Swiggy Board Approves Slump Sale Of Instamart To Its Subsidiary
The Swiggy board of directors has approved the slump sale of its quick commerce arm Instamart to a wholly-owned subsidiary.
Swiggy is hiving off its quick commerce business Instamart into a separate entity, allowing it to raise capital independently and fund its growth ambitions.
This move also provides Instamart with the opportunity to constitute a new Board of Directors focused on scaling Swiggy’s quick commerce business.
Rival Blinkit has a similar structure, with a Board of Directors comprising cofounders and independent directors.
No strategic rationale was provided by Sriharsha Majety-led company for this move.
Author's summary: Swiggy splits Instamart.
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