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Swiggy Instamart Welcomes Flipkart Veteran Kanika Tiwari as Head of Monetization

• ByStartupStory     |    November 27, 2024

Swiggy Instamart has appointed Kanika Tiwari as its new Head of Monetization, a strategic hire aimed at accelerating the platform’s growth trajectory. Tiwari transitions to Swiggy after an impressive eight-year stint at Flipkart, where she held various leadership positions. Most recently, she served as Director of Strategy and Growth at Flipkart Ads and previously held the role of Associate Director of Growth and Partnership in the same division.

Reflecting on her move, Tiwari shared in a LinkedIn post, “I want to thank Flipkart for the opportunities and experiences gained during my tenure. I am grateful to all the leaders I got to work with, who helped me become the professional I am today. Looking forward to this new chapter and contributing to Swiggy’s success.”

This announcement comes alongside other senior leadership hires at Swiggy Instamart, including Supriya Shankar, who has been appointed Vice President of Events and Experience. Shankar, formerly the CEO – Singapore and SVP – Growth and Expansion SEA at Lenskart, brings 14 years of expertise in internet commerce. Her career spans roles at Airtel, Zomato, and OYO, where she managed global marketing, sales, and operations with a focus on growth, expansion, and P&L management.

Swiggy has also recently onboarded Shalabh Shrivastava as Senior Vice President of the Driver Organisation and Hari Kumar G as Senior Vice President and Chief Business Officer for Swiggy Instamart. These appointments underline the company’s commitment to enhancing its service quality and driving growth across its key segments.

Swiggy’s Market Debut

Swiggy’s leadership updates follow its successful debut on the Indian stock market, where the company’s shares opened strong on both major exchanges. On the NSE, Swiggy’s shares debuted at ₹420, an 8% premium over its IPO price of ₹390, while on the BSE, shares began trading at ₹412, reflecting a 5.6% premium.

The IPO, which aimed to raise approximately ₹11,700 crore, was oversubscribed 3.59 times, with strong interest from institutional investors. The QIB (Qualified Institutional Buyer) portion saw 6.02 times oversubscription, while retail and HNI (High Net-worth Individual) segments showed more modest participation. Swiggy plans to utilize the funds raised to invest in its subsidiary Scootsy, clear existing debt, expand its dark store network, and further enhance its technology and brand presence.

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