Swiggy's 'orange' triumph: company's IPO marks a new era, says founder majety
New Delhi (The Uttam Hindu): Swiggy’s IPO debut has been a remarkable journey, with the company’s unique approach symbolized by the phrase “Orange is the new black.” In a traditional IPO listing ceremony, it’s common to see corporate executives and bankers dressed in the typical black and blue suits. However, Swiggy’s event broke the mold. From the company’s founders to its delivery partners, employees, and even the investment bankers, everyone was proudly wearing Swiggy’s signature orange jackets.
For Shriharsha Majety, Swiggy’s co-founder and CEO, the listing was a moment of reflection, taking him back to his college days at IIM Calcutta in 2010. It was during this time that he worked on a project that mirrored the idea behind what Swiggy would eventually become. Though the concept faded after the project, the seed of the idea was revived years later when one of Majety's project partners joined Swiggy. Reflecting on the success, Majety described Swiggy’s rise as "nothing short of a miracle." Majety believes that India’s economic growth in the coming decade will be fueled by innovation, and Swiggy is positioning itself as an enabler of that growth. He described Swiggy’s journey as a “love letter” to the company’s customers, emphasizing that Swiggy would allow them to not just witness economic growth but to experience it firsthand.
Majety also highlighted that building Swiggy was a team effort, noting that it "takes a village" to create something like Swiggy. Among the most crucial members of this "village" are Swiggy’s delivery partners. During the event, several delivery partners shared their personal stories, illustrating the impact Swiggy has had on their lives. Jigar Khan, one of Swiggy’s earliest delivery partners in Bengaluru, spoke about the significant milestones he achieved while working with Swiggy, including paying off a loan, funding his sister's wedding, and even buying a home. He also praised the company’s insurance support, which helped cover his son’s medical expenses.
Another delivery partner, Namrata Vora, the only female delivery partner in Mumbai’s Mira-Bhayandar region, shared how the role has provided her with independence and allowed her to financially support her family. On the day of the listing, Swiggy’s shares debuted on the stock exchanges at a premium. The stock opened at Rs 420 per share on the NSE, a 7.69% premium over the issue price of Rs 390. On the BSE, Swiggy shares listed at Rs 412, a 5.6% premium over the issue price.
