Swiggy Enters New Era with Board Revamp Post-IPO
• SoftBank’s Sumer Juneja and Accel’s Anand Daniel exit Swiggy’s board post-IPO
• Noon CEO Faraz Khalid appointed as independent director, pending shareholder nod
• Swiggy posts Rs 4,410 Cr revenue in Q4 FY25, up 45% YoY despite widening losses
Swiggy Ltd, India's top food ordering and instant commerce platform, has made a major reshuffle of its board as it reflects a strategic move toward independent governance after its listing on the public exchanges in 2024.
As part of the revamp, Faraz Khalid, CEO of Middle Eastern e-commerce giant Noon, has been appointed as an independent director, subject to shareholder approval. At the same time, longtime investor-nominee directors Sumer Juneja of SoftBank and Anand Daniel of Accel have stepped down from their roles as non-executive, non-independent directors.
Khalid, who co-founded fashion site Namshi and scaled Noon in the Middle East across e-commerce, food delivery, and rapid commerce, joins with extensive experience in consumer digital businesses. He will hold a five-year tenure on Swiggy's board.
Swiggy Co-founder and Group CEO Sriharsha Majety said the appointment was a step to enhance the board's "four pillars of strategic governance," merging startup nimbleness with institutional depth.
We think Faraz's vision and international mindset will prove to be valuable as we step into our next phase of growth," Majety stated.
The board reconstitution also sees Shailesh Vishnubhai Haribhakti, a veteran chartered accountant and Haribhakti & Co. founder, reappointed for a second five-year term from January 2026. He is also vice chairman of GovEVA Consulting.
The exits of Juneja and Daniel are a symbolic end to Swiggy's venture-capital-backed early years. Both had played critical functions in the formative years of the company, steering its exponential growth into one of India's top consumer internet brands.
"Their advice and belief have been paramount in shaping Swiggy's identity and scale," independent director and board chairperson Anand Kripalu said.
These adjustments are made as Swiggy moves closer to corporate governance best practices, a universal trend among post-IPO technology companies. In Q4 FY25, the company's revenue came in at Rs 4,410 crore a 45% year-on-year improvement although net losses similarly increased to Rs 1,081 crore over the same period.
