Mallika Srinivasan steps down from Swiggy board

8 Feb 2024 , 01:07 AM

On February 8, the firm announced that Mallika Srinivasan, who had been serving as an independent director on the Swiggy board for a year, had resigned. This development coincides with Swiggy’s preparations for its anticipated later-in-the-year initial public offering (IPO).

The corporation did not provide any information, only stating that Srinivasan’s resignation was due to his growing commitment to other ventures.

‘Reflecting on her experience…Mallika expressed that working with a young and dynamic team at Swiggy was truly enriching and enjoyable and wished the Board more milestones and success in the years ahead,’ the statement said.

As the firm prepared to go public, Srinivasan, a Padma Shri recipient and the Chairman and Managing Director of TAFE, was nominated to Swiggy’s board in February 2023 with Sahil Barua of Delhivery and Shailesh Haribhakti, the Chairman of Shailesh Haribhakti & Associates.

Along with co-founder and group CEO Sriharsha Majety, co-founder Nandan Reddy, Head of Investments in Prosus Ventures India Ashutosh Sharma, Managing Partner for India and EMEA at SoftBank Investment Advisors Sumer Juneja, Partner at Accel Anand Daniel, and others, Srinivasan was one of the original group of independent directors on Swiggy’s board.

One of the various actions the Bengaluru-based company is doing in preparation for its IPO is the nomination of independent directors. For its IPO procedures, Swiggy most likely chose seven investment banks, including Jefferies, Kotak Mahindra Capital, Citi and JPMorgan, Bofa Securities, and others.

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