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Swiggy’s CEO Sriharsha Majety revealed that he came up with its idea during a project at IIM Calcutta.
Swiggy recently made its stock market debut. (Photo Credits: Linkedin)
Swiggy made its stock market debut on Wednesday, November 13. The company’s shares were listed at Rs 420 on the National Stock Exchange (NSE), showing a 7.7% premium over its IPO price of Rs 390. On the Bombay Stock Exchange (BSE), Swiggy opened at Rs 412, marking a 5.64% increase from the IPO price. Amid the successful opening, Swiggy’s CEO Sriharsha Majety made a rare appearance at the NSE ceremony in Mumbai to celebrate this milestone.
Recounting how the idea for Swiggy originally came to him during a project at IIM Calcutta, Majety said, “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).”
Majety further expressed gratitude for Swiggy’s growth journey, stating, “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.”
Before Swiggy, Majety teamed up with his college friend Nandan Reddy to create something impactful. Both were inspired by the rapid growth of e-commerce in India and saw potential in the logistics and shipping sector, starting Bundl, a courier service aggregator. However, competition from similar companies led to Bundl’s downfall and eventually, they shut it down within a year. Although Bundl didn’t succeed, it became a crucial turning point that ultimately contributed to Swiggy’s success.
To celebrate Swiggy’s 10th anniversary in August this year, Majety took a moment to reflect on the company’s journey. In a LinkedIn post, he shared memories of the early days and expressed gratitude to everyone who has been part of the Swiggy family. He recalled that when Swiggy launched on August 6, 2014, they ended the day with no orders.
Majety also mentioned that Swiggy now collaborates with more than 300,000 restaurants, a growth he credits to the early adopters who believed in the company from the start. Since its founding in 2014, Swiggy has grown significantly as it reached a valuation of $12.7 billion as of April 10, 2024, according to a report in Business Today.
