Online food ordering and delivery platform Swiggy, has finished its media pitch. According to highly placed sources, the company has retained its long-term media agency partner Havas Media Group India. The agency has Swiggy's business since 2016. The value of the account stands around Rs 200 crore, informed insiders. Over 10 agencies had participated in the pitch process which was initiated in August.
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.