Anuj Rathi Resigns: Senior-Level Exits Continue at Swiggy As Senior Vice President of Revenue and Growth Quits
In May, Swiggy CEO Sriharsha Majety said their food delivery business has turned profitable (as of March 2023), after factoring in all corporate costs, excluding employee stock option costs. Without sharing any numbers, Majety said that this is a milestone for food delivery globally.
New Delhi, September 7: The spate of senior-level exits continue at online food delivery platform Swiggy and now, Anuj Rathi who was senior vice president of revenue and growth, on Thursday announced he has quit the company after "a career-defining journey of 7 years". In a LinkedIn post, Rathi said he decided to hang up boots and it has been an amazing ride.
"When I started here, Swiggy was a 2-year-old startup - operating in a few cities and learning to deliver in a hockey-stick growth environment. Every month and every year has been a new challenge and a new learning opportunity for me professionally and personally," he posted. 10,000 Jobs in India: Swiggy Joins Hands With Apna To Make Ten Thousand Job Openings for Instamart in 2023.
In May, Ashish Lingamneni, VP, head, brand and product marketing, and Nishad Kenkre, VP, head, revenue and growth, Instamart, left Swiggy. In April, the online food delivery platform confirmed that its Chief Technology Officer Dale Vaz decided to move on to pursue his entrepreneurial venture. Madhusudan Rao, who has been with Swiggy for over four years, took over as CTO.
In the same month, Karthik Gurumurthy, SVP, Swiggy Instamart, decided to move on. According to the company, Gurumurthy went on a sabbatical and will "join us back in three months". Swiggy Food Delivery Business Turns Profitable in Less Than Nine Years Since Inception, Says CEO Sriharsha Majety.
In May, Swiggy CEO Sriharsha Majety said their food delivery business has turned profitable (as of March 2023), after factoring in all corporate costs, excluding employee stock option costs. Without sharing any numbers, Majety said that this is a milestone for food delivery globally.
Swiggy experienced a significant increase in losses during the financial year 2023 (FY23), said tech investor Prosus in its annual report. 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.
As a majority shareholder with 33 per cent in the online food delivery platform, Prosus reported that its share of loss in Swiggy surged to $180 million in FY23, up from $100 million in FY22. This increase was attributed to investments in Instamart, Swiggy’s quick-commerce arm.
(The above story first appeared on LatestLY on Sep 07, 2023 05:13 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).