Phani Kishan Addepalli, the vice president for strategy and investment at Swiggy, now finds himself in a new elevated position. The senior executive has been pulled up to the position of co-founder by the company’s top brass, according to a report by Moneycontrol. This comes ahead of the billion-dollar fundraiser that the food delivery giant is undergoing. With this promotion, Phani will be joining the other co-founders, Sriharsha Majety and Nandan Reddy, in the top ranks. This upward move was done in an attempt to enrich the management spearhead of the company and was announced in a blog post by Majety on Monday, the report mentioned.
It should be noted that Rahul Jaimini had quit the company in May of 2020 to begin his own venture, Pesto Tech. Majety describes Phani as the ‘go-to-guy’ and refers to him as the problem-solver in the blog post, the report said. Since Phani joined the team in 2015, he was part of the core team that helped Swiggy find its footing in the market. This has been a part of the recent start-up trend that goes against the norm of having the founders be the ones who actually founded the company initially. This new trend has core team members like Phani elevated in an attempt to recognise the talent as the company scales and expands.
According to his LinkedIn profile, the new co-founder joined Swiggy after two years at the Boston Consulting Group where he worked as a senior associate. Once he joined Swiggy, he started as the General Manager, then after two years got promoted to the role of Assistant Vice President and Chief of Staff to the CEO of the company.
Swiggy is currently undergoing a billion-dollar funding round with Softbank backing the play, as per the Moneycontrol report. It was also mentioned that the company will be gaining an investment of $450 to 500 million from the investment group, which will bring up the valuation close to $5.5 billion. Prior to this, Swiggy just recently closed its Series-J funding round, for which Softbank was again the top investor of the series. Other investors in the food-delivery giant who took part in the Series J funding were Carmignac, Falcon Edge Capital, Accel, Amansa Holdings, Think Investment, Goldman Sachs and Prosus Ventures, as per information provided by Crunchbase. This had the company’s valuation up to $5 billion as per the Moneycontrol report. It should also be noted that this change comes ahead of its rival, Zomato’s, move to IPO in a few days.