Swiggy IPO: Co-founders Sriharsha Majety, Nandan Reddy remuneration revealed

Swiggy co-founders Sriharsha Majety and Lakshmi Nandan Reddy Obul's Cost to the Company (CTC) stand at Rs 2.5 crore each. The fixed pay components of both Majety and Reddy are Rs 1.75 crore, which is 70 percent of their annual remuneration for 2024, while the variable pay component is Rs 90 lakh. According to the updated draft red herring prospectus (DRHP) submitted to SEBI on September 26, the CTC for Swiggy co-founders will increase to Rs 3 crore in 2026. Notably, Rahul Jaimini, Swiggy's third co-founder, quit the platform in 2020.

Majety has been appointed as the Managing Director and Group Chief Executive Officer from 1 April 2024 while Reddy has been appointed as the Whole-time Director - Head of Innovation for a period of five years each. In FY2024, Swiggy paid Rs 6.4 crore of remuneration to Reddy and Majety, including a one-time ex-gratia payment of Rs 4.5 crore.

Currently, Majety holds 1.9 crore of equity shares in Swiggy, while Reddy holds 3.04 lakh.

Majety graduated from Birla Institute of Technology and Science, with a degree in electrical and electronics engineering. He completed a post-graduate diploma in management from the Indian Institute of Management, Calcutta. Reddy holds a master’s degree in science (honors) in physics from BITS Pilani. He previously worked with Intellectual Capital Advisory Services Pvt. Ltd. (Intellecap) as an associate in business consulting.

Notably, Deepinder Goyal, founder of Swiggy competitor Zomato, has voluntarily waived his salary for a period of 36 months starting from April 1, 2021.

Other key managerial personnel at Swiggy and their remuneration

Swiggy's Chief Financial Officer (CFO) Rahul Bothra received a remuneration of Rs 10.04 crore (including a one-time ex-gratia payment of Rs 7 crore) during fiscal 2024. Bothra joined Swiggy on September 1, 2017. Prior to joining Swiggy, Bothra was associated with Wipro Limited, Britannia Industries Limited, and Olam International Limited. He holds a bachelor’s degree in commerce from Bangalore University.

Madhusudhan Rao Subbarao, the Chief Technology Officer at Swiggy, joined the company on June 21, 2018. Subbarao received a remuneration of Rs 6.2 crore (including a one-time ex-gratia payment of Rs 3 crore and contribution to NPS and other perquisites of Rs 11 lakh). Subbarao previously worked at Boomerang Commerce India Private Limited and Amazon.

Amitesh Jha, the Chief Executive Officer – Instamart, holds a bachelor’s degree in technology (chemical engineering) and, a master’s degree in technology (process engineering and design) from the Indian Institute of Technology, Delhi, and has completed the postgraduate programme in management from Indian Institute of Management, Ahmedabad. Previously, Jha worked at Flipkart Private Limited for 14 years as senior vice president. Jha joined Swiggy recently.

Swiggy's Chief Human Resources Officer Girish Menon received a remuneration of Rs 7.3 crore in FY2024. Menon has been associated with Swiggy since 19 April 2016.