Harsha Majety, the CEO of Swiggy, has circulated an internal memo on Monday regarding Phani Kishan Addepalli. The memo confirms that Phani has been elevated to the co-founder position. Phani joined the online delivery firm Swiggy in March 2015.
Phani Kishan is now the Co-founder of Swiggy
Swiggy CEO Majety considers Phani as the main source of inspiration in Swiggy firm. He said that Phani is the biggest source of energy for him. Nandan and Majety, the co-founders of Swiggy, showed a lot of enthusiasm in welcoming Phani on board.
In the internal memo, Majety talked about how Phani helped so many problems during his six years of stay in Swiggy. He has been an integral part of the management team. And, he is also responsible for initiating multiple processes and took them to a higher level.
Phani joined Swiggy as a General Manager in 2015. Currently, he is handling Vice President of Strategy and Investments designation in The online food delivery giant.
Recent Developments in Swiggy
Phani Kishan’s elevation to co-founder is one of the major development recently happened in Swiggy. In last year, Swiggy observed major changes in its operations and top-level team. Phani Kishan’s elevation to co-founder is one of them.
A few weeks back, Swiggy’s Chief Operating Officer Vivek Sunder left his position. Currently, he served his notice period up to October end in the firm. In addition to the CEO position, Majety is also handling key business operations of Swiggy.
In May 2020, Rahul Jaimini left the food delivery startup to join the co-founder’s team in Pesto Tech, a career accelerator startup. He was the co-founder and the Chief Technology Officer in Swiggy when he resigned. Jaimini still the shareholder of an online food delivery firm. In addition to that, he is continuing as the board member of the growing food delivery startup.
Swiggy raised $800 million during its Series J financing event in April 2021 led by Falcon Edge, Amansa Capital, Think Investment, and others.
April month round helped the firm to reach a valuation of $5 billion. The firm is in advanced talks with Japense investor SoftBank to raise $450 million. If the round is closed, Swiggy valuation will surge to $5.5 billion.