Swiggy reveals restructuring of its Board towards independence, as Softbank and Accel officials step down.
In a significant move, Swiggy, the popular Indian food delivery platform, has appointed Faraz Khalid as an independent director on its board. This appointment comes following the resignation of Sumer Juneja and Anand Daniel, non-executive and non-independent directors of Swiggy, who cited their confidence in Swiggy's strategic direction, executive leadership, and governance framework as the reason for their departure.
Faraz Khalid, the CEO of noon, a major e-commerce platform in the Middle East, brings valuable international e-commerce expertise to Swiggy's board. His leadership experience in the Middle Eastern market, particularly in quick commerce, food delivery, and fintech, aligns well with Swiggy's business strategy. Under Khalid's leadership, noon has expanded its operations beyond e-commerce into a broad consumer commerce ecosystem, including quick commerce and food delivery—key segments of Swiggy’s business.
Before his tenure at noon, Khalid co-founded Namshi, a regional fashion platform that was acquired in 2023 for $335 million. His appointment coincides with the exit of two longtime investor representatives—Sumer Juneja from SoftBank and Anand Daniel from Accel—as Swiggy transitions toward a more independent board structure typical of publicly listed companies.
Sriharsha Majety, Founder and Group CEO of Swiggy, expressed confidence that the new independent directors will guide the company on its next leg of growth. The NSDL order regarding off-market deals in unlisted firms may have both positive and negative implications, but it is not directly related to Swiggy's recent appointments.
Swiggy's consolidated net loss in Q4 FY25 increased by 95% year-on-year to Rs 1,081.2 crore, primarily due to investments in quick commerce. However, the company's revenue for Q4 FY25 grew by 45% year-on-year to Rs 4,410 crore. ITC, a leading Indian conglomerate, is also making strategic moves. Sanjiv Puri, Chairman of ITC, has set fresh hiring targets, but overall IT recruitment remains restrained. ITC is considering strategic options for ITC Infotech at an appropriate time and plans to invest ₹20,000 crore across its businesses in the medium term.
In the world of sustainable packaging, UKHI has entered into a partnership with DCGpac to boost sustainable packaging. Meanwhile, ITC sees food-tech as a new vector of growth. Under Faraz Khalid's leadership, noon has evolved into an ecommerce, quick commerce, and food delivery platform, reflecting his strategic vision and innovation in shaping the region's digital economy.
Swiggy's shares were trading at ₹407.80 on the BSE, down 2.68% from the previous close of ₹419. The exact implications of these changes for Swiggy's future growth remain to be seen, but the appointment of Faraz Khalid as an independent director is a clear indication of Swiggy's commitment to strengthening its board and navigating its post-IPO growth trajectory.
[1] Source: Livemint [2] Source: Economic Times [4] Source: Swiggy's IPO filing with SEBI
- Faraz Khalid, who has vast experience in e-commerce and fintech, has joined Swiggy's board as an independent director, marking a significant step towards strengthening their board structure.
- Following the exit of Sumer Juneja from SoftBank and Anand Daniel from Accel, Khalid's appointment coincides with Swiggy's transition from a board dominated by investor representatives to one more typical of publicly listed companies.
- As the CEO of noon, Khalid expanded the platform beyond e-commerce into quick commerce and food delivery, sectors that form a crucial part of Swiggy's business strategy.
- Swiggy's net loss increased in Q4 FY25 due to investments in quick commerce, but their revenue grew by 45% year-on-year, indicating a steady progression in their business operations.
- In the technology-driven business world, Faraz Khalid's strategic vision and innovation played a key role in shaping the region's digital economy, particularly in the e-commerce, quick commerce, and food delivery sectors.
- As Swiggy navigates its growth trajectory post-IPO, the appointment of Faraz Khalid can be seen as a clear commitment to reinforcing its board and steering its business development wisely in the economy and financial markets.
