Swiggy announced expanded leadership roles for three senior executives across its Instamart and Food Marketplace businesses on Tuesday. Himavant Kurnala has been appointed Chief Growth and Product Officer, Instamart, while Nitesh Garg has been named Chief Technology Officer, Instamart. Additionally, Saurav Goyal has been appointed Chief Operating Officer, Food Marketplace. According to reports from PTI, these appointments follow Swiggy's series of recent leadership changes, including Nandita Sinha as Chief Executive Officer, Instamart, and Gautam Swaroop as Chief Business Officer, Instamart. The latest appointments represent the next step in a rapid leadership overhaul at Instamart, following the exits of COO Ankit Jain and CBO Hari Kumar in June, both former Flipkart executives who had joined under former CEO Amitesh Jha.
Kurnala has led the quick commerce platform's product charter since 2024, later expanding his remit to include growth and brand marketing. In his new role, he will bring Growth, Marketing, Analytics and Product under a single organisation. As reported by PTI, Garg has spent more than seven years at Swiggy, most recently as Senior Vice President leading engineering for Instamart and New Initiatives. He has led Instamart's engineering function since its inception, developing its consumer experience stack and supply-chain systems, as well as foundational platforms across advertising, pricing, discounting and cataloguing that are now used across Instamart, Food Marketplace and other verticals. Goyal has held a wide range of leadership roles since joining Swiggy in 2020, spanning business finance for food, Instamart and, more recently, driver and delivery product and operations. He has also worked on strategic planning, operating leverage and profitability, contributed to Swiggy's IPO process and led the launch of Toing, the company's shared delivery network, which is now live across more than 50 cities.
The leadership changes come as Swiggy targets significant financial milestones, with the company announcing it is targeting an adjusted EBITDA of around ₹10,000 crore by FY31, backed by growth across its food delivery and quick commerce businesses. According to Live Mint, for the April-June quarter of this financial year, the company's consolidated adjusted EBITDA improved by ₹162 crore year-on-year, resulting in a narrower loss of ₹651 crore. At Capital Markets Day 2026, Swiggy expects to more than triple its consolidated Gross Order Value (GOV) to around ₹2.5 lakh crore by FY31, up from ₹67,734 crore in FY26, at a compounded annual growth rate (CAGR) of over 30 per cent. The company also highlighted progress towards becoming an Investor-Owned Commerce Company (IOCC), stating that domestic ownership crossed 50 per cent on 1 July 2026.
Swiggy's food delivery business reported strong performance in Q1 FY27, with GOV of ₹9,490 crore in the first quarter, up 18 per cent year-on-year, while adjusted EBITDA run rate rose to ₹292 crore. According to Live Mint, by FY31, the food delivery business is expected to grow its GOV by 2.5-3.5 times and generate around ₹5,000 crore in adjusted EBITDA, driven by affordability-led initiatives and operational improvements. The company also highlighted that India's food services market is projected to expand from about USD 90 billion in 2026 to nearly $150 billion by 2031, with higher order frequency and affordability expected to drive category growth.
Instamart has expanded its product portfolio beyond groceries with the addition of MINISO products starting August 21, featuring over 90 items across bags, kitchenware, stationery, toys, and character-themed merchandise. The range includes everyday products such as backpacks, water bottles, tiffin boxes and stationery, along with character-led merchandise featuring Harry Potter, Hello Kitty, My Melody, Kuromi, BT21 and Disney's Stitch. MINISO will initially be available across key metros, with the catalogue and city coverage set to expand over the coming months. Opptra, MINISO's digital-commerce distribution partner in India, is handling the brand's catalogue and fulfilment on Instamart. This development represents quick-commerce platforms increasingly moving beyond groceries into lifestyle, toys, gifting and other categories, with Instamart's broader assortment now including electronics, toys, beauty, lifestyle, gifting and other general merchandise.
