Swiggy CEO Sriharsha Majety Makes Rare Public Appearance at IPO Listing Ceremony, Reflecting on the Company’s Journey
Swiggy CEO Sriharsha Majety makes rare public appearance at the company's IPO listing ceremony, reflecting on its journey and growth.
Swiggy CEO Sriharsha Majety’s Rare Public Appearance at IPO Listing Ceremony: Reflecting on Swiggy’s Growth and Journey to the Stock Market
Now, Swiggy’s introverted CEO Sriharsha Majety did break his shell early this morning as his company made its much-awaited stock market debut. The CEO escorted the leadership team of Swiggy to the National Stock Exchange in Mumbai for the official listing ceremony of Swiggy Ltd. Majety, who is not known to be in the public eye, couldn’t help but reminisce about the journey of the company he co-founded as he spoke on the occasion.
While Deepinder Goyal, the CEO of Zomato, may not be especially shy about hogging the limelight, Majety is no exception to the rule; he prefers to avoid it altogether. While Goyal is seen attending every public event-from taking orders to attending public functions-Majety prefers an infra-obscurity status. So, the fact that he was at NSE is something noteworthy for Swiggy and its stakeholders.
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Speaking on the day of the ceremony, Majety related the story of Swiggy saying that the idea of the company itself came to him at IIM Calcutta. “I completely forgot about it after that college project ended. And then, in a very different way, again came across it, without knowing it,” Majety explained. He further remarks that the journey of Swiggy has been an exceptional one, going on to say, “That idea first to have gotten executed is in itself a rarity. But to execute it at the size and scale that we have right now is an absolute miracle.”
He, in his speech, credited the leadership team with the success of Swiggy. This listing will place Swiggy alongside its listed competitor Zomato and privately held Zepto in the fast-growing quick-commerce sector. Analysts have qualified the expectations for a “bumper listing” because of the market conditions and Swiggy’s relatively lower operational metrics compared to Zomato.
Even while it is unclear how the market will react to Swiggy’s IPO, the company has indeed been a humongous success when it comes to its employee stock option program. Around 5,000 employees of Swiggy will become crorepatis once the IPO goes out. According to reports, Swiggy’s employee stock option payouts soon to become one of the largest India’s startup ecosystem has ever seen-a reward for the people who helped take the company from small little startup to food delivery behemoth.
Two CEOs could not be more contrasting-wherein Swiggy’s Goyal is rather public and front-facing, Majety prefers to remain out of the limelight altogether. But one thing is for certain: both these companies have utterly and dramatically altered the canvas of food delivery in India. And if this IPO is indeed a new chapter of exciting history unfolding, it will certainly take quite some time before things revert to how they were once- something that neither could have foreseen.
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