Vivek Sunder, the COO of the food delivery giant, Swiggy will be stepping down from his role and resigning from the organisation by October. The reason behind this move was that Sunder is seeking to pursue a different path in his professional and personal life as per a report by Moneycontrol.
As per the report, in which an internal company mail was accessed, it was discovered that the founder and current CEO of Swiggy, Sriharsha Majety, will be stepping in as interim COO until the company can find a suitable candidate to fill Sunder’s shoes at the company. According to the memo accessed by Moneycontrol, Majety will be overseeing the business in the marketplace with immediate effect and it would seem that these discussions had been ongoing for some time within the company, for the past few weeks.
Majety elaborated on the role Sunder played in the company over the past three years and the expansion and scaling that Sunder did for Swiggy. Sunder played a pivotal role in expanding the business’s reach to over 500 cities across the nation and kept things afloat during the trying COVID-19 pandemic and ensuing lockdown.
As Swiggy initiates its search for its next COO, the next candidate will have a lot to live up to as Sunder is a seasoned veteran in the Fast-Moving Consumer Goods (FMCG) sector with over 23 years of work experience in the industry. Prior to his three-year stint at Swiggy, he worked for around 20 years with Procter and Gamble (P&G), where he held the office of the Managing Director of the East/Equatorial African division, which oversaw Kenya, Ethiopia, Uganda, Tanzania and Angola to name a few.
He certainly climbed through the ranks considering he started his career as an Accounts Manager in 1998 at P&G. Sunder is also a graduate from the Indian Institute of Management, Calcutta (IIMC), with an MBA in marketing, economics and finance.
Recently Swiggy has raised $800 million through investors which has brought its valuation up to $5 billion after its series J round of funding. The investors who played a major role in this round were Amansa Holdings, Carmignac, Falcon Edge Capital, Goldman Sachs and Think Investments. As the rivalry between Swiggy and Zomato heats up as the latter is seeking to file its IPO, Swiggy is anticipating a significant investment from Softbank, which will be investing around $450 million, bringing the valuation up to $5.5 billion.