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Swiggy’s reclusive CEO Sriharsha Majety makes rare public appearance at IPO listing ceremony
Swiggy’s reclusive CEO Sriharsha Majety made a rare public appearance this morning at his company’s stock market debut.
Swiggy’s reclusive CEO Sriharsha Majety made a rare public appearance this morning at his company’s stock market debut. Majety joined the rest of Swiggy’s leadership team at the National Stock Exchange in Mumbai for the listing ceremony of Swiggy Ltd.
This marked a rare public appearance for the CEO of Swiggy, who usually shies away from the spotlight. Unlike Deepinder Goyal, his more visible counterpart at Zomato, Majety rarely takes the stage and prefers to live a low-key life.
Speaking at the NSE listing ceremony, Sriharsha Majety revealed that the idea of Swiggy took root while he was in 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.
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 both Swiggy and Zomato operate in the quick-commerce and food delivery sectors, their leaders are different as chalk and cheese. Zomato’s Deepinder Goyal is active on Instagram and X, hosts a podcast, gets ground-level feedback by delivering orders himself and is one of the country’s more visible entrepreneurs.
In the last few months alone, Goyal has given a string of interviews, made an appearance on Netflix’s The Great Indian Kapil Show, attended the huge Diljit Dosanjh concert in Delhi, been photographed at various Zomato charity events and maintained an active social media presence.
On the other hand, Swiggy’s Sriharsha Majety is rarely seen in public. Although he has a verified X account, he posts rarely - his last post was made in May 2023. He does use it to repost some Swiggy-related announcements, but that too is occasionally.
Swiggy employees become crorepatis
Around 5,000 Swiggy employees will become crorepatis today as the company makes its stock market debut.
According to a Moneycontrol report, the IPO will help put ₹9,000 crore into the hands of employees who saw Swiggy scale from a small firm into a food delivery giant.
Swiggy’s upcoming employee stock option (ESOP) payout will rank among the largest in India’s startup ecosystem, where wealth creation at this scale is uncommon.
