Swiggy co-founder Nandan Reddy steps down as board sees key changes

Swiggy sees leadership changes as co-founder Nandan Reddy exits board, new directors join and company amends nomination rights of key investors

Food and grocery delivery platform Swiggy on Friday said that co-founder and head of innovation Lakshmi Nandan Reddy has resigned from the board of the company. In addition to Reddy, Roger Clark Rabalais, who was a nominee director, has also stepped down from the board, the company said in a stock exchange filing. Renan De Castro Alves Pinto is set to replace Rabalais.  The next move of Reddy, who had co-founded Swiggy with Sriharsha Majety and Rahul Jaimini, could not be ascertained. Notably, Jaimini had also left the company in 2020. 

Rohit Kapoor, who is the CEO of the food marketplace at Swiggy, will also take charge of Crew, the company's concierge offering. Earlier, Reddy was leading Crew. 

 

  The Bengaluru-based company added that co-founder and chief growth officer Phani Kishan Addepalli, and chief financial officer Rahul Bothra will join the board as additional directors. Addepalli was elevated to co-founder of the company.  “Phani and Rahul have been with Swiggy since the early days and have been instrumental in steering the company through its most defining chapters. Their understanding of our business and unwavering focus on both innovation and execution have been foundational to our journey. As we enter the next phase of our growth, their perspective will be invaluable in shaping our long-term direction,” said Sriharsha Majety, group chief executive officer of Swiggy.  In a separate filing, Swiggy said it is amending its articles of association to update the provisions relating to nomination rights on the board. As part of the amendment, the company has removed the rights of Accel and SoftBank to nominate directors.  The other proposed changes include granting Majety the right to nominate himself and any one member from the senior management to the board. It also replaces the existing nomination rights of Reddy with the right of Addepalli to nominate himself on the board.  The amendments, however, will require shareholder approval via a special resolution.