Swiggy Instamart’s chief operating officer Ankit Jain and chief business officer Hari Kumar have stepped down from their roles, according to a report by inc42.com. Jain is set to join Nykaa as head of operations. Both executives were relatively recent hires, with Kumar joining in November 2024 and Jain in May 2025, previously holding senior positions at Flipkart’s grocery division.
The departures come amid a series of leadership changes at Swiggy. Earlier in April, cofounder Lakshmi Nandan Reddy resigned from the company’s board to pursue other professional interests. Swiggy confirmed the exits but did not provide further comments. The exits follow a period of aggressive expansion for Instamart, which has been investing heavily to grow its quick commerce business and dark store footprint.
Instamart’s adjusted revenue rose 49% year-on-year to ₹1,090 crore in the quarter ended March 31, 2026, reflecting strong growth in the quick commerce segment. However, the rapid expansion has also increased losses, with Swiggy’s consolidated net loss widening 33% year-on-year to ₹4,100 crore in fiscal year 2026. The leadership changes add to concerns about Swiggy’s ability to manage growth while controlling costs in a competitive market.
Ankit Jain’s move to Nykaa as head of operations was confirmed by Moneycontrol, while Swiggy continues to focus on scaling Instamart despite the recent top-deck exits. The company’s next quarterly results, expected in August 2026, will provide further insight into the financial impact of its quick commerce strategy.