Swiggy on Thursday announced that Amitesh Jha would lead its quick commerce business, Instamart, as the Chief Executive Officer, in a string of key leadership updates within the organisation.
Amitesh Jha brings over two decades of valued experience in operations, strategy, and product development from stints at reputed Indian houses. Immediately before joining Swiggy Instamart, he was at Flipkart and played an integral part in its success and emergence of e-commerce as mainstream in India.
In this respect, upon Mr. Jha’s appointment, Swiggy’s co-founder and current Chief Executive Officer of Swiggy Instamart, Phani Kishan will assume a wider organizational role to lead the central growth unit of the company. He would work closely with Swiggy Group CEO Sriharsha Majety on the strategic direction and expansion plans for the company.
This is a second high-profile appointment at Swiggy Instamart this month. It had earlier this month roped in Sairam Krishnamurthy as the Senior Vice President and Chief Operating Officer of the firm to bolster its leadership rank.
What was most interesting about Jha’s appointment is that it came just days after reports said Amazon is in talks with Swiggy to buy out the latter’s quick commerce business. Amazon’s reported interest in entering quick commerce in India only embodies the competitive landscape in which companies like Swiggy would take such leadership decisions.
Regarding the market dynamics, Instamart is the existing number two quick commerce player with a market share of 20-25% as of July, a report by brokerage firm UBS said. Blinkit from Zomato leads the sector with a 40-45% share, followed by Zepto at 15-20% and BigBasket at 10-15%, the report added.
The news of Swiggy filing IPO papers with SEBI in early September has also been making headlines after it recently got a valuation of $ 14.74 billion from the U.S investor Baron Capital. The company recorded revenues of Rs 5,476 crore from operations during the first three quarters of the financial year FY24, indicating strong prospects and growth potential, though it reportedly incurred a loss of Rs 1,600 crore during this period.
An Entrackr exclusive report in April on Swiggy’s financial performance and strategic actions gave an overview of the company’s position in the market and its long-term vision, providing the path ahead for more growth and innovation in the aggressive Indian market.
