Swiggy , India's leading on-demand convenience platform, has announced significant changes to its board structure and leadership team, marking a transition towards greater independence following its public listing.

Board Restructuring

The company has made two key appointments to its board:

• Faraz Khalid, CEO of noon, has been appointed as an Additional Non-Executive Independent Director, subject to shareholder approval, for a five-year term from July 25, 2025, to July 24, 2030.
• The Board of Directors has approved the re-appointment of Mr. Shailesh Vishnubhai Haribhakti as Non-Executive Independent Director for a second term of five years, from January 24, 2026 to January 23, 2031, subject to shareholder approval.

These appointments coincide with the resignation of two nominee directors: Sumer Juneja, representing Softbank, and Anand Daniel, representing Accel.

Strategic Appointments

Faraz Khalid

Faraz Khalid brings extensive experience to Swiggy's board. As the CEO of noon, a leading consumer commerce platform in the Middle East, Khalid has overseen the company's evolution into a multifaceted ecosystem encompassing e-commerce, quick commerce, and food delivery. His prior experience includes co-founding Namshi, a regional fashion leader.

Shailesh Haribhakti

Shailesh Haribhakti, a Chartered Accountant and Cost Accountant with over five decades of experience, currently serves as Chairman of Shailesh Haribhakti & Associates and Vice Chairman of GovEVA Consulting. He previously served as Chairman of the National Pension Scheme Trust from 2015-2017 and has been associated with various professional institutions including SEBI committees. Haribhakti has confirmed he meets the independence criteria under the Companies Act, 2013 and listing regulations.

Sriharsha Majety, Founder and Group CEO of Swiggy, commented on Khalid's appointment: "Faraz is among the most visionary leaders in e-commerce, bringing extensive expertise in integrating advanced technology, scaling operations, and delivering superior customer experiences."

Departure of Nominee Directors

The resignations of Sumer Juneja and Anand Daniel, effective July 25, 2025, mark a significant shift in Swiggy's board composition. Both directors cited professional commitments as the reason for their departure. Their exit reflects the natural progression of Swiggy's governance structure following its successful IPO last year.

Leadership Changes in Compliance Function

Swiggy has also announced changes in its compliance leadership:

• Venkatraman Ramachandran has resigned as Interim Company Secretary and Compliance Officer, effective July 24, 2025.
• Cauveri Sriram has been appointed as the new Company Secretary and Compliance Officer, effective July 25, 2025.

Cauveri Sriram is a qualified Cost Accountant and fellow Company Secretary with over 15 years of experience in corporate governance, compliance, stakeholder engagement, enterprise risk, investor relations, finance, and audit. She was previously associated with the Tata group and other leading organizations.

Enhancing Corporate Governance

Anand Kripalu, Independent Director and Chairperson of Swiggy's Board, emphasized the significance of these changes: "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."

Looking Ahead

With these changes, Swiggy aims to align its board structure and leadership team with best practices for publicly listed companies. The company continues to focus on innovation and growth, leveraging its extensive network of 5.4 lakh delivery partners and partnerships with over 2.5 lakh restaurants across approximately 718 cities in India.

As Swiggy evolves its governance structure, it remains committed to its mission of elevating the quality of life for urban consumers through unparalleled convenience in food delivery, quick commerce, and other innovative services.

Swiggy , a leading player in India's food delivery and quick commerce sector, saw its shares rally impressively on Tuesday, reflecting growing investor confidence in the industry. The stock surged nearly 8%, touching an intraday high of Rs 426.00.

Strong Performance and Analyst Optimism

The surge in Swiggy's stock price comes on the heels of robust quarterly earnings reported by Eternal Ltd, a peer in the sector. Eternal Ltd demonstrated strong execution with a 23% quarter-on-quarter revenue growth and narrowing losses in its Blinkit and Hyperpure divisions. This positive performance in the sector has bolstered investor sentiment towards Swiggy.

Recent Stock Trends

Swiggy's stock has been on an upward trajectory, gaining 10.78% over the past month and 6.59% in the last seven days. This recent rally underscores the growing investor interest in the food delivery and quick commerce space.

Analyst Coverage and Ratings

Elara Securities has initiated coverage on Swiggy with an 'Accumulate' rating, setting a target price of Rs 450.00. The brokerage firm cited Swiggy's strong execution potential in both food delivery and quick commerce as key factors for their positive outlook.

The stock has garnered significant attention from the analyst community. Out of 25 analysts tracking Swiggy, 19 maintain 'Buy' ratings, indicating a broadly positive sentiment towards the company's prospects.

Upcoming Quarterly Results

Investors and analysts alike are eagerly awaiting Swiggy's upcoming quarterly results, scheduled to be announced on July 31. The announcement is expected to provide further insights into the company's performance and growth trajectory in the competitive food delivery and quick commerce sector.

As the food delivery and quick commerce industry continues to evolve rapidly in India, Swiggy's performance and stock movement will likely remain under close scrutiny by investors and market watchers alike.