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.