Japan’s SoftBank and Accel were among Swiggy’s earliest and most prominent backers.
The company has appointed Faraz Khalid, CEO of e-commerce platform Noon, as an independent director, pending shareholder approval.
This shift marks a continued move toward a more independent board structure, in line with corporate governance norms for listed companies.
Faraz Khalid brings experience from leading Noon’s expansion into e-commerce, food delivery, and fintech in West Asia. He previously co-founded fashion platform Namshi.
“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,” said the regulatory filing.
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Swiggy’s chairperson, Anand Kripalu, said the refreshed board composition enhances the company’s governance framework and prepares it for long-term, sustainable value creation.
Accel first backed the company in April 2015 during its Series A round, investing around $2 million and becoming one of the initial institutional shareholders. The firm continued to support Swiggy through subsequent growth stages, playing a key role in its early expansion.
SoftBank entered later, participating in Swiggy’s series-I round in early 2018. In December 2018, its Vision Fund invested $450 million as part of a broader $1 billion round alongside Naspers and Tencent. This marked SoftBank’s significant entry into India’s online food delivery market.
Swiggy listed on 13 November 2024, following a ₹11,327.43 crore IPO that was oversubscribed 3.6 times. Its shares fell 2.6% to ₹408.30 on the National Stock Exchange on Friday in an overall weak market.
In FY25, Swiggy’s revenues grew to ₹15,623 crore against ₹11,634 crore a year earlier. Its losses widened to ₹3,116.8 crore in the year from ₹2,350.2 crore in FY24.
