Swiggy’s CTO Dale Vaz steps down

Swiggy’s chief technology officer (CTO) Dale Vaz has exited the company. This comes amid what appears to be a major management rejig at Swiggy. Just last week Instamart head Karthik Gurumurthy announced going on a sabbatical.

Confirming Vaz’s exit, Swiggy said that Madhusudhan Rao will be taking over as the new CTO role.

​​“We confirm Dale Vaz has decided to move on from Swiggy to pursue his entrepreneurial venture. He will continue in his role till May 2023 & will be associated with Swiggy for an extended period in an advisory role. We thank him earnestly for his many contributions to Swiggy,” a Swiggy spokesperson said in a statement.

As mentioned above, Vaz’s resignation has come shortly after Gurumurthy went on a sabbatical. Phani Kishan, who was elevated as Swiggy’s co-founder in July 2021, has replaced Gurumurthy.

Back-to-back resignations of top executives also comes ahead of the company’s IPO preparations. Swiggy has been gearing up for a public listing somewhere in the middle of 2024. Entrackr was the first to report about its IPO plans in February.

Last week, US-based asset management company Invesco slashed Swiggy’s valuation to $8 billion. To recall, Swiggy entered the decacorn club in January last year. A 20% haircut in valuation is not surprising in the present environment. India’s highest valued private company Byju’s valuation was reportedly slashed by almost half to $11 billion by its investor, BlackRock.