Swiggy considering Amitesh Jha, former Flipkart exec, as Instamart CEO  Move coincides with Swiggy's IPO preparations  Current Instamart CEO Phani Kishan Addepalli may shift to orgwide role  Jha br...

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- Swiggy considering Amitesh Jha, former Flipkart exec, as Instamart CEO
- Move coincides with Swiggy's IPO preparations
- Current Instamart CEO Phani Kishan Addepalli may shift to org-wide role
- Jha brings decade-long experience in product categories from Flipkart
- Instamart bolstering team with key hires ahead of Swiggy's planned $1.25B IPO 

 Source: [The Arc](https://thearcweb.com/article/swiggy-instamart-set-to-appoint-flipkart-veteran-amitesh-jha-as-ceo-fVbzbz0dQKfVKwb1)

Swiggy Instamart Eyes Flipkart Veteran Amitesh Jha for CEO Role

Journalist

Swiggy Instamart Eyes Flipkart Veteran Amitesh Jha for CEO Role- Grapevine

Swiggy confirms that Amitesh Jha is joining as quick commerce unit Instamart's CEO

Corporate Strategist

Welcome to Indian Startups's Private Community

Swiggy burning 120 Cr a month on instamart. Would they have needed to fire so many people if they would have fixed their unit economics?

Jab Yeh DRHP file karega, tab Zomato ka Stock badhega!

Swiggy - Huge losses in Instamart

Business analyst

- Swiggy Instamart has launched a 24X7 delivery service in Delhi NCR, including Gurugram and Noida.
- This move follows Flipkart's quick commerce service debut in Delhi, offering free delivery for orders above INR 99.
- Swiggy's decision is based on their internal order analysis, showing a demand for late-night and early morning deliveries.
- The company is preparing for an IPO, with a fresh issuance of shares worth INR 3,750 Cr and an OFS of 18.53 Cr shares.
- Despite a 7% increase in net loss, Swiggy's operating revenue surged nearly 35% in Q1 FY25.
 Source: [Inc42](https://inc42.com/buzz/ahead-of-festive-season-swiggy-instamart-launches-24x7-delivery-service-in-delhi-ncr/)

Swiggy Instamart Initiates 24X7 Delivery in Delhi NCR

Food tech market is 50B+ ( duopoly)

Most of my friends use swiggy for everything like food, groceries and dine out.

They say Zomato sucks in ui ux and 3rd grade restaurants are there at Zomato, swiggy is better at offers and quality restaurants.

Zomato peak stock value was 180inr, which makes it a 15B firm, by that logic swiggy can get even 20B ipo.

PS - Baron capital already raised swiggy valuation to 13.9B usd

What do u think guys?

Swiggy valuation $15B ++

Senior Consultant

Prime example that one should not just study foreign markets and take everything else for granted.
The west already has much better convenience stores at every nook and corner. Something was different in India. 

Today BlinkIt eclipsed Zomato valuation. Instamart is a key focus for Swiggy. Zepto is on a great path.
All the VCs (except Nexus who backed Zepto) in India lost out in this race. They just looked at the west, and said it won't be possible. Grofers (Blinkit) & Zepto proved them wrong. 

For entrepreneurs: Do not be derailed by VC speak, they will hardly ever get big bets right.

Quick Commerce worked in India, didn't work in the west

Operations Manager

Have been seeing this as of recent, is it change in direction - new leadership to drive that

Swiggy has announced a significant addition to its senior leadership team with the appointment of Ashwath Swaminathan as Chief Growth & Marketing Officer.

Ashwath Swaminathan joins Swiggy as Chief Growth & Marketing Officer

Why is this common now? Big hire after mass layoffs

Frontend Engineer

- Swiggy has launched a $65 million ESOPs liquidity programme, marking its fifth such event since 2018.
- Employees across various levels can now receive liquidity for their ESOPs in the secondary market.
- This is the third consecutive ESOP liquidity event following those in July 2022 and 2023.
- Swiggy has enabled over Rs 1,000 Cr of ESOPs liquidity, benefiting 3200 employees over five events.
- The announcement comes as Swiggy prepares for its IPO, with plans to raise approximately $1.25 billion. 

 Source: Entrackr

Swiggy Announces $65 Million ESOPs Liquidity Programme

The Morning Vine 🍇

There are multiple VPs and Directors leaving in parallel. Is this a mass exodus of senior leadership any indication of the state of the company?

Dale Vaz, Swiggy CTO has resigned

- Swiggy founder, Sriharsha Majety, has been awarded a fresh package of stock options worth over $217 million ahead of the company's IPO. 
- This ESOP package will increase Majety's shareholding by 2-2.3%. 
- Other top executives and employees were also granted stock options, with the total package worth $380 million. 
- The vesting period for these options ranges from 1-8 years. 
- If Swiggy's IPO is valued at $12 billion, Majety's stake could be worth over $720 million.

Source: [The Arc](https://thearcweb.com/article/swiggy-founder-sriharsha-majety-esop-ipo-zomato-C9L3AA9HLY7qgXWP)

Swiggy Founder Receives $200M ESOP Package Pre-IPO

- Swiggy is set to sponsor **Shark Tank India Season 4**, ousting Zomato CEO Deepinder Goyal from the show. 
- This move highlights the escalating rivalry between the two food delivery platforms. 
- Swiggy's proposed **₹5,000 crore IPO** includes a fresh issue of equity shares worth ₹3,750 crore and an OFS of 185,286,265 equity shares. 
- Zomato's market capitalization stands at **$25 billion**, more than double of Swiggy's estimated $10 billion valuation. 
- Swiggy reduced its losses by 43% in FY24, with revenue from operations marking a 36% growth.

Source: [Mint](https://www.livemint.com/companies/kicked-me-out-zomato-ceo-deepinder-goyal-says-as-swiggy-is-set-to-sponsor-shark-tank-india-season-4-11728140315216.html)

Swiggy Sponsors Shark Tank, Ousts Zomato CEO

- Amazon is negotiating to acquire a strategic stake in Swiggy, a leading food and grocery delivery company in India.
- Discussions have been ongoing for weeks, but terms are not finalized and the deal may fall through.
- Swiggy has also engaged with Amazon's rival, Flipkart, for a stake sale earlier this year.
- Amazon's interest in Swiggy aligns with its strategy to enter the quick commerce and food delivery market in India.
- Swiggy's IPO process is ongoing, and Amazon will need to act quickly to finalize the deal. 

 Source: The Arc, Economic Times

Amazon in Talks to Acquire Stake in Swiggy

Let's examine a snapshot of the Swiggy Engineering VPs' status from three months ago and compare it to their current situation.

CTO Dale departed just yesterday.
Storefront - Madhu has been promoted to the role of CTO, and we are awaiting the appointment of a new VP.
ATS - Ashish is currently serving his notice period.
MFP - Piyush has left the company, and Soumya has taken on additional responsibilities.
RNG - Nitesh is currently interviewing with other firms.
DIP - Soumya is still performing well in their role.
DevOps - Anurodh is in charge.
Location Intelligence - Pradnya is currently serving her notice period.

One potential reason for their departure is the recent devaluation, which has resulted in an unofficial 50% reduction in the value of the ESOPs. Given the minimal salary increases, unless prompt action is taken by the remaining leadership, this ship will inevitably sink!

PS The engineers at Swiggy are aware of the alternative interpretation of SOS.

Swiggy SOS

Some comparisons:
- Swiggy’s trading losses reduced to $158mn during FY24 while Zomato reported a positive Ebitda of c.$5mn during FY24.
- Swiggy’s GOV growing at 26% YoY vs Zomato at 36%
- Swiggy had 387,000 active delivery partners vs 418,000 for Zomato
- Swiggy Instamart had 487 active dark stores compared to 526 for Blinkit
- Swiggy’s overall revenue growth of 24% YoY was lower than Zomato’s adjusted revenue growth of 55.9% YoY.

😎

Swiggy v Zomato: Just putting it out there

Product Marketing Manager

- Early investors in Swiggy, including Prosus, Accel, and Elevation Capital, are selling shares ahead of the company's IPO later this year.
- New investors, such as 360 One and high net-worth individuals, are buying these shares, showing confidence in Swiggy's growth potential.
- The company is signaling a potential IPO valuation of $10-13 billion, with current secondary transactions valuing it at $9.3 billion.
- Accel and Elevation Capital, early investors since 2015, are selling shares to realize gains accumulated over the years.
- Prosus, holding around 33% of Swiggy, needs to reduce its stake to 25% or below to avoid being tagged as a promoter during the IPO. 

 Source: Moneycontrol

Swiggy Shares on the Menu: Secondary Transactions Gain Steam Ahead of IPO

Ken: Zepto is a bronze medallist acting like a gold medallist. Gazab beijjati hai 😂😂😂

Product Owner

It had let go of 380 employees in January 2023 and even shut its meat marketplace in a bid to lower costs. 

IPO-bound Swiggy to slash 400 jobs in second round of layoffs

Founder

Most of us are curious of how decisions are made in major VC funds, as these funds are private and only share this information with their Limited Partners (LPs).

For the unknown, there are VC funds known as Corporate Venture Capital funds, which are the venture arms of corporate firms; they are required to disclose the performance of their CVC funds to the general public.

Prosus, one of the largest funds in this category, has just released its 2024 Annual Report, so thought it would be helpful to share the key takeaways with you all. So, here we go:

1/ Swiggy: On the Launchpad
Swiggy continues to impress with a 26% surge in its gross order value and a robust user base that's grown to 104 million. The food delivery giant isn't just expanding—it's preparing to soar with a confidential IPO filing. Swiggy's blend of core deliveries and quick-commerce ventures positions it as a frontrunner in the food-tech race.

2/ Byju's: A Reality Check
The tides have turned for Byju’s, once a darling of the edtech world, now facing a stark reality with a $493 million valuation write-down by Prosus. This significant markdown is a wake-up call to the high-flying valuations in the edtech sector, spotlighting the need for sustainable financial health over speculative growth.

3/ PayU: Quietly Confident
While specific updates on PayU were sparse, its role in Prosus’s fintech ambitions remains pivotal. PayU continues to weave through Prosus's strategy, likely focusing on enlarging its digital payment solutions and tapping into burgeoning financial service opportunities in emerging markets.

4/ PharmEasy: Unsung Potential
PharmEasy's story remains under the radar in this year’s dispatch. However, as a component of Prosus's health tech ventures, it’s poised to play a crucial role in expanding accessible digital healthcare solutions, streamlining services from prescriptions to doorstep delivery.

The Bigger Picture? Prosus's strategy paints a vivid portrait of India's evolving startup ecosystem. It's no longer just about rapid growth and sky-high valuations. The game has changed:

1/ Sustainability is king: Byju's fall from grace is a stark reminder that financial health trumps speculative growth.
2/ IPO readiness matters: Swiggy's preparations show the market's appetite for well-prepared tech giants.
3/ Quiet expansion: PayU and PharmEasy's low-key presence suggests strategic focus on steady growth over flashy headlines.
4/ Diversification is key: Prosus's varied portfolio highlights the importance of spreading bets across sectors.

Checkout their annual report at https://www.prosus.com/~/media/Files/P/Prosus-CORP/AR2024/1latestfinancialresults/04annualreport/fy2024annualreport.pdf - happy reading!

Would you like more breakdowns of such reports and documents? Let us know in comments below 👇🏽

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