Phani Kishan Adepally, Vice President (Strategy & Investments) Swiggy, now finds itself at a new high. According to a report in Moneycontrol, the senior executive has been pulled up to the rank of co-founder by the company’s top executives. It comes before the billion-dollar fundraiser that the food delivery giant is going through. With this promotion, Funny will join the other co-founders, Sriharsha Majety and Nandan Reddy, in the top rank. The report noted that this was done in an effort to enrich the leadership of the company’s management on the upside and was announced in a blog post by Majetti on Monday.
It should be noted that Rahul Jaimini left the company in May 2020 to start his own venture, Pesto Tech. The report said Majetti described Finney as a ‘go-to-guy’ and referred to him as a problem-solver in the blog post. Since joining the Funny team in 2015, he was part of the core team that helped Swiggy gain a foothold in the market. This has been a part of the recent start-up trend which goes against the ideal of having founders who actually founded the company in the beginning. This new trend has elevated core team members like Funny in an effort to recognize talent as the company scales and expands.
According to his LinkedIn profile, the new co-founder joined Swiggy after two years at Boston Consulting Group, where he worked as a senior associate. After joining Swiggy, he started as general manager, then was promoted two years later to the role of assistant vice president and chief of staff to the company’s CEO.
As per a Moneycontrol report, Swiggy is currently going through a $1 billion funding round with SoftBank. It was also noted that the company would receive an investment of $450 to 500 million from the investment group, bringing the valuation closer to $5.5 billion. Earlier, Swiggy recently closed its Series-J funding round, for which SoftBank was again the top investor in the series. According to information provided by Crunchbase, other investors in the food-delivery giant who took part in the Series J funding were Carmignac, Falcon Edge Capital, Accel, Amansa Holdings, Think Investments, Goldman Sachs and Prosus Ventures. Its valuation of the company was up to $5 billion, according to a Moneycontrol report. It should also be noted that this change comes just days before its rival, Zomato’s move to IPO.
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