Swiggy to foray into ownership, management of sports teams business
Food delivery and quick commerce player Swiggy is setting up a subsidiary to foray into the growing demand for recreational activities.
In yet another top-level exit, Sidharth Satpathy, Vice President at Swiggy Instamart, has quit the company after around five years.
Anirban Roy, Amazon India’s performance marketing head, will replace him at Swiggy.
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“As I move on from Swiggy and reflect on how this phase of life has been, I am filled with nothing but gratitude,” Satpathy said in a LinkedIn post.
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“Anirban Roy will be taking over my role in Instamart effective this week as I start my next stint, back in the CPG (consumer packaged goods) industry from Monday onwards,” he added.
Satpathy’s exit came two months after Karthik Gurumurthy, senior SVP who built Swiggy Instamart, stepped down to start his own venture called Convenio.
In the last couple of months, Swiggy has seen some high-level exits in the house, including its CTO, Dale Vaz; Nishad Kenkre, VP, head of revenue and growth, Instamart and Anuj Rathi who was senior vice president of revenue and growth at Swiggy.
Former Swiggy CTO Vaz has launched his own wealthtech startup called Aaritya Tech, with seed funding from VC firms Accel and Elevation Capital.
In May last year, Ashish Lingamneni, VP, head, brand and product marketing left Swiggy.
Meanwhile, US-based investment company Invesco has raised IPO-bound Swiggy’s valuation to about $8.3 billion.
Swiggy’s losses for the entire FY23 amounted to approximately $545 million, representing an 80 per cent increase compared to around $300 million in FY22.
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