Instamart
Karthik Gurumurthy is going on a sabbatical and said that when he returns he will join another new vertical in the company.
Karthik Gurumurthy, who ran Instamart, Swiggy’s convenience store business, has resigned, while food delivery company founder Phani Kishan Addepalli has taken over. Addepalli, who also oversees the company’s InsanelyGood business, was named the CEO of Swiggy in July 2021, six years after joining the Bengaluru company.
He has been running SuprDaily, renamed InsanelyGood, since October 2021. Also Read: Swiggy sells its cloud kitchen business ?In a March 31 post on LinkedIn, Gurumurthy, who runs the sabbatical, said Instamart is a nearly billion-dollar business.
“Today’s business continues to grow, great relationships with our brand partners and a few of our stores are profitable, feeling how the seed sprouts in the check and now this is a big, strong tree,” he wrote. He added that the trip was tough, “a lot of belief in physical and mental well-being”. Gurumurthy will take up new duties within the organization in a new capacity as soon as he returns from his sabbatical.
“I plan to take a day off now to come back and build something (0-1), something I love… Relive and relive those memories of 2020 and 2021,” he said. “I use this vacation to recharge my batteries thanks to this sabbatical (not because of the difference of 13 Mn$: D). Instamart, launched in 2020 and competing with players like Blinkit and Zomato’s Zepto, has grown rapidly and is Swiggy’s second largest vertical.
The decision comes at a time when Swiggy is looking to cut costs, two months after it laid off 380 people. According to the November 2022 Prosus report, the logistics business grew 20x in the first six months of 2022, with a GMV of $ 257 million for the period.
Swiggy’s losses in FY22 have widened to Rs 3,628.9 crore, according to Tofler data.
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