Swiggy Rejigs Board After Stock Market Listing; SoftBank, Accel Representatives Exit

Swiggy on Friday announced the restructuring of its board with the appointment of chief executive officer Faraz Khalid as an independent director and the resignation of Sumer Juneja and Anand Daniel, non-executive and non-independent directors who represented key investors SoftBank and Accel, respectively.

The move is aimed at steering the e-commerce and food delivery platform's board towards an independent structure after Swiggy's IPO last year, and aligning with best practices for publicly listed companies.

Sriharsha Majety, Founder and Group CEO of Swiggy, said, "Faraz is among the most visionary leaders in e-commerce, bringing extensive expertise in integrating advanced technology, scaling operations, and delivering superior customer experiences. With his joining our Board, our independent directors (led by our Chairperson) represent four pillars of strategic governance.

They bring a wide array of experience across established companies and startups, and marry business and financial acumen with fiduciary expertise. We are confident that their foresight and diversity shall be vital in guiding Swiggy on its next leg of growth."

Faraz Khalid is the CEO of noon, the Middle East's leading consumer commerce platform. He previously co-founded Namshi, helping establish it as a regional fashion leader. Khalid is recognised for his strategic vision and innovation in shaping the region's digital economy.

Non-independent directors Sumer Juneja and Anand Daniel are stepping back from board representation following a period of significant progress and value-creation at Swiggy. This transition reflects their confidence in the company's strategic direction, executive leadership, and governance framework, Swiggy stated.

With this natural progression after Swiggy's successful initial public offering last year, the board has made significant strides towards an independent structure, aligning with best practices for publicly listed companies, it added.

Anand Kripalu, Independent Director and the Chairperson of its Board of Directors, said: "We are delighted to welcome Faraz to the Board and look forward to leveraging his considerable experience at noon. We also extend our heartfelt thanks to Sumer and Anand for their invaluable contributions.

Both have been associated with Swiggy since the early days, and their confidence and counsel have been instrumental in helping the management team build Swiggy into one of India's most beloved consumer internet brands. The refreshed Board structure underscores Swiggy's commitment to enhancing Board independence as part of the long-term roadmap towards stronger corporate governance, transparency, and value creation for all shareholders."