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Tag: Sriharsha Majety

  • Swiggy announces the transition of its board towards an independent structure

    Swiggy announces the transition of its board towards an independent structure

    MUMBAI: Swiggy Ltd (NSE: SWIGGY | BSE: 544285 ), has announced the appointment of Faraz Khalid, CEO of noon, as an independent director on its board; subject to shareholder approval. The company also announced the resignation of Sumer Juneja and Anand Daniel, non-executive and non-independent directors; who were representatives of key investors Softbank and Accel respectively on its Board.

    Swiggy founder and group CEO Sriharsha Majet 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. Under his leadership, Noon has evolved into an ecommerce, quick commerce and food delivery platform. He previously co-founded Namshi, helping establish it as a regional fashion leader. Faraz is recognized 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.

    With this natural progression after Swiggy’s successful IPO last year, the board has made significant strides towards an independent structure, aligning with best practices for publicly listed companies.

    Kripalu 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.”

  • Moneycontrol Startup Conclave 2024: Insights from policymakers, investors & entrepreneurs

    Moneycontrol Startup Conclave 2024: Insights from policymakers, investors & entrepreneurs

    Mumbai: The Moneycontrol Startup Conclave 2024 presented valuable insights and strategic discussions, attracting industry giants, visionary entrepreneurs, and thought leaders from across the country. Held at ITC Gardenia in Bengaluru, the conclave, themed “Persist | Reset | Rebuild,” captured the essence of resilience and innovation needed to navigate today’s challenging startup landscape.

    The event was organised to spotlight the transformative growth of India’s startup ecosystem. As innovation and entrepreneurship reach new heights, the conclave provided a crucial platform for key stakeholders to engage in meaningful dialogue. By facilitating the exchange of ideas and the formation of strategic partnerships, the event played a pivotal role in shaping the future trajectory of startups in India, underscoring the nation’s role as a global hub for entrepreneurial excellence.

    To give a boost on the rise of the startup eco-system in Bengaluru, minister of electronics, IT & BT and rural development & panchayat raj, government of Karnataka – Priyank Kharge highlighted the state’s role in supporting the startup ecosystem, stating, “Karnataka continues to be at the forefront of innovation, and our government is committed to supporting startups with progressive policies and world-class infrastructure.”

    India’s G20 Sherpa Amitabh Kant underscored the importance of startups in driving economic growth. “The future of India’s economy lies in the success of our startups. Their innovation and job creation capabilities are key to our nation’s progress,” Kant emphasised.

    The day featured dynamic panel discussions with prominent entrepreneurs such as Zepto co-founder and CEO Aadit Palicha; Swiggy co-founder and group CEO Sriharsha Majety; Sorin Investments founder and chairman Sanjay Nayar; Delhivery co-founder and CEO Sahil Barua; PhonePe co-founder and CEO Sameer Nigam; Curefoods founder and CEO Ankit Nagori; Groww co-founder and CEO Lalit Keshre; Ixigo co-founder and group CEO Aloke Bajpai and SoftBank Investment Advisers managing partner Sumer Juneja. Topics ranged from quick commerce and workspace evolution to fintech innovations and the future of AI in startups. These sessions provided a wealth of knowledge, highlighting the achievements of industry leaders and offering a glimpse into the future of business in India.

    Narayana Health founder and chairman Dr. Devi Shetty discussed the pivotal role of startups in healthcare. “Startups are revolutionizing healthcare, making it more accessible and affordable. Their contributions in the next decade will be groundbreaking,” Shetty observed.

    SoftBank Investment Advisers managing partner Sumer Juneja highlighted the significant impact of their investments in India. “India has been an exceptional market for us, both in terms of investments and exits. Our focus now is on identifying the next wave of visionary leaders who can drive the future of innovation.”

    Swiggy co-founder and group CEO Sriharsha Majety emphasised the unique dynamics of quick commerce in India, stating, “As the sector grows, we expect a significant reconfiguration in the supply chain, likely impacting traditional retail. A substantial portion of our revenue now comes from D2C brands, and as we prepare for our IPO, our focus remains on clear communication and long-term growth.”

    The Moneycontrol Startup Conclave 2024 successfully created a platform for meaningful dialogue and collaboration among stakeholders. The event witnessed several in-person attendees, with many others joining via livestream.

    Moneycontrol expresses its gratitude to all the distinguished speakers, esteemed guests, and partners, including IDFC FIRST Bank – Always You First (banking partner), DTDC (exclusive logistics partner), Peak XV (VC partner), IndiQube (workplace partner), and associate partners Games24x7, Share.Market, Adobe, Tally, Reliance India Ltd, KITS (state partner), Da Milano Italia (Luxury Partner), and Townhall (event technology partner). The participation of these partners and media personnel contributed significantly to the success of the Startup Conclave 2024. The event stands as a testament to the resilience, innovation, and determination of the Indian startup community.

  • Moneycontrol to Congregate Leading Voices at ‘Startup Conclave 2024’

    Moneycontrol to Congregate Leading Voices at ‘Startup Conclave 2024’

    Mumbai: Moneycontrol, a financial news platform, has announced the second edition of the Moneycontrol Startup Conclave 2024. This premier event, set for 9 August 2024, at ITC Gardenia, Bengaluru, is dedicated to fostering a sustainable and resilient startup ecosystem in India. The conclave will bring together a diverse group of policymakers, investors, leading startup founders, industry leaders, and emerging entrepreneurs for an engaging exchange of ideas and strategic insights.

    Following a challenging two-year funding winter, India’s startup landscape is witnessing a remarkable resurgence marked by increased profitability, late-stage funding, a vibrant secondary market, and numerous tech IPOs. Themed “Persist | Reset | Rebuild” this year’s conclave will emphasize the resilience and adaptability of startups in the face of an AI-driven world and evolving regulatory frameworks. The event will delve into the future of India’s startup ecosystem, providing essential insights for the next wave of entrepreneurial success.

    Moneycontrol Startup Conclave 2024 will feature a series of insightful sessions led by prominent figures including Karnataka Minister for IT-BT and science & technology Priyank Kharge; Karnataka Government, department of electronics, information technology, biotechnology and science & technology, secretary Dr Ekroop Caur; India’s G20 Sherpa Amitabh Kant; Narayana Health, founder and chairman Dr Devi Prasad Shetty; SoftBank, head of India and EMEA Sumer Juneja; PhonePe, co-founder and CEO Sameer Nigam; Swiggy, co-founder Sriharsha Majety; Sorin Investments, founder and chairman Sanjay Nayar; Games24x7, co-founder and co-CEO Bhavin Pandya; Tally Solutions Pvt Ltd, chief of engineering Nabendu Das; IndiQube, co-founder Rishi Das; Adobe, head of sales channel & SMB, digital media India & SA Ajay Joseph; DTDC Express, CEO Abhishek Chakraborty; Peak XV Partners, MD Shailesh Lakhani.

    Moneycontrol has been instrumental in nurturing the startup community, sharing compelling narratives of innovation, success, failure, and resilience. Through initiatives like the Moneycontrol Startup Conclave, the platform continues to champion the entrepreneurial spirit and support the growth of India’s dynamic startup ecosystem.

    Moneycontrol Startup Conclave 2024 is supported by banking partner IDFC FIRST Bank, exclusive logistics partner DTDC, VC partner Peak XV, workplace partner IndiQube, and associate partners Games24x7, Share.Market, Adobe, Tally, Reliance India Ltd, state partner KITS, luxury partner Da Milano Italia and event technology partner Townhall.

    The event will commence at 10:00 am on 9 August 2024, at ITC Gardenia, Bengaluru, and will be livestreamed for a global audience.

  • Felicity Games secures $700K pre-seed funding

    Felicity Games secures $700K pre-seed funding

    Mumbai: Felicity Games, a casual game developer and publisher, has secured a $700K pre-seed funding from DeVC, Visceral Capital and marquee angel investors including Kunal Shah of CRED, former Nazara CEO, Manish Agarwal, Sriharsha Majety, Nandan Reddy of Swiggy and Google Cloud (APAC) head of gaming Sameer Pittalwala, among others.

    Felicity was founded in 2023 by ex-Swiggy executive Anurag Choudhary with an aim to become India’s leading mobile game publisher. In under a year, Felicity has launched over 10 game titles, which are played by more than a million monthly users across 14 geographies. The company will use the funds towards testing 10 more such games by March 2025. The company aims to scale revenue by 10x by the end of this year.

    The company’s success lies in rapidly prototyping and testing casual games in partnership with Indian game developers for commercial viability using a proprietary framework called ‘Pokhran’, and accordingly scaling only the successful ones.

    Felicity Games founder and CEO Anurag Choudhary said, “Given our cost and skill advantages, Felicity Games is well placed to build a multi-million dollar casual gaming business from India for the world.”

    “Felicity has a unique vision to mobilise the growing ecosystem of Indie developers with the capability of producing high-quality game prototypes at a fraction of the cost. Felicity combines an objective approach to commercial testing with iterations on non-conventional channels to drive risk-adjusted growth for new IPs, unlocking developer friendly publishing for the indie ecosystem” said founding member Divyanshi Chowdhary from DeVC.

    Felicity recently launched two titles ‘Seek & Find’, and ‘Nova Solitaire’ which are already unit economics positive in the US and other western markets with 100,000 plus downloads within a period of three months.

    Beyond game development and publishing, Felicity Games distinguishes itself through strategic partnerships with studios and brands to co-create compelling intellectual properties (IPs). This collaborative approach not only enriches the gaming ecosystem but also expands the company’s reach and influence within the industry.

  • Swiggy launches ‘She The Change’

    Swiggy launches ‘She The Change’

    Mumbai: In a tribute to India’s vibrant spirit of women entrepreneurship and their impact on the economic landscape, Swiggy, India’s leading on-demand convenience platform, launched a new initiative titled “She The Change- From Vision to Venture”. Inaugurated by the Minister of Finance and Corporate Affairs, Government of India, Smt. Nirmala Sitharaman, the initiative by Swiggy underscores the contribution of food delivery platforms in fostering and stimulating women’s entrepreneurship in the country.

    Commemorating nearly a decade of working with women entrepreneurs, Swiggy is shining the spotlight on their journey ‘from vision to venture’ for both budding and established women entrepreneurs in the Food & Beverage (F&B) industry. The launch event served as a platform for accomplished women entrepreneurs in F&B from across India, joined by distinguished figures from economics and academia, and Swiggy’s leadership including Swiggy group CEO Sriharsha Majety and Rohit Kapoor, Swiggy Food Marketplace CEO Rohit Kapoor.

    Swiggy has more than 50,000 women-run restaurants on its platform. It is estimated that these entrepreneurs are generating approximately three hundred thousand jobs, as each restaurant employs an average of six direct employees. Swiggy believes that this is merely the beginning of their contribution to the food and beverage sector, which accounts for around three per cent of the country’s GDP.

    The Honourable Minister of Finance and Corporate Affairs commended Swiggy’s role in encouraging and recognising the performance of women-led businesses, a move emphasizing the Honourable Prime Minister’s endorsement of women’s inclusion in the workforce, encapsulated in his vision of ‘Nari Shakti,’.

    Speaking at the occasion, Sitharaman said “From keeping women at the centre of policymaking to women-related budgets to discussing women in employment, we have come a long way. Today, I can see there is great vibrancy in women-led enterprises, where women are coming forth and taking up business challenges- whether small, medium or big, you find women everywhere, and programmes such as Swiggy’s “She the Change” are giving them the encouragement and a little push, and for other women to know this is possible. Swiggy deserves a special mention for encouraging women’s entrepreneurship nationwide.”

    Majety said, “’She The Change’ transcends being just an initiative; it stands as a platform, dedicated to honouring and amplifying the remarkable stories of women entrepreneurs and leaders in the F&B industry. They have not only set new benchmarks for success but also played a pivotal role in shaping India’s economic narrative. At Swiggy, we deeply acknowledge the dedication and perseverance they’ve poured into their ventures, and it’s our privilege to celebrate and recognize several of them in the presence of Smt. Nirmala Sitharaman Ji, Honourable Minister of Finance & Corporate Affairs.”

    Kapoor said “In the decade since Swiggy’s inception, we’ve had the honour to provide a platform for women entrepreneurs in the F&B space and witness their remarkable journeys first-hand. It’s inspiring to see the steady growth in both the number and scale of women-led businesses on Swiggy each year. ‘She the Change’ is dedicated to these entrepreneurial women. It’s more than just a celebration—it’s about empowering them with access to resources for sustained success, growth, and meaningful impact.”

    NOTO- Healthy Ice Cream co-founder Ashni Shah said, “The restaurant industry is highly competitive, and this is why it is encouraging to see women in the industry being celebrated by a platform like Swiggy with the “She the Change” initiative. Food delivery platforms like Swiggy make a significant contribution towards enhancing our visibility and increasing our order volumes by connecting us with a broader customer base. I am grateful for this recognition and hope that this initiative inspires more women to not only take the initial step but also pursue their aspirations with conviction.”

    Swiggy’s mission to offer unparalleled convenience to consumers through access to a wide variety of restaurants has empowered numerous restaurants, especially in smaller towns. Bonfire Pizza, Rishikesh, Priya Sharma said “From sharing homemade meals at the office to launching our restaurant, the journey has been a leap of faith. We faced many trials, including limited resources and no advertising budget, however, post our partnership with Swiggy in 2019, our business saw a transformative shift, reaching new heights. Today, Bonfire Pizza is not just a restaurant; it’s a testament to chasing your passion and embracing the opportunities that come your way. Is heartening to see Swiggy recognise and honour women entrepreneurship through stories of women-led businesses turning their vision into reality.”

    The event concluded with the facilitation of women entrepreneurs from across the country, celebrating their remarkable contributions and inspiring journeys in creating a difference through their ventures.

  • Swiggy elevates Phani Kishan Addepalli as co-founder

    Swiggy elevates Phani Kishan Addepalli as co-founder

    Mumbai: Swiggy has elevated Phani Kishan Addepalli, its vice-president for strategy and investments to a co-founder’s role, the food delivery app’s CEO Sriharsha Majety announced in a blog post on Monday.

    This will make Phani the third Swiggy co-founder, joining the original co-founders Sriharsha Majety and Nandan Reddy. Another co-founder and chief technology officer Rahul Jaimini had exited in May 2020 to join Pesto Tech, a career accelerator startup.

    Phani’s elevation follows after the recent development of the company’s COO Vivek Sunder leaving in October. Majety will be overseeing the company’s food delivery business until they find a replacement.

    “Phani joined us very early on in 2015, and has been my fixer and go-to guy for many important problems for as long as I can remember. Over these 6 years, he’s probably had the record for setting up multiple high leverage functions from the ground up,” Majety wrote in the blog post.

    Majety said Kishan has played a key role in shaping the company’s value. “His energy, can-do attitude, and founder mentality are all goal-worthy for any Swiggster to succeed here and make a huge impact in the company’s future,” Majety wrote.

    “His approach to building new and enduring organisational capabilities (read superpowers) has always been a force multiplier for us, and I can’t wait to see him go on and take new challenges to build even more superpowers in the years to come,” Majety wrote.

    Kishan joined Swiggy in 2015 as general manager – strategy, analytics, CX & new initiatives. Prior to that, Kishan had a stint with companies like The Boston Consulting Group, ITC Limited, and Softeon.

  • Swiggy COO Vivek Sunder moves on, CEO Majety to take charge

    Mumbai: After serving the company for three years, Swiggy’s chief operating officer (COO) Vivek Sunder has put in his papers at the company and will transition out by October-end.

    Swiggy’s chief executive officer (CEO) Sriharsha Majety told employees in an internal email on Wednesday that Sunder, who oversees its food delivery business, has decided to pursue interests outside of the company.

    Majety added that he will be overseeing the marketplace business directly. “We have been discussing this for a while now, and over the course of the past few weeks, have been planning the way forward as well,” he wrote.

    Sunder had joined the company in 2018 after spending close to two decades at FMCG major Procter & Gamble as its managing director. He had been responsible for scaling Swiggy’s key businesses, including food delivery, and its foray into grocery.

    “Vivek has played a very significant role in the growth story of Swiggy – as a brand, as a service, and as an organisation, since joining us three years ago. He played a pivotal role in expanding the geographical footprint of the marketplace business taking Swiggy beyond 500+ cities, and later rallied the organisation to drive a step-change in the unit economics of the marketplace business,” Majety added.

    This is the second big exit at Swiggy after co-founder and chief technology officer Rahul Jaimini exited to join Pesto Tech, last year.

  • Swiggy co-founder Rahul Jaimini moves to Pesto Tech

    Swiggy co-founder Rahul Jaimini moves to Pesto Tech

    NEW DELHI: Swiggy co-founder and CTO Rahul Jaimini has decided to give up an active role in the food-ordering-and delivering-platform to pursue another entrepreneurial venture, the company said in a statement. He will move on during the month, after serving the position for six years. 

    Jaimini will be taking up the position of co-founder at Pesto Tech, a career accelerator start-up whilst continuing to remain a shareholder and board member at Swiggy. 

    The company also shared that the functions currently led by Jaimini, including platform engineering, analytics, IT and labs, will be handed over to the head of engineering and data science Dale Vaz. 

    Swiggy co-founder and CEO Sriharsha Majety said, "Technology was crucial to what we set out to build when we started Swiggy. Nandan (Reddy) and I could not have asked for a better partner to handle this aspect of the company."

    Jaimini added, “Working with technology that has large scale impact is what excites me, and I am grateful to have had the opportunity to do just this at Swiggy and grow tremendously over the years.” 

  • Dale Vaz joins Swiggy as head of engineering and data sciences

    Dale Vaz joins Swiggy as head of engineering and data sciences

    MUMBAI: Swiggy the food ordering and delivery company based out of Bangalore India, has recently announced Dale Vaz as the head of engineering and data science. In his new role Vaz will be responsible for driving the company’s technology strategy and building Swiggy’s next generation AI-driven platform for hyperlocal discovery and on-demand delivery. Vaz will report directly to Swiggy CEO Sriharsha Majety.

    Dale will work closely with Swiggy CTO Rahul Jaimini and Swiggy’s fast-growing technology team.

    Commenting on his appointment Majety said, “Dale is a technology leader with proven abilities to innovate and develop new products.”

    “As Swiggy continues to leverage technology to make the lives of consumers more convenient, Dale’s expertise will help us move faster and more effectively towards that vision,” he added.

    Vaz said, “I am thrilled to be joining Swiggy at such an exciting juncture, Swiggy is India’s largest and fastest growing platform for hyperlocal discovery and on- demand delivery. I look forward to working with the Swiggy tech team as we build innovative products for our customers and drive both the industry and Swiggy forward.”

    Dale joins Swiggy after 11 years at Amazon.com. In his most recent role as the director of software engineering at Amazon India he led functions across verticals such as consumer tech, mobile engineering, payments engineering, new initiatives and data engineering. At Swiggy, he will extend this expertise to deliver a delightful consumer experience across the numerous new initiatives the company is currently working on.

    Dale holds a BE in Computer Science from MIT, Manipal and an MBA from the University of Massachusetts Amherst.

    This is another step in strengthening its senior leadership for Swiggy which recently hired P&G veteran Vivek Sunder as its chief operating officer.

  • Swiggy appoints Vivek Sunder as first COO of the company

    Swiggy appoints Vivek Sunder as first COO of the company

    MUMBAI: Swiggy, the food ordering and delivery company, has recently appointed Vivek Sunder as its first chief operating officer. In his new role, Sunder will be in-charge of developing and executing Swiggy’s strategic direction and priorities to drive organisational growth and operational excellence.

    Swiggy CEO Sriharsha Majety said, “Strength lies in the quality and talent of our team, which has received an incredible boost with Vivek coming on board. I am confident that his proven track record and extensive experience, coupled with a laser-focus on industry-leading operational practices will drive and extend Swiggy’s upward trajectory.”

    Commenting on his new role, Sunder said, “It is impressive to see just how much Swiggy has been able to achieve in less than four years through an obsessive focus on the consumer and flawless last-mile execution.”

    “I am extremely energised to help lead the company to its next phase of innovation and growth tied with operational excellence,” he added.

    Sunder brings with him 20 years of experience in the FMCG industry. He has been working at the intersection of business and technology across several leadership roles and geographies at Procter & Gamble (P&G).

    In his most recent role as the Managing Director, P&G, East Africa, he was instrumental in driving both top and bottom line growth while expanding its market share and margins in a difficult macroeconomic climate.