Zomato rival Swiggy appoints Anand Kripalu as Independent Director and Chairperson of the Board

Foodtech giant Swiggy, which battles with Zomato, today announced the appointment of Anand Kripalu as an Independent Director and the Chairperson of its Board of Directors. 

Sriharsha Majety, Group CEO of Swiggy said, “I’m pleased to have Anand Kripalu join as an independent director and Chairperson of the Swiggy board. Anand is a veteran in the consumer goods industry, and his deep knowledge and perspective will be instrumental in guiding Swiggy as we continue to innovate and redefine the on-demand delivery landscape in India.“

Who is Anand Kripalu?

With close to 40 years of experience in the fast-moving consumer goods (FMCG) industry, Anand Kripalu is the Managing Director and Global CEO of EPL Ltd (formerly Essel Propack Limited), the world’s largest specialty packaging company.

Prior to that, he was the Managing Director and CEO of Diageo India, India’s leading beverage alcohol company. He has also held leadership roles at Mondelez International (formerly Cadbury) and Unilever.  

“Swiggy has transformed food and grocery delivery in the country, bringing unparalleled convenience to millions of homes. I am honoured to join its accomplished board, and look forward to lending my experience and perspective as Swiggy shapes the future of convenience”, said Anand Kripalu on his appointment.

Anand holds a Bachelor of Technology in Electronics from IIT, Madras, and an MBA from IIM, Calcutta. He completed his Advanced Management Program at Wharton Business School.

Is Swiggy profitable?

The appointment comes a week after Prosus, Swiggy's investor, reported that the company experienced a significant growth of 17% in the first half of the Financial Year 2023-24 (H1 FY24). 

Prosus said the growth resulted in a gross merchandise value (GMV) of $1.43 billion. The investment firm highlighted that this growth is attributed to an increase in transacting users, leading to a surge in order volume and a rise in the average order value due to inflation.

Despite this, Swiggy still trails behind its Gurugram-based rival, Zomato, which reported a GMV of approximately $1.84 billion in the same period. However, Swiggy's GMV growth rate stands strong at 28%, and the company has seen improvements in its operating metrics.

Sriharsha Majety, CEO of Swiggy, earlier said that the food delivery business had turned profitable in the March quarter, excluding employee stock options and considering corporate costs.

Valuation markup 

In October, Invesco, a US-based fund manager, marked up Swiggy's valuation to $7.85 billion, a significant increase from its previous valuation. Additionally, US-headquartered asset management firm Baron Capital also increased Swiggy's valuation by 33.9% to $8.54 billion. 

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