at the food-delivery startup. Ashish Lingamneni, vice president (VP), head, brand and product marketing, and Nishad Kenkre, VP, head, revenue and growth, Instamart, too, also left the company in May 2023, according to report by Moneycontrol.

The Softbank-backed firm in May said its core food delivery business had turned profitable, nine years after starting operations, even as its newer grocery delivery service, Instamart, continues to make losses, according to a report by news agency Reuters.

Founded in 2014, Swiggy delivers food from restaurants and also groceries and has so far, raised over $3.5 billion from several investors including Prosus, SoftBank, GIC, QIA among others. Swiggy was valued at $10.7 billion in its last fundraising in 2022. 

The company is preparing to make a market debut sometime next year. It has picked ICICI Securities, JP Morgan and is looking to raise around $1 billon.

It has initiated talks with bankers to assess its valuation, after halting the process for months due to weak markets, according to Reuters. Earlier, Swiggy had put its IPO plans on hold amid a funding crunch and investor concerns about stretched valuations.

It has now restarted its IPO planning by inviting eight investment banks to make pitches in early September to work on the IPO, including Morgan Stanley, JP Morgan and Bank of America, according to Reuters. Invesco, a minor shareholder in Swiggy, in May valued the company at around $5.5 billion, it said in a filing.

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Published: 07 Sep 2023, 05:22 PM IST
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