swiggy: Another top-level exit at Swiggy, SVP Anuj Rathi likely to leave

Rathi directly reports to Swiggy founder and CEO Sriharsha Majety, and he is currently working out details of his exit with the management, these people said. Rathi will join a list of top executives at Swiggy, who have left the company in recent months, including head of Instamart Karthik Gurumurthy, chief technology officer Dale Vaz, vice president of marketing Ashish Lingamneni, and vice president and head of revenue and growth at quick commerce unit Instamart Nishad Kenkre.

Rathi led efforts in growth marketing, customer management, Swiggy One, food marketplace, merchandising, social, design solutions, financial services, partnerships, Swiggy Labs, meat and alcohol delivery categories, among others. Prior to joining Swiggy in 2016, the IIT- Kanpur alumnus worked across Flipkart, Snapdeal and Walmart, in product management, omnichannel commerce revenue and growth.

Rathi’s exit as the head of growth and revenue comes on the back of Swiggy seeing a slowdown in its core food delivery business, and is planning on being profitable. Earlier this month, Majety announced that Swiggy’s food delivery business had turned profitable in March after factoring in all corporate costs but excluding employee stock option costs. He claimed that it is a significant milestone for food delivery globally.

The company has laid off 380 employees so far this year. It has also shut down some of its businesses such as meat and gourmet grocery delivery business Handpicked. At the same time, Swiggy’s erstwhile decacorn valuation has been suffering at the hands of asset management companies that had invested in it.

Discover the stories of your interest

Most recently, Baron Capital Group reduced Swiggy’s valuation by another 10% to $6.38 billion as of March 31,
2023. The US-based asset management firm had marked down Swiggy’s valuation by 34% to $7.1 billion as of December 2022, which ET reported on May 16.

Rathi directly reports to Swiggy founder and CEO Sriharsha Majety, and he is currently working out details of his exit with the management, these people said. Rathi will join a list of top executives at Swiggy, who have left the company in recent months, including head of Instamart Karthik Gurumurthy, chief technology officer Dale Vaz, vice president of marketing Ashish Lingamneni, and vice president and head of revenue and growth at quick commerce unit Instamart Nishad Kenkre.

ETtech

Rathi led efforts in growth marketing, customer management, Swiggy One, food marketplace, merchandising, social, design solutions, financial services, partnerships, Swiggy Labs, meat and alcohol delivery categories, among others. Prior to joining Swiggy in 2016, the IIT- Kanpur alumnus worked across Flipkart, Snapdeal and Walmart, in product management, omnichannel commerce revenue and growth.

Rathi’s exit as the head of growth and revenue comes on the back of Swiggy seeing a slowdown in its core food delivery business, and is planning on being profitable. Earlier this month, Majety announced that Swiggy’s food delivery business had turned profitable in March after factoring in all corporate costs but excluding employee stock option costs. He claimed that it is a significant milestone for food delivery globally.

The company has laid off 380 employees so far this year. It has also shut down some of its businesses such as meat and gourmet grocery delivery business Handpicked. At the same time, Swiggy’s erstwhile decacorn valuation has been suffering at the hands of asset management companies that had invested in it.

Discover the stories of your interest

Most recently, Baron Capital Group reduced Swiggy’s valuation by another 10% to $6.38 billion as of March 31,
2023. The US-based asset management firm had marked down Swiggy’s valuation by 34% to $7.1 billion as of December 2022, which ET reported on May 16.