Food-delivery platform Swiggy on Friday rejigged its board after venture capital firm Accel’s Anand Daniel and SoftBank’s Sumer Juneja stepped down.
The company has appointed Faraz Khalid, CEO of Middle-East-based ecommerce marketplace noon, as its fourth independent director, it said in a BSE filing.
“We are delighted to welcome Faraz to the Board and look forward to leveraging his considerable experience at noon. We also extend our heartfelt thanks to Sumer and Anand for their invaluable contributions. Both have been associated with Swiggy since the early days, and their confidence and counsel have been instrumental in helping the management team build Swiggy into one of India’s most beloved consumer internet brands,” said Anand Kripalu, Independent Director and the Chairperson of Swiggy’s board of directors.
“The refreshed Board structure underscores Swiggy’s commitment to enhancing Board independence as part of the long-term roadmap towards stronger corporate governance, transparency, and value creation for all shareholders,” he added.
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According to Juneja’s resignation email that YourStory has seen, the exit comes amid other professional commitments. Juneja is currently the Managing Partner and Head of EMEA and India at SoftBank. The move aligns with SoftBank’s strategy of giving up board seats after a company lists on stock exchanges.
SoftBank invested in the foodtech major back in 2021 as part of its Series J fundraise, according to data website Tracxn.
Accel’s Daniel, in his letter to stock exchanges, said that his decision to step down was “due to other professional commitments demanding my attention.”
The Bengaluru-based VC firm was one of the early institutional investors in Swiggy, back in 2015 when the company raised its Series A round. The firm had gone on to participate in follow-on rounds in the company, Tracxn data shows.
Swiggy listed on the stock exchanges in November last year. While the company is yet to file its Q1 FY26 results, it had reported widening losses of Rs 1,081 crore in the previous quarter from Rs 553.6 crore in the year-ago period.
However, the company reported a 45% rise in operating revenue to Rs 4,410 crore during the period.
Shares of the company closed down 2.68% at Rs 407.80 apiece on BSE on Friday.
Edited by Kanishk Singh
