Swiggy puts its media account up for review

Online food ordering and delivery platform Swiggy, whose media mandate rests with Havas Media Group India, has called for a media review, Storyboard18 has confirmed.

The value of the account stands at Rs 200-250 crore. The account is handled by Havas Media Group India which won the business in 2016.

In the last few months, the company saw some high-profile exits. Recently, Anuj Rathi, the senior vice president (SVP) of revenue and growth of the company quit after a stint of more than seven years at the food-delivery startup. Rathi was in charge of product, marketing, growth, financial services, and partnership at Swiggy. Ashish Lingamneni, vice president (VP), head, brand and product marketing, and Nishad Kenkre, VP, head, revenue and growth, Instamart, also left the company in May 2023.

According to media reports, Swiggy, the Softbank-backed food delivery company, is eyeing a 2024 stock market listing and has initiated talks with bankers to assess its valuation. In May 2023, Swiggy announced that its core food delivery business had turned profitable, nine years after starting operations, even as its newer grocery delivery service, Instamart, continues to make losses.