Swiggy's head of investor relations (IR) and vice president (VP) Abhishek Agarwal has stepped down from his position, according to a Moneycontrol report released Wednesday. He joined the quick commerce company in July 2023.
Agarwal reported to Rahul Bothra, Swiggy's chief financial officer (CFO). After Agarwal's departure, Bothra and his business finance team are expected to take over the IR head's responsibilities in the interim, the report said.
The company has not yet appointed a replacement for Agarwal, and details about his next move remain unclear. A formal announcement about the IR relations head's exit is also awaited.
Agarwal's departure comes shortly after the hybrid consumer convenience platform company raised ₹10,000 crore (around $1.2 billion) in fresh capital through its qualified institutional placement (QIP) in December 2025, one of the largest such fundraises by a new-age company.
It closed its QIP just a year after securing ₹11,327 crore ($1.4 billion) in an initial public offering (IPO). The company sought additional capital amid rising competition in the delivery industry, particularly in the quick-commerce front.
From responsibilities to previous experience — All about Abhishek Agarwal
As the head of IR, Agarwal played a key role in taking Swiggy public and in closing its QIP. He drove investor outreach and coordinated among the company, its investors, and its bankers. He was also responsible for communicating to the markets how the IPO and QIP monies would be used, the report said.
Before joining Swiggy, Agarwal served as the head of investor relations at Embassy REIT for close to two years. He has also held senior positions at Network18 Media & Investments Limited, Macquarie Capital Securities, and Edelweiss Capital.
The ex-Swiggy executive holds a B Tech degree from the Indian Institute of Technology (Banaras Hindu University), Varanasi, and later completed his MBA from the Indian Institute of Management, Kozhikode.
Swiggy's stock finds some relief today
Swiggy’s share price has been under pressure for quite some time, largely due to weak performance of its quick commerce unit, Instamart. Swiggy's stock trend is in line with the performance of other new-age companies' share price trends.
Instamart is a direct competitor of Eternal’s Blinkit, Zepto, Tata’s BigBasket, Flipkart Minutes and Amazon Now.
The share price of Bengaluru-based Swiggy is down over 37% since listing in November 2024 and now has a market capitalisation of ₹74,128 crore ($7.9 billion), according to NSE data.
However, the company's stock pared some earlier losses today. Its price stood at ₹268.65, up by 3.31% on Wednesday at around 1:50 pm.
Swiggy’s rival, publicly listed company Eternal (formerly Zomato), which runs the food delivery business Zomato and quick commerce unit, has also seen its share price slump over the last six months or so due to persistent selling pressure.
While Eternal’s share price is down 28% over the past six months, the price is up 88% since its IPO in 2021. The company's shares were trading at ₹269, more than 3% up from their previous close.
Eternal's market capitalisation stood at ₹2.28 lakh crore, or $24.5 billion, which is more than three times Swiggy’s $7.9 billion valuation, according to NSE data.
