Food delivery and quick commerce platform Swiggy Limited on April 10 announced a major reshuffle of its board, marking a transition in leadership as the company sharpens its focus on its next phase of growth.

In an exchange filing , the company said co-founder Lakshmi Nandan Reddy Obul (Nandan Reddy), who served as whole-time director and head of innovation, has resigned from the board with effect from April 10, 2026, to pursue independent ventures. Alongside him, nominee director Roger Clark Rabalais also stepped down.

The exits will be followed by key internal elevations. Co-founder and Chief Growth Officer Phani Kishan Addepalli and Group CFO Rahul Bothra have been appointed as additional directors (executive, non-independent), effective June 1, 2026, subject to shareholder approval. In addition, Renan De Castro Alves Pinto, associated with Prosus, will join the board as a non-executive nominee director from April 11, replacing Rabalais.

Shift towards institutional leadership

The reshuffle indicates a broader shift in Swiggy’s governance structure, with operational leaders being elevated to the board as the company transitions from a founder-led setup to a more institutional framework. Phani Kishan, one of the company’s earliest leaders, has been instrumental in scaling its quick commerce business Instamart, while Bothra has played a key role in financial strategy, including leading Swiggy’s IPO in 2024 and subsequent capital raising efforts.

At the same time, the replacement of one Prosus nominee with another indicates continuity in investor oversight, even as the board composition evolves.

Financial performance and outlook

The leadership rejig comes at a critical time for Swiggy, which continues to prioritise growth while working towards profitability. The company is yet to announce the exact date for its Q4 FY26 results, which are expected later this month or in early May.

In its Q3 FY26 performance, Swiggy reported strong revenue growth driven by both food delivery and quick commerce, but remained loss-making, with profitability weighed down by continued investments in Instamart.

Brokerage JM Financial recently flagged concerns around the company’s Instamart strategy, downgrading the stock and cautioning that aggressive expansion in quick commerce could weigh on margins in the near term, despite Swiggy's strong presence in the food delivery segment.

Swiggy’s trajectory mirrors that of its another listed peer, Eternal Ltd (formerly Zomato Ltd), which also prioritised scale before profitability. Eternal was loss-making at the time of its IPO in 2021 and took nearly two years post-listing to report its first net profit in the June 2023 quarter. Swiggy, which listed in November 2024, has continued to remain loss-making post listing, with losses widening amid aggressive investments in its quick commerce business even as revenue growth has remained strong.

The shares of Swiggy Ltd ended 1.51% higher at ₹276 apiece on the National Stock Exchange on Friday. The company's stock has fallen over 17% during the past year, underperforming the Nifty Midcap 50 index that has risen over 15% during the period.