Foodtech

Swiggy Appoints HUL Veteran Ashwath Swaminathan as Chief Growth and Marketing Officer

• ByStartupStory     |    February 2, 2024

Bengaluru-based food delivery giant Swiggy is making strategic moves ahead of its upcoming stock market listing by appointing Ashwath Swaminathan, a veteran from Hindustan Unilever (HUL), as its new chief growth and marketing officer. Swaminathan’s appointment comes at a time when the company is undergoing significant internal changes, including the recent announcement of laying off around 400 employees, constituting about 6% of its workforce, as part of a corporate realignment process. The layoffs are expected to impact various departments, with the tech and customer support teams bearing the brunt.

Swaminathan, who previously served as the vice president of HUL’s oral care and deodorants business, brings with him 17 years of experience at the FMCG giant. He played a key role in expanding HUL’s green tea business and contributed to the growth of cosmetic brand Lakme and oral care brands Pepsodent and Closeup. Prior to his tenure at HUL, Swaminathan worked at the market research firm Kantar.

In his new role at Swiggy, Swaminathan will leverage his expertise in consumer brands and growth marketing to drive the company’s marketing initiatives. Swiggy’s group CEO Sriharsha Majety expressed enthusiasm about Swaminathan’s appointment, highlighting his track record in leveraging data-driven insights and strategic collaborations to strengthen consumer brands.

Swiggy has been actively reinforcing its leadership team in preparation for its public market debut. Earlier this year, the company appointed Anirban Roy as vice president of growth, revenue, and category for Swiggy Instamart, and Dipak Krishnamani as vice president to head Swiggy Mall. In December 2023, FMCG veteran Anand Kripalu joined Swiggy as an independent director and the chairperson of its board of directors.

However, Swiggy has also witnessed several high-profile exits from its top leadership over the past year. Notably, Swaminathan will be filling the position vacated by Ashish Lingamneni, who previously served as the vice president of marketing- brand, product marketing, and sustainability before leaving in May 2023. Other recent departures include Sidharth Satpathy, former vice president at Swiggy-owned Instamart, and senior executives such as Karthik Gurumurthy, Dale Vaz, Anuj Rathi, and Nishad Kenkre.

Financially, Swiggy reported a net loss of INR 4,179.3 crore in the financial year 2022-23, marking a 15% increase from the previous year. Despite the increase in losses, the company’s operating revenue surged over 40% to INR 8,264.4 crore during the same period, attributed to the growth of its quick commerce vertical.

Follow Startup Story