Food and grocery delivery platform Swiggy is rejigging its organisational structure and is set to appoint two separate heads of finance for its quick commerce arm Instamart and food delivery vertical, according to people aware of the matter.
“As both the businesses have grown bigger, Swiggy has decided to add two vice president-level roles for Instamart and food delivery separately,” said a person in the know.
The two VP positions are new. Earlier, the finance divisions for both the segments were headed by senior vice president Saurav Goyal, who took over as the head of the driver and delivery department in June.
Both the VPs will report directly to Swiggy’s chief financial officer (CFO), Rahul Bothra.
Moneycontrol was the first to report this development. Swiggy did not respond to ET's queries at the time of publication.
Swiggy’s move to rejig its organisational structure comes at a time when there is a lot of talk about a shift to an inventory-led model for quick commerce platforms from the marketplace model.
Instamart’s rival Blinkit announced plans to transition to an inventory-led model in July. Simply put, Blinkit will now buy inventory from its sellers, instead of just storing it in its warehouses for them.
Also Read: ETtech Explainer: Why Blinkit is shifting to an inventory-led model
When asked about Swiggy’s plans to move to a similar move in the April to June post earnings call, Bothra said that instamart may consider moving to an inventory-led model at some point, “but there is no plan in the near future”.
For the April-June period, Swiggy’s net loss doubled year-on-year (YoY) to Rs 1,197 crore, while it spent Rs 1,053 crore cash on a net basis, after accounting for operating, investing, and financing activities. The Bengaluru-based company’s operating revenue for the quarter surged 54% to Rs 4,961 crore.
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The two VP positions are new. Earlier, the finance divisions for both the segments were headed by senior vice president Saurav Goyal, who took over as the head of the driver and delivery department in June.
Both the VPs will report directly to Swiggy’s chief financial officer (CFO), Rahul Bothra.
Moneycontrol was the first to report this development. Swiggy did not respond to ET's queries at the time of publication.
Swiggy’s move to rejig its organisational structure comes at a time when there is a lot of talk about a shift to an inventory-led model for quick commerce platforms from the marketplace model.
Instamart’s rival Blinkit announced plans to transition to an inventory-led model in July. Simply put, Blinkit will now buy inventory from its sellers, instead of just storing it in its warehouses for them.
Also Read: ETtech Explainer: Why Blinkit is shifting to an inventory-led model
When asked about Swiggy’s plans to move to a similar move in the April to June post earnings call, Bothra said that instamart may consider moving to an inventory-led model at some point, “but there is no plan in the near future”.
For the April-June period, Swiggy’s net loss doubled year-on-year (YoY) to Rs 1,197 crore, while it spent Rs 1,053 crore cash on a net basis, after accounting for operating, investing, and financing activities. The Bengaluru-based company’s operating revenue for the quarter surged 54% to Rs 4,961 crore.
