Swiggy recasts board following IPO; SoftBank, Accel nominees exit

Food and grocery delivery company Swiggy has reconstituted its board of directors—in the first recast since its November 2024 listing, with key and early-stage investors stepping down and a new independent director coming on board.

SoftBank’s Sumer Juneja and Accel partner Anand Daniel have resigned from the board, according to a regulatory filing made with the stock exchanges. SoftBank and Accel are among Swiggy’s early and significant backers.

Faraz Khalid, chief executive of UAE-based ecommerce company Noon, has joined Swiggy’s board as an independent director.


“Both (Juneja and Daniel) 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. 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,” Swiggy’s chairman Anand Kripalu said in a statement.

In April this year, Delhivery founder and CEO Sahil Barua had also stepped down from Swiggy’s board, citing increased professional commitments.

Accel was the first institutional backer of Swiggy, along with Elevation Capital, in 2015, when both firms invested $2 million in the company.

Japanese investor SoftBank entered Swiggy’s cap table in early 2018. Later, in December 2018, SoftBank Vision Fund invested $450 million as part of the broader $1 billion round alongside Prosus and Tencent.

Juneja, however, had joined Swiggy’s board in 2015 when Norwest Venture Partners invested in the Bengaluru-based company. He moved to SoftBank in 2018.

As of June 30, SoftBank held a 6.9% stake in Swiggy, while Accel owned 4.3%.

Swiggy listed on the exchanges in November 2024, following a Rs 11,300 crore initial public offering (IPO). The issue was done at a stock price of Rs 390 apiece. On Friday, the company’s shares closed 2.7% lower at Rs 407.80 on the BSE.

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