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M. Sridhar resigns
Zomato rival Swiggy’s Company Secretary and Compliance Officer, M Sridhar, has announced his resignation just a year after joining the quick commerce and food delivery firm.
According to a filing made with stock exchanges, Sridhar will step down from his position at the close of business on February 17, 2025. Although the company confirmed his exit, it has not yet named a successor.
Company shares resignation letter
In his resignation letter dated January 29, Sridhar cited personal reasons for his decision to leave. He joined Swiggy around a year ago and had previously been associated with prominent organizations such as Prestige Group, Divyasree Developers and Himatsingka Seide. Swiggy’s filing mentioned that the necessary regulatory intimations would be made following Sridhar’s departure.
"I extend my heartfelt and sincere thanks to the Board of Directors, Chief Financial Officer, Senior Management, superiors and colleagues for their support and utmost co-operation extended during my tenure as the Company Secretary & Compliance Officer," the letter read.
Recent share allotment
The news of Sridhar’s resignation comes shortly after Swiggy announced a large share allotment through its Employee Stock Option Schemes of 2015 and 2021.
Earlier this week, the foodtech giant allotted 2.61 crore equity shares worth Rs 1,153.62 crore. The shares were priced at Rs 442 apiece, raising the company’s paid-up share capital from Rs 2.23 crore to Rs 2.26 crore.
Last July, when Swiggy was gearing up for a public offering, it had also announced a liquidity event of stocks worth up to $65 million (Rs 543.5 crore).