Synopsis
Swiggy cofounder and head of innovation Nandan Reddy will step down from his role and vacate his board seat. Reddy, who cofounded Swiggy with Majety and Rahul Jaimini, is leaving to start his own venture. Jaimini exited the company in May 2020. Addepalli, who previously led Swiggy’s quick commerce vertical Instamart, was elevated to cofounder in July 2021.Renan De Castro Alves Pinto of Prosus Ventures will also join the board as a nominee director, succeeding Roger Rabalais, who will step down following his transition from the Dutch technology investor.
In a separate filing, Swiggy said it is amending its articles of association to restructure shareholder rights for nominating directors to the board. As part of this, the company has removed the rights of Accel and SoftBank to nominate directors. In July last year, SoftBank’s Sumer Juneja and Accel’s Anand Daniel had stepped down from the board. As of December 31, Accel held 2.8% stake in Swiggy, while SoftBank owned 6.3%.
The company has also granted cofounder and group CEO Sriharsha Majety the right to nominate himself and another member of the company’s senior management to the board, enabling Bothra’s appointment. Addepalli replaces Reddy.
Reddy, who cofounded Swiggy with Majety and Rahul Jaimini, is leaving to start his own venture. Jaimini exited the company in May 2020. Addepalli, who previously led Swiggy’s quick commerce vertical Instamart, was elevated to cofounder in July 2021.
The changes to the board and articles of association are subject to shareholder approval.
Swiggy’s shares ended 1.1% higher at Rs 274.90 on the BSE. The announcements were made after market hours.
In an email to employees, Reddy said, “There are a few areas I’ve been deeply curious and passionate about, and I want to give them the time and energy they deserve.”
He added that Swiggy’s concierge app Crew, which he was leading, will now be headed by food marketplace CEO Rohit Kapoor.
“I believe we are laying the early foundations of a massive new consumer category, one that unlocks a new dimension of convenience for our customers. Rohit Kapoor will be taking over from me, and I can’t wait to see how big the service becomes under his mentorship,” he wrote.
Reddy holds about 1% of the company, which went public in November 2024.
On Addepalli and Bothra’s appointment to the board, Majety said, “Phani and Rahul have been with Swiggy since the early days and have been instrumental in steering the company through its most defining chapters. Their understanding of our business and focus on both innovation and execution have been foundational to our journey. As we enter the next phase of growth, their perspective will be valuable in shaping our long-term direction.”
