Nandan Reddy, the co-founder of Swiggy has quit the company and will move on from the online food and grocery delivery major with immediate effect to pursue other independent projects, the company said in an exchange filing on Friday.
On the other hand, Swiggy's other co-founder Phani Kishan, who also is the chief growth officer and Group CFO Rahul Bothra have been appointed as the Executive Directors effective June 1. Additionally, the company is welcoming Renan De Castro Alves Pinto from Prosus Ventures as a Nominee Director. Each of these appointments shall be subject to requisite shareholder approvals.
Reddy during the early days along with co-founder and group CEO Srihasha Majety had helped set up operations. While he held many positions in Swiggy, he was more recently leading the Crew, Swiggy's AI concierge offering. After his exit CEO, Kapoor will now take charge of Crew.
"Nandan has been a vital collaborator and a visionary force throughout Swiggy's evolution—from our beginnings in a single Bengaluru neighbourhood to becoming a nationwide platform serving millions. His steadfast commitment to our culture, innovation, and the consumer experience is woven into our DNA. While his daily presence will be missed, I look forward to the impact of his future endeavours," said Majety.
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An important point to note is that Reddy is the latest co-founder to quit the company. Reddy and Majety had started the company along with Rahul Jaimini, who exited the company in 2020 to start his own company, Pesto Tech.
Swiggy Share Price Today
The scrip closed 1.14% higher at Rs 275 apiece on Friday. This compares to a 1.16% advance in the NSE Nifty 50 Index. During the day, the stock rose as much as 3.25% to Rs 280.75 per share.
It has fallen 19.06% in the last 12 months and 28.80% year-to-date.
Out of 28 analysts tracking the company 23 maintain a 'buy' rating, three recommend 'hold' rating and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target stands at Rs 419.29 indicating an upside of 52.5%.
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