Swiggy Instamart’s COO Ankit Jain, CBO Hari Kumar Step Down

Swiggy’s quick commerce arm Instamart has reportedly witnessed two key senior leadership exits. As per a report by Moneycontrol, chief operating officer (COO) Ankit Jain and chief business officer (CBO) Hari Kumar have stepped down from their roles.

Citing sources, the report adds that Jain would be joining Nykaa as head of operations.

Inc42 reached out to Swiggy, seeking response on the development. The story would be updated based on their responses.

The duo were relatively recent hires for Instamart, with CBO Kumar joining in November 2024. COO Jain subsequently joined in May 2025. Both Kumar and Jain were previously associated with Flipkart, holding VP and SVP positions in the groceries’ wing of the Walmart-owned company.

These exits could potentially add on to the top-deck exits list at Swiggy. Earlier in April, cofounder Lakshmi Nandan Reddy resigned from the company’s board to “pursue other professional interests”.

The development comes at a time when Swiggy is pumping in cash to boost traction for its quick commerce vertical. For the quarter ended March 31, 2026 (Q4 FY26), Instamart’s adjusted revenue rose 49% YoY to ₹1,090 Cr as the company expanded its dark store footprint and pushed deeper into quick commerce.

However, the aggressive expansion has also weighed on its bottom line, with the company reporting significant losses over the previous four quarters. For the fiscal year FY26, Swiggy’s consolidated net loss widened 33%YoY to ₹4,154 Cr.

The leadership changes also come a month after shareholders rejected a special resolution that would have enabled Swiggy’s transition to an Indian-Owned and Controlled Company (IOCC), a key step required for moving Instamart towards an inventory-led model.

The proposal secured 72.35% shareholder approval, falling short of the 75% threshold required to pass a special resolution.

The OCC shift is strategically important for Swiggy because it would allow Instamart to own and procure inventory directly instead of operating as a marketplace. Industry leaders believe the model offers better control over pricing, sourcing, margins and private-label expansion.

Swiggy’s rival Eternal transitioned to a IOCC structure recently, allowing its quick commerce arm to register significant improvements in operating economics over time.

However, Swiggy’s proposed IOCC transition became controversial because it was bundled with changes to board nomination rights. The proposal would have allowed Majety to nominate himself and another senior management executive to the board, while cofounder and chief growth officer Phani Kishan Addepalli would have gained board nomination rights under certain conditions.

Shares of Swiggy ended today’s trading session 2.32% lower at ₹244.

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