Swiggy’s usually low-profile CEO, Sriharsha Majety, made a rare public appearance today at the company’s stock market debut. Majety joined Swiggy’s leadership team at the National Stock Exchange in Mumbai for the listing ceremony of Swiggy Ltd.
This appearance was notable as Majety typically avoids the public eye. In contrast to Deepinder Goyal, his more visible counterpart at Zomato, Majety tends to keep a low profile and seldom steps into the spotlight.
During his speech at the NSE listing ceremony, Majety shared that the idea for Swiggy originated during his time at IIM Calcutta.
“I completely forgot about it after that college project finished. And then, in a very different way, again came across it, without knowing it [consciously],” he explained.
“For that idea to have first 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,” said the co-founder and CEO of Swiggy. He went on to thank the rest of the leadership team for their contribution to the growth of Swiggy.
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Swiggy vs Zomato
The market debut will position Swiggy against larger listed rival Zomato and privately-held Zepto in India’s rapid delivery space, Bloomberg reported.
“I don’t expect a bumper listing as the broader market is extremely weak,” said Aditya Shah, founder of Mumbai-based Hercules Advisors. “Swiggy lags Zomato in most operating metrics, which is a dampener.”
While Swiggy and Zomato both operate in the quick-commerce and food delivery space, their leaders couldn’t be more different. Zomato’s Deepinder Goyal is highly active on Instagram and X, hosts a podcast, receives ground-level feedback by delivering orders himself, and is recognized as one of India’s more visible entrepreneurs.
In just the past few months, Goyal has conducted numerous interviews, appeared on Netflix’s The Great Indian Kapil Show, attended the large-scale Diljit Dosanjh concert in Delhi, participated in Zomato charity events, and maintained a lively social media presence.
In contrast, Sriharsha Majety is rarely seen in the public eye. Although he has a verified X account, he seldom posts—his last activity was in May 2023. He does occasionally repost Swiggy-related updates, but even that is rare.
Swiggy Employees to Become Crorepatis
Around 5,000 Swiggy employees are set to become crorepatis today as the company makes its debut on the stock market.
According to a report from Moneycontrol, the IPO will result in ₹9,000 crore being distributed among employees who have witnessed Swiggy’s transformation from a small startup to a food delivery powerhouse.
Swiggy’s upcoming employee stock option (ESOP) payout ranks among the largest in India’s startup ecosystem, making wealth creation of this scale a notable and uncommon event.
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