Swiggy, the food delivery giant, has brought in another senior executive from Flipkart, marking the second high-profile hire in two weeks as it readies for its much-anticipated initial public offering (IPO), slated for later this month.

On Wednesday, Swiggy announced the appointment of Dhruvish Thakkar as Assistant Vice President for Revenue and Growth at Swiggy Dineout. Prior to joining Swiggy, Thakkar served as Senior Director, Head of Revenue and Marketing at Flipkart.

This move follows the recent recruitment of Amitesh Jha, Flipkart’s former Senior Vice President and Head of Grocery, who joined Swiggy as the Chief Executive Officer of Swiggy Instamart. Jha steps into the role previously held by Swiggy co-founder Phani Kishan, who has now transitioned into a broader role overseeing the company’s Central Growth unit.

Leadership Changes at Instamart

Swiggy has also made several significant leadership changes within its Instamart division. Last month, the company appointed Sairam Krishnamurthy as Senior Vice President and Chief Operating Officer of Instamart. These appointments come as part of a broader reshuffle within Swiggy’s quick-commerce unit, aimed at bolstering operations ahead of its IPO.

In addition to Krishnamurthy, Swiggy has brought on board several other senior executives: Himavant Srikrishna Kurnala as Senior Vice President of Product and Business, Aakash Bhotika as Vice President – Technical Advisor, Mayank Rajvaidya as Vice President of Fruits and Vegetables, and Manu Sasidharan as Associate Vice President for the FMCG Category at Instamart.

Recent Departures

These leadership changes follow a wave of high-level exits. Swiggy’s former Chief Growth and Marketing Officer, Ashwath Swaminathan, recently left the company. Other notable departures include Senior Vice President Karthik Gurumurthy, who resigned late last year, and former Head of Revenue and Growth Anuj Rathi, who exited in September 2023. Additionally, ex-Chief Technology Officer Dale Vaz left Swiggy in April last year.

IPO and Competitive Landscape

Swiggy’s leadership overhaul comes as it prepares for its IPO, expected to raise around ₹10,400 crore ($1.25 billion), with the company aiming for a valuation of approximately $15 billion.

The reshuffle happens as competition in the quick-commerce sector intensifies. Rivals like Zepto, Blinkit, and BB Now are expanding aggressively, while established players such as Flipkart and Amazon have entered the space. According to a report by HSBC Global, Swiggy Instamart’s market share fell from 52% in March 2022 to 32% by January 2024. Meanwhile, Blinkit leads the market with a 40% share, and Zepto has grown from 15% to 22% over the same period.