Swiggy CEO Sriharsha majety makes rare public appearance at IPO listing ceremony

Swiggy CEO Sriharsha Majety made a rare public appearance at the company’s stock market debut this morning. He joined the leadership team at the National Stock Exchange in Mumbai for Swiggy Ltd’s listing ceremony. Known for his reclusive nature, Majety usually avoids the spotlight, unlike his more visible counterpart, Zomato’s Deepinder Goyal.

At the ceremony, Majety shared that the idea for Swiggy began as a college project at IIM Calcutta. “I completely forgot about it after the project finished. Then, it resurfaced in a different way,” he explained. Reflecting on Swiggy’s growth, he called its success “a miracle” and thanked his team for their contributions.

This IPO marks a significant step for Swiggy, positioning it against bigger rivals like Zomato and privately-held Zepto in India’s fast-growing quick-commerce and food delivery markets. However, analysts like Aditya Shah, founder of Hercules Advisors, warned that the broader market is weak, and Swiggy lags behind Zomato in key operating metrics, which could affect its debut.

While both Swiggy and Zomato operate in the same sector, their leaders are polar opposites. Zomato’s Goyal is active on social media, frequently giving interviews and engaging with customers. In contrast, Majety is rarely seen in public and has a sparse social media presence, with his last post dating back to May 2023.

Today’s IPO also brings major financial gains for Swiggy employees. Around 5,000 of them will become crorepatis, with the IPO potentially putting ₹9,000 crore in their hands. This payout ranks among the largest in India’s startup ecosystem, offering substantial wealth creation for those who contributed to Swiggy’s rise from a small startup to a food delivery giant.