Can't win q-comm via cash: Swiggy's Majety

Customer experience, and not capital, will ultimately drive the fortunes of quick commerce platforms, Swiggy's co-founder and CEO Sriharsha Majety said in an interview, as the company counts down the days to its ₹11,300-crore initial public offering (IPO) on 6 November.

- Sowmya Ramasubramanian & Sneha Shah

Customer experience, and not capital, will ultimately drive the fortunes of quick commerce platforms, Swiggy's co-founder and CEO Sriharsha Majety said in an interview, as the company counts down the days to its ₹11,300-crore initial public offering (IPO) on 6 November. The comment comes against the backdrop of top quick commerce platforms pouring in billions of dollars to ramp up hyperlocal e-commerce and grocery deliveries in recent months.

To be sure, to beef up its customer offerings, Swiggy is piloting a quick delivery service for food and a partnership for medicine delivery, in addition to the regular grocery deliveries done by its quick commerce arm Instamart.

Swiggy plans to allocate ₹1,179 crore from its IPO proceeds towards Instamart, according to its red herring prospectus published on Monday. The number has been revised from ₹982 crore in the draft prospectus.