Vice President of Swiggy Instamart Sidharth Satpathy resigns

9 Jan 2024 , 11:25 AM

Vice President Sidharth Satpathy of Swiggy Instamart has left the company, adding to the increasing number of high-ranking departures from the massive meal delivery startup.

Anirban Roy, the head of performance marketing for Amazon India, will succeed Satpathy, who spent more than 4 years working for the company.

In a LinkedIn post, Satpathy stated, ‘Anirban Roy will be taking over my role at Instamart effective this week as I start my next stint – Back in CPG industry from Monday onwards.’

Two months before to Satpathy’s departure, Moneycontrol exclusively revealed that the company’s senior SVP Karthik Gurumurthy—who founded Swiggy Instamart—resigned to launch his own company, Convenio.

‘Gurupathi Karthi, In his post, Satpathy expresses gratitude to co-founders Sriharsha Majety and Nandan Reddy and says, ‘Probably the luckiest thing to have happened to me is being your partner in crime in the Instamart blitz scale journey.’

He goes on to write, ‘I decided to jump into the startup ecosystem of Swiggy about five years ago after having a talk with Sandeep Mina. What an incredible journey it has been! I have nothing but appreciation for Swiggy as I say goodbye to it and think back on this stage of my life.

Over the past eight months, Swiggy has seen a number of high-ranking personnel leave the company, beginning with CTO Dale Vaz.

In April 2023, Vaz filed for bankruptcy in order to launch his own wealth tech company, Aaritya Tech. After almost six years, vice president (VP) and head of brand and product marketing Ashish Lingamneni also left the company a month later.

He left Instamart a few days after Nishad Kenkre, vice president and head of revenue and growth, did.

In a similar vein, Anuj Rathi, Swiggy’s SVP of revenue and growth, resigned to work for finance startup Jupiter.

These events occur as Swiggy gets ready to launch a massive initial public offering (IPO) this year with a goal of raising over $1 billion. It most likely selected seven investment bankers, including Jefferies, Kotak Mahindra Capital, Citi, JP Morgan, and Bofa Securities.

According to regulatory filings as of October 31, 2023, US-based asset management firm Invesco has increased Swiggy’s fair value for the second time in a row, valuing the food tech leader at $8.3 billion.

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