For its IPO process, the company is likely to have picked seven investment banks, including Kotak Mahindra Capital, Citi and JPMorgan, Bofa Securities, Jefferies, among others.
Online food delivery platform Swiggy on Monday confirmed that its Chief Technology Officer (CTO) Dale Vaz has decided to move on to pursue his entrepreneurial venture.
In a statement to IANS, Swiggy said that Vaz will continue in his role till May and will be associated with the company for an extended period in an advisory role.
“Madhusudan Rao will take over as CTO. Madhu has been with Swiggy for over four years and has decades of tech leadership experience with a proven track record of understanding what our customers need,” the company said.
Rao is currently the senior vice president of ConsumerTech and FinTech (Engg and Product).
Last week, Karthik Gurumurthy, SVP, Swiggy Instamart, decided to move on.
According to the company, Gurumurthy will go on a sabbatical and “join us back in three months”.
Earlier last month, Swiggy sold its Cloud Kitchen business to Kitchens@, a leading player in the rapidly growing cloud kitchen industry, for an undisclosed sum, as the growth rate for food delivery slows down.
The online food aggregator will become a stakeholder in Kitchens@ through the all-equity transaction of Swiggy’s Access.
Swiggy pioneered the Cloud Kitchen model with the launch of Swiggy Access in 2017.
To cut costs, Swiggy in January said it was laying off 380 employees.
“The growth rate for food delivery has slowed down versus our projections (along with many peer companies globally). This meant that we needed to revisit our overall indirect costs to hit our profitability goals,” Sriharsha Majety, Co-founder and CEO, said in an email to employees.
The company also said that it will be shutting down its meat marketplace very soon as the company was not able to achieve product-market fit despite their iterations.
The online food delivery platform’s losses doubled to Rs 3,629 crore in FY22 compared to Rs 1,617 crore in the last fiscal year.