Swiggy reshuffles Board post‑IPO; Accel & SoftBank reps exit
Sumer Juneja and Anand Daniel, non-executive and non-independent directors; who were representatives of key investors Softbank and Accel respectively on its Board, stepped down from their positions.
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Swiggy, India's on-demand convenience platform, announced the appointment of Faraz Khalid, chief executive officer of noon, the Middle East’s leading consumer commerce platform, as an independent director on its Board; subject to shareholder approval.
Sumer Juneja and Anand Daniel, non-executive and non-independent directors; who were representatives of key investors Softbank and Accel respectively on its Board, stepped down from their positions.
Sriharsha Majety, founder and group CEO of Swiggy, said, "Faraz is among the most visionary leaders in e-commerce, bringing extensive expertise in integrating advanced technology, scaling operations, and delivering superior customer experiences. With his joining our Board, our independent directors (led by our Chairperson) represent four pillars of strategic governance. 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."
Under Khalid's 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.
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.”
