Swiggy, the food delivery giant gearing up for its public markets debut, is reportedly in advanced talks to bring Amitesh Jha, the former Senior Vice President at Flipkart, on board as the new Chief Executive Officer of its rapidly expanding quick commerce segment, Instamart. This move indicates a significant reshuffle within the company’s leadership, with current Instamart head Phani Kishan Addepalli transitioning to a broader organizational role focused on growth.

The shift comes as Swiggy intensifies its preparations for a potential initial public offering (IPO) later this year. The company has confidentially filed draft documents with market regulators for a substantial public offering valued at approximately ₹10,414 crore ($1.25 billion). Despite multiple attempts, Swiggy did not respond to requests for comment by the time of publication.

This strategic hire aligns with Swiggy’s ongoing efforts to bolster its leadership team in anticipation of its market debut. Earlier in the month, Swiggy also appointed Sairam Krishnamurthy as the Chief Operating Officer and Senior Vice President of Instamart. Krishnamurthy, formerly the COO at Amazon, brings extensive experience from his roles at More Retail, Ola Cabs, and Hindustan Unilever, further strengthening Swiggy’s executive lineup.

Phani Kishan Addepalli, who took charge of Instamart in March 2023 following Karthik Gurumurthy’s departure, will now assume a new role aimed at broader organizational growth. Under Addepalli’s leadership, Instamart evolved into a nearly billion-dollar business with some of its dark stores becoming profitable.

The latest leadership appointments and organizational changes are part of Swiggy’s strategy to consolidate its position in the competitive quick commerce sector. The space has seen increased competition with major players like Zepto, Blinkit, and BigBasket entering the fray. According to a UBS report, Zomato-owned Blinkit leads the market with a 40-45% share as of July, followed by Instamart with 20-25%, Zepto with 15-20%, and BigBasket at 10-15%.

Swiggy, backed by SoftBank, is also preparing for its much-anticipated primary market offering this year. In April, the company secured approval for a ₹10,414 crore capital raise, which includes ₹3,750 crore in fresh capital and an offer-for-sale component of up to ₹6,664 crore.

These developments highlight Swiggy’s ongoing efforts to strengthen its leadership and market position as it moves towards becoming a publicly traded entity. The appointment of Amitesh Jha and other key executives is expected to play a crucial role in driving the company’s growth strategy in the quick commerce sector.