Latest news with #AnkitJain
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Business Standard
3 days ago
- Business
- Business Standard
Instamart appoints Ankit Jain as Senior VP of Operations
Swiggy-owned quick commerce platform Instamart on Friday announced the appointment of Ankit Jain as Senior Vice President - Operations, including supply chain management, dark store operations, delivery experience and network expansion. Ankit recently served as the Senior Vice President, Head of Grocery and Large Supply Chain as well as Ekart Design at Flipkart. The company's operations have seen strong momentum over the past few months -- enabling its presence in more than 120 cities, expanding into new categories and scaling our infrastructure with the record addition of more than 300 dark stores and mega pods last quarter, according to a senior company official. "Ankit's deep, hands-on experience across e-commerce, retail, and FMCG will be a strong force in further strengthening our operations, leading the way in delivery speed, availability, and assortment for our consumers, Instamart CEO Amitesh Jha said. Prior to Flipkart, Ankit spent over 14 years at Unilever, holding various roles such as General Manager of Demand Planning and Director of Logistics and Warehousing, managing end-to-end supply chain operations across multiple geographies. Ankit holds a Bachelor of Technology in Chemical Engineering from the Indian Institute of Technology, Delhi. Earlier this week, Instamart dropped parent Swiggy from its name, in a strategic move aimed at carving a standalone brand identity.
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Business Standard
3 days ago
- Business
- Business Standard
Instamart appoints Ankit Jain as senior vice president of operations
Instamart, the quick commerce (q-com) platform of food delivery giant Swiggy, on Friday announced the appointment of Ankit Jain as senior vice-president of operations. In his new role, Jain will lead Instamart's end-to-end operations, including supply chain management, dark store operations, delivery experience and network expansion. His appointment comes at a time when the company has undergone a brand revamp, marking a clear move to position Instamart as an independent brand. As part of this shift, Instamart has dropped the 'Swiggy' name from its identity across all platforms. Sriharsha Majety, the chief executive officer (CEO) of Swiggy Group, has previously stated that the company expects Instamart to outpace its core food delivery business in both reach and scale. Amid rising competition, Instamart has been aggressively expanding its footprint. In the fourth quarter of FY25 (January–March), the platform added 316 new dark stores, pushing its total store count to 1,021, up from 705 earlier. Jain, who has over 20 years of experience in supply chain management and planning, most recently served as senior vice-president, head of grocery and large supply chain, as well as Ekart design, at Flipkart, where he oversaw the grocery supply chain, including warehousing, material movement and last-mile delivery. Prior to Flipkart, Jain spent over 14 years at Unilever, holding various roles such as general manager of demand planning and director of logistics and warehousing, managing end-to-end supply chain operations across multiple geographies. 'I've long admired Instamart's operational excellence — from pioneering the quick commerce model to building a robust network of dark stores and setting the benchmark for delivery speed. I'm particularly excited by the scale and complexity of the business and the opportunity to work on some cutting-edge solutions to improve its operations, especially as Instamart adds new cities and diversifies its category mix — all while staying true to the 10-minute delivery promise,' Jain said. Commenting on his appointment, Amitesh Jha, the CEO of Instamart, said, 'Operations at Instamart have seen strong momentum over the past few months — enabling our presence in 120+ cities, expanding into new categories and scaling our infrastructure with the record addition of 300+ dark stores and mega pods last quarter. Ankit's deep, hands-on experience across e-commerce, retail and FMCG will be a strong force in further strengthening our operations, leading the way in delivery speed, availability and assortment for our consumers.'
Time of India
19-05-2025
- Business
- Time of India
ICRA revises telecom tower industry's rating to stable from negative
New Delhi: Investment Information and Credit Rating Agency (ICRA) on Monday, revised its outlook for telecom tower industry to stable from negative, helped by the timely payments from key customers, along with the clearance of past over dues, which has eased the receivables cycle of the telecom tower companies. According to ICRA, the situation has improved drastically "with consistent, timely payments to the tower companies," leading to a reduction in receivable days to around 45-60 days, which is lower than ICRA's negative outlook threshold of 80 days. "Improvement in the credit profile of some key telecom service providers, who are the customers for tower companies, has eased the working capital cycle of tower companies. Moreover, there has been clearance of a sizeable amount of past over dues, which has resulted in reversal of provisions made earlier in FY2023," said Ankit Jain, Vice President and Sector Head, Corporate Ratings, ICRA Ltd. "The collections are expected to remain timely, going forward, thereby restricting the industry debtor levels below 60 days. This will also result in a reduction in external debt, with ICRA projecting net external debt/OPBDITA at around 3.4x for FY2026," he added. The improved credit quality has helped to boost the demand for telecom services, especially data, which would lead to consistent network expansion and upgradation by the telcos. "This is keeping the demand for tower companies buoyant, resulting in consistent additions in the tenancies," the release by ICRA added. ICRA sees the tower industry is likely to see an operating income growth of 4-6 per cent with operating margins at around 70-75 per cent for FY2026. "These along with easing of the working capital requirements, is likely to boost the liquidity position with the cash balances of the industry increasing to around Rs. 5,500-6,000 crore from Rs. 2,200-3,000 crore levels in the past." the agency added.
India Gazette
19-05-2025
- Business
- India Gazette
ICRA changes telecom tower industry's rating to Stable from Negative
New Delhi [India], May 19 (ANI): Investment Information and Credit Rating Agency (ICRA) on Monday, revised its outlook for telecom tower industry to stable from negative, helped by the timely payments from key customers, along with the clearance of past over dues, which has eased the receivables cycle of the telecom tower to ICRA, the situation has improved drastically 'with consistent, timely payments to the tower companies,' leading to a reduction in receivable days to around 45-60 days, which is lower than ICRA's negative outlook threshold of 80 days.'Improvement in the credit profile of some key telecom service providers, who are the customers for tower companies, has eased the working capital cycle of tower companies. Moreover, there has been clearance of a sizeable amount of past over dues, which has resulted in reversal of provisions made earlier in FY2023,' said Ankit Jain, Vice President and Sector Head, Corporate Ratings, ICRA Ltd.'The collections are expected to remain timely, going forward, thereby restricting the industry debtor levels below 60 days. This will also result in a reduction in external debt, with ICRA projecting net external debt/OPBDITA at around 3.4x for FY2026,' he added. The improved credit quality has helped to boost the demand for telecom services, especially data, which would lead to consistent network expansion and upgradation by the telcos. 'This is keeping the demand for tower companies buoyant, resulting in consistent additions in the tenancies,' the release by ICRA added. ICRA sees the tower industry is likely to see an operating income growth of 4-6 per cent with operating margins at around 70-75 per cent for FY2026. 'These along with easing of the working capital requirements, is likely to boost the liquidity position with the cash balances of the industry increasing to around Rs. 5,500-6,000 crore from Rs. 2,200-3,000 crore levels in the past.' the agency added. (ANI)
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Business Standard
13-05-2025
- Business
- Business Standard
Group of senior executives exit IPO-bound Flipkart in recent months
A group of senior executives has left Flipkart in recent months, according to people familiar with the matter, as the e-commerce firm prepares for a potential initial public offering (IPO). The departures include Ankit Jain, Senior Vice-President and Head of Grocery and Large Supply Chain; Prajakta Kanaglekar, Vice-President of Human Resources for Technology; and Anurag Singhvi, Vice-President and Head of Analytics. Ganesh Ramaswamy, who served as a Vice-President at Flipkart and as Chief Product and Technology Officer at Cleartrip, a Flipkart subsidiary, has also exited the company. 'These executives left Flipkart over the past few months to pursue personal ambitions and career goals,' said a person familiar with the matter. Singhvi had been with Flipkart for 13 years, while Jain, Ramaswamy, and Kanaglekar each spent nearly six years at the company. Ankit Jain is likely to join Swiggy Instamart as Senior Vice-President, potentially replacing Chief Operating Officer Sairam Krishnamurthy, according to people aware of the development. Jain is expected to work closely with Amitesh Jha, Chief Executive of Swiggy Instamart and a former Flipkart colleague, with whom he worked until August 2024. Flipkart and Swiggy declined to comment on these developments. In February, Flipkart's Chief Product and Technology Officer, Jeyandran Venugopal, stepped down after an eight-year stint, according to an internal note from CEO Kalyan Krishnamurthy. He attributed the decision to 'personal reasons'. These exits come at a time when Flipkart, which is backed by Walmart, is aiming to go public in India as early as next year, targeting an IPO valuation of $60 billion to $70 billion, according to sources. If realised, it would be the largest consumer tech IPO in India's history. As part of its preparations, the company — headquartered and operating in India — has initiated the process of shifting its holding company from Singapore to India, a move intended to streamline the path to a domestic listing. The leadership churn also comes as Flipkart prepares to compete more aggressively in the quick-commerce space. Its Flipkart Minutes offering will rival players such as Swiggy Instamart, Zomato-backed Blinkit, and Zepto.
