Swiggy Reconstitutes Board Post IPO; SoftBank & Accel Representatives Exit

SUMMARY

While Faraz Khalid, chief executive of UAE-based ecommerce company Noon, has joined Swiggy’s board as an independent director, SoftBank’s Sumer Juneja and Accel partner Anand Daniel have resigned from the board

The company has reconstituted its board of directors following its initial public offering (IPO) last year

Swiggy made its public market debut on November 13 last year, listing at a 5% premium at INR 412 on the BSE

Swiggy has reconstituted its board of directors following its initial public offering (IPO) last year, with a new independent director joining the board and early stage investors stepping down.

SoftBank and Accel are among Swiggy’s early backers.

“With Khalid’s joining our board, our independent directors represent four pillars of strategic governance. They bring a wide array of experience across established companies and startups, and marry business and financial acumen with fiduciary expertise,” said Sriharsha Majety, founder and group CEO of Swiggy.

Anand Kripalu, independent director and the chairperson of its board of directors, said, “The refreshed board structure underscores Swiggy’s commitment to enhancing Board independence as part of the long-term roadmap towards stronger corporate governance, transparency and value creation for all shareholders.”

Inside Swiggy’s Post-IPO Ride

Swiggy made its public market debut on November 13 last year, listing at a 5% premium at INR 412 on the BSE.

In Q4 FY25, the company’s consolidated net loss widened by 95% year-on-year and 35% quarter-on-quarter to INR 1,081.2 Cr, driven largely by investments in quick commerce. Despite the pressure on margins, Swiggy posted a robust revenue growth of 45% YoY and 10% QoQ, reaching INR 4,410 Cr for the quarter.

Its non-core business, Instamart, has already weighed down the company’s consolidated losses, by reporting a 173.6% YoY increase in adjusted EBITDA loss at INR 840 Cr in Q4 FY25, mainly due to increasing marketing spending and dark store expansion. However, the silver lining in the quarter was that Instamart reported a 115% YoY rise in operating revenue and a 101% YoY increase in gross order value (GOV), while its average order value (AOV) grew 13.3% YoY to INR 527.

Its other segment, the out-of-home vertical, turned profitable in Q4 FY25. Its restaurant dining service DineOut, along with the events platform SteppinOut, reported a combined profit of INR 2.3 Cr in Q4 FY25, compared to a loss of INR 33.8 Cr in the same quarter the previous year.

As of 6 PM on July 25, Swiggy shares were trading at INR 407.80 on the BSE, down 2.68% from the previous close of INR 419.