Swiggy: From a forgotten idea to ₹1 trn mcap on listing

Framing the next chapter in Swiggy's journey as a responsible corporate citizen, Co-founder and Chief Executive Officer (CEO) Sriharsha Majety unveiled the company's eagerly awaited public listing.

- SHIVANI SHINDE & ARYAMAN GUPTA

Majety, who has largely shunned the spotlight, shared reflections on his entrepreneurial path and the strategic pivots he and his co-founders navigated in building Swiggy.

"We started with code aggregation, then pivoted to logistics, and that became Swiggy. It was during our second year when I convinced an old friend to join us and head expansion. His first reaction was, 'This is the same thing we did in the college project at IIM Calcutta'. That germ of an idea had completely slipped my mind," he said during the listing process at the National Stock Exchange.

He further added that the journey from a forgotten idea to execution is in itself a "rarity". "But to execute it to the size and scale we have now is nothing short of a miracle," he said.

Swiggy is the first company to list through the Securities and Exchange Board of India's confidential listing route, highlighting the competitive nature of the sector. This listing places Swiggy in direct competition with its larger rival, Zomato.

Deepinder Goyal, co-founder and CEO of Zomato, welcomed Swiggy's listing. "Congratulations @Swiggy! Couldn't have asked for a better company to serve India with," Goyal posted on X, tagging another Zomato post that read, "You and I... in this beautiful world @Swiggy."