New Delhi, Feb 8 (IANS): Online food delivery platform Swiggy said on Thursday that Mallika Srinivasan has stepped down from the company's Board as an Independent Director a year after joining.

According to the company, Srinivasan stepped down due to increasing business commitments.

"Reflecting on her experience with Swiggy, Mallika expressed that working with a young and dynamic team at Swiggy was truly enriching and enjoyable and wished the Board more milestones and success in the years ahead," Swiggy said in a statement to IANS.

This comes at a time when Swiggy is preparing to launch its initial public offering (IPO), which is likely slated for later this year.

Srinivasan, Padma Shri awardee and Chairman and Managing Director of TAFE, along with Shailesh Haribhakti, Chairman of Shailesh Haribhakti & Associates, and Sahil Barua, Managing Director and CEO at Delhivery, was appointed to Swiggy's Board in February last year.

In December last year, Swiggy had announced the appointment of Anand Kripalu as an Independent Director and the Chairperson of its Board of Directors.

Last month, media reports said that Swiggy is laying off almost 7 per cent of its workforce, or about 400 jobs, in the second round of job cuts.

Meanwhile, Swiggy has announced the launch of the highly-anticipated Great Indian Restaurant Festival (GIRF), starting February 7 to March 31. This year, GIRF will offer discounts and offers at over 7,000 participating restaurants in 34 cities across India.