Swiggy Instamart Head Steps Down, Co-Founder Phani Kishan Addepalli Takes Charge

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New Delhi: Well-known rapid commerce service Karthik Gurumurthy, the CEO of Swiggy Instamart, revealed his impending resignation in a Linkedin post on Friday. Gurumurthy intends to take a sabbatical. "I have enjoyed being a part of this trip, but it has been difficult and has required many sacrifices for both physical and emotional health.

I'm going to take a break right now to start over and develop something I've always liked (0-1). Play back the memories of 2020 and 2021, live them, "He wrote on LinkedIn. ()

With outstanding relationships with our brand partners and a handful of our locations already being profitable, the business is still expanding today, he continued, and it "simply feels like the seed grew into a branch and is now a large robust tree." ()

The trip had been difficult, he continued, and it had required "a lot of compromises on physical & emotional well-being."

He stated in the LinkedIn post that Swiggy co-founder Phani Kishan Addepalli will succeed him. Phani Kishan Addepalli, our co-founder and a superb leader, will lead the company and take it to the next level, he said.

Despite his decision to step down from his present position, Gurumurthy has not abandoned Swiggy entirely, and according to the sources Business Today spoke with, he will still work for the food aggregator firm in his future position.

In the comments section of his article, he said, "We appreciate our people a lot and want to establish a sports club with a heart. I take this leave to renew myself through this sabbatical (and not because of the 13 Mn$ gap:D).

The second-largest division of the food aggregator Swiggy is Instamart. The first half of 2022 saw a 20-fold increase in rapid commerce in India, with a GMV of $257 million during that time frame, according to research from the market intelligence company Prosus.

Instamart was introduced in 2020 while the quick commerce delivery market was seeing growth during the COVID-19 shutdown.

The InsanelyGood division of the corporation is led by Phani Kishan Addepalli. Six years after starting with the Bengaluru-based company, in July 2021, he was promoted to co-founder of Swiggy.