Swiggy said on Friday that its co-founder and head of innovation, Nandan Reddy, will step down from his role and also leave the company’s board.
The company also shared that co-founder and chief growth officer Phani Kishan Addepalli and chief financial officer Rahul Bothra will join the board of directors.
In addition, Renan De Castro Alves Pinto from Prosus Ventures will join Swiggy’s board as a nominee director. He will take the place of Roger Rabalais, who is stepping down.
Swiggy said in a separate filing that it is changing its articles of association to reorganize shareholder rights related to board nominations.
As part of this change, the company has removed the rights of Accel and SoftBank to nominate directors to its board. Previously, their representatives had already stepped down from the board.
The company also said cofounder and group CEO Sriharsha Majety will now have the right to nominate himself and one senior management member to the board, which enables the appointment of CFO Rahul Bothra.
Meanwhile, Nandan Reddy is being replaced by Phani Kishan Addepalli, who previously led Instamart and was made cofounder in 2021.
Reddy, one of Swiggy’s original cofounders along with Majety and Rahul Jaimini, is leaving to start his own venture. Jaimini had exited the company in 2020.
These changes will only take effect after shareholder approval. Swiggy’s shares rose 1.1% to ₹274.90 on the BSE, with the announcement coming after market close.
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 also 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.
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.”
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