Swiggy Instamart Vice President Sidharth Satpathy quits; Here's why

In a major development in the foodtech industry, Sidharth Satpathy, the Vice President at Swiggy Instamart, has resigned from the company after working for more than four and half years.

Who is Sidharth Satpathy?

Sidharth Satpathy joined Swiggy in June 2019 as Assistant Vice President (AVP) of National and strategic Partnerships. Two years later, he took on the role of Vice President at Swiggy Instamart.

Satpathy, who was responsible for the category and business head for private label at Swiggy’s quick commerce arm Instamart, announced his departure in a LinkedIn post. He said that he would be moving back to the consumer packaged goods (CPG) industry but did not disclose further details.

Anirban Roy to take the role of Satpathy

Anirban Roy, previously the head of performance marketing at Amazon India, will take over the role of Sidharth Satpathy as vice president of Swiggy Instamart. Prior to joining Swiggy, Satpathy had worked with fast-moving consumer goods (FMCG) firms like Marico and Johnson & Johnson.

In his post, Satpathy expressed gratitude towards his colleagues, especially Karthik Gurumurthy, and acknowledged the co-founders Sriharsha Majety and Nandan Reddy for their leadership.

"Karthik Gurumurthy Being your partner in crime in the Instamart blitz scale journey is probably the luckiest thing to have happened to me. You are the strongest leader I have ever seen," he wrote in a LinedIn post.

Recent high-level exits

Swiggy, which battles with Zomato, has experienced a wave of high-level exits in the past year. Notable departures include Dale Vaz, the former Chief Technology Officer, who left in April last year to start Aaritya Tech, and Karthik Gurumurthy, who was instrumental in building Swiggy Instamart and left to start his venture, Convenio.

Other significant exits include Ashish Lingamneni, Nishad Kenkre, and Anuj Rathi, who joined neobanking startup Jupiter.

Swiggy's IPO plans 

Swiggy, which is preparing for an initial public offering (IPO), aims to raise over $1 billion. The foodtech giant has reportedly engaged several investment bankers for this process. Despite recent valuation increases by investor Invesco, Swiggy's current valuation of $8.3 billion is still below its peak valuation of $10.7 billion at the beginning of 2022.

The company has seen changes in its leadership, with former Oyo executive Rohit Kapoor joining to head its core food delivery business. Swiggy's food delivery business reportedly turned profitable last year, and the company is aiming for profitability in its grocery delivery service, Swiggy Instamart, by March 2024.

Join our new WhatsApp Channel for the latest startup news updates