Swiggy Reshuffles Board Post IPO as SoftBank, Accel Nominees Exit

Foodtech major Swiggy has restructured its board of directors after SoftBank’s Sumer Juneja and Accel’s Anand Daniel stepped down as non-executive and non-independent directors, the company said in an official statement on Friday. It is pertinent to note that Japan-based SoftBank and Accel were Swiggy’s among most prominent backers.

The food delivery company has now appointed Faraz Khalid, CEO of ecommerce platform Noon, as an independent director. Khalid brings an extensive experience into ecommerce, food delivery, and fintech in West Asia.

Under his leadership, Noon has evolved into an ecommerce, quick commerce and food delivery platform. He previously co-founded Namshi, helping establish it as a regional fashion leader. Faraz is recognised for his strategic vision and innovation in shaping the region’s digital economy.

“They bring a wide array of experience across established companies and startups, and marry business and financial acumen with fiduciary expertise. We are confident that their foresight and diversity shall be vital in guiding Swiggy on its next leg of growth,” said Sriharsha Majety, founder and Group CEO of Swiggy.

This transition reflects their confidence in the company’s strategic direction, executive leadership, and governance framework. “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,” the statement read.

Anand Kripalu, Independent Director and the Chairperson of its Board of Directors, said, "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. 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."