Swiggy to Appoint Separate Finance Heads as Instamart Eyes Inventory-Led Model

Food and grocery delivery major Swiggy is restructuring its finance function by appointing two vice-presidents to independently oversee its food delivery and quick-commerce verticals, MoneyControl reported.

This marks the first time Swiggy will have separate finance heads for its businesses. Until June, both units were managed by senior vice-president Saurav Goyal, who has since taken charge of the driver and delivery division. The new vice-presidents will report directly to group chief financial officer (CFO) Rahul Bothra.

The Reason

The rejig comes as Swiggy weighs shifting Instamart, its quick-commerce arm, from a marketplace to an inventory-led model, a transition already under way at rival Blinkit.

Such a move would alter accounting structures, making dedicated finance leadership more critical. While Bothra had earlier said there was “no screaming reason” to adopt the model, he told analysts after Q1 FY26 results that Instamart could “naturally evolve” in that direction.

Arch-rival Blinkit, owned by Eternal, made a similar transition last year. After appointing its own CFO in late 2023, it moved to an inventory-led structure in July 2024, arguing the shift improves unit economics, a key consideration as quick-commerce players chase profitability.

A crucial enabler for Swiggy is rising domestic ownership. The company has increased Indian ownership from around 13% before filing its draft red herring prospectus (DRHP) in September 2024 to about 40% now. To hold inventory, Swiggy must cap foreign shareholding at 49.5% on a fully diluted basis, the same step Blinkit’s parent Eternal took to comply with FDI norms and qualify as an Indian-owned and controlled company (IOCC).

The changes also come against a backdrop of swelling losses. For April–June, Swiggy’s net loss doubled year-on-year to Rs 1,197 crore, even as operating revenue surged 54% to Rs 4,961 crore.