Foodtech major Swiggy’s Karthik Gurumurthy, Senior Vice-President (SVP), is set to exit the firm, according to sources.

Gurumurthy, who was heading the Swiggy Mall, its hyperlocal online shopping destination, had taken a sabbatical but was to be back and head it. He was a part of the team that built Swiggy Instamart.

However, Swiggy has hired former Amazon executive Dipak Krishnamani to head Swiggy Mall, sources added. He has spent nearly seven years with the e-commerce major before joining Swiggy nearly three months ago.

Top-level exits

This comes at a time when the firm has seen top-level exits in recent months. Recently, Chief Technology Officer (CTO) Dale Vaz also quit to start his own venture. He raised capital from Accel, with participation from others, according to news reports.

In May, Ashish Lingamneni, Vice-President (VP), head of brand and product marketing, left the company after nearly six years. Nishad Kenkre, VP, head of revenue and growth, Instamart, also departed.

Similarly, Anuj Rathi, SVP of revenue and growth at Swiggy also quit to join fintech company Jupiter.

Valuation

Invesco, a US-based fund manager, which had slashed the valuation of Swiggy twice in four months, has finally pushed up the fair value of the food and grocery delivery platform.

The fund manager which led Swiggy’s $700 million round in January last year – valued the Bengaluru-based company at $7.85 billion, an increase from $5.5 billion previously, as of July 31, 2023.

In a push towards profitability it began levying a platform fee on all food orders and has been increasing the amount from ₹2 to put itself on a path towards profitability.

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