New Delhi: Swiggy the food delivery giant has stepped into the stock market, CEO Sriharsha Majety a media-shy has made a rare public appearance in the IPO listing ceremony. Majety has shared an origin story of Swiggy how the Swiggy came into his mind and how this name goes at a high level in the delivery of food tracing him into the days at IIM Calcutta. The IPO is set to create a significant number of crorepati among the Swiggy’s employee base.
Swiggy’s elusive CEO, Srihasrha Majety made a rare public appearance today at the company’s prestigious stock market debut at the National Stock Exchange in Mumbai known for his preference to remain out of sight, Majety has marked this event with his presence alongside Swiggy’s leadership team. Unlike his Zomato’s counterpart, Deepinder Goyal, who thrives in the limelight, Majety maintains a low profile.
Sriharsha Majety describes Swiggy’s Journey:
At the NSE listing ceremony, Sriharsha Majety shared the origin story of Swiggy’s journey, revealing that the idea for the company began during his time at IIM Calcutta, I completely forgot about it after that college project finished. And then, in a very different way, he came across it again without knowing it consciously, he explained. Reflecting on the company’s growth, he added, For that idea to have first gotten executed is in itself a rarity, but to implement it in size and scale that we have right now it is an absolute miracle. He thanked Swiggy’s leadership team for their contribution to the company’s success.
Swiggy Faced Tough Challenges in Market Competition:
Swiggy debuts in the delivery sector put in direct competition with the large rival Zomato and privately held Zepto’s in India with a faster-growing food delivery sector. While both companies operate in the quick-commerce and food-delivery sectors, and their leadership differs greatly. Zomato’s CEO Deepinder Goyal is highly visible on the social media platform and makes appearances in public on Instagram, Twitter, and hosting podcasts. In contrast, Majety is known for his reclusive nature, he makes very rare appearances in public and maintains low low-key presence on social media, his last post on Twitter was made in May 2023.
Swiggy Employees get Rs.9000 crore boost:
In addition to the company’s public debut, this event will bring financial rewards for Swiggy employees. Around 5,000 employees will become crorepatis, as the company’s IPO will be distributed Rs.9000 crore in payout, this employee stock options payout ranks among the largest India’s startup ecosystem, where such wealth creation is rare.
