IPO-bound Swiggy has appointed Amitesh Jha, former Senior Vice President at Flipkart, as head of Instamart, the company’s quick commerce business. Phani Kishan, co-founder and current head of Swiggy Instamart, will transition to a larger role within the company, said the company.

In a span of just one-and-a-half years, Swiggy Instamart has had three heads with the latest rejig.

Quick commerce

This comes at a time when the quick commerce sector is seeing intense competition. While Zomato’s Blinkit is currently the market leader with a market share of 40-45 per cent, Swiggy Instamart occupies the number two spot with around 20-25 per cent share. Zepto, the newly minted unicorn, is number three while Tata’s BB Now and Flipkart Minutes are the other giants that are ramping up operations.

Jha has scaled various divisions at Flipkart over the past 13 years. Most recently, he led Flipkart’s growth business, focusing on sustaining long-term growth.

Swiggy has also appointed Sairam Krishnamurthy as Senior Vice President and Chief Operating Officer (COO) of Instamart, who is a retail and FMCG veteran. He was the latest executive that Swiggy roped in from Amazon.

It has hired leaders like Himavant Srikrishna Kurnala (SVP at Swiggy), Satheesh Raman (VP, Swiggy), Dipak Krishnamani (VP, Swiggy) and several others, across functions.

“With Swiggy Instamart, we have a unique opportunity to redefine the way consumers shop in India, and I am excited about the prospects that lie ahead with Amitesh at the helm,” said Swiggy Group CEO, Sriharsha Majety.

Swiggy has filed draft documents for an initial public offering (IPO) with SEBI. The firm has received a go-ahead from its shareholders for its initial public offering (IPO).

The company is looking to raise up $450 million in fresh capital, and has an offer-for-sale (OFS) component of up to $800 million, according to filings.

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