Nandita Sinha to lead Instamart as Swiggy shares rally
Business
Swiggy's stock just jumped almost 8% today, capping off a three-day rally with a total gain of 15%.
The boost follows the announcement that Nandita Sinha, who led Myntra to profitability, will become the new head of Instamart, Swiggy's quick commerce arm, starting August 3.
Shares have now bounced back 23% from last month's low.
Swiggy faces competition amid Zepto struggles
Sinha steps in as Swiggy faces tough competition from Amazon, Flipkart, and Zomato in the fast delivery space.
Her track record at Myntra is seen as a big plus for Instamart's future growth plans.
Meanwhile, rival Zepto is struggling with its IPO and has seen its valuation drop sharply since last year, even as Swiggy's shares are still down over the past year despite this week's rebound.