Swiggy CEO Reveals He Came Up With The Idea During A Study Project: ‘It’s An Absolute Miracle’

Last updated:Nov 15, 2024 12:49 IST

Swiggy’s CEO Sriharsha Majety revealed that he came up with the 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), marking a 7.7% premium over the IPO price of Rs 390. On the Bombay Stock Exchange (BSE), Swiggy opened at Rs 412, marking an increase of 5.64% over the IPO price. Amid the successful opening, Swiggy CEO Sriharsha Majety made a rare appearance at the NSE ceremony in Mumbai to celebrate the milestone.

Sharing 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 ended. And then I came across it again in a completely different way, without knowing it (consciously).”

Majety further expressed his gratitude for Swiggy’s growth trajectory and said, “It is a rarity in itself that this idea has been executed for the first time. But to execute it at the size and scale we have now is an absolute miracle.”

Before Swiggy, Majety collaborated with his college friend Nandan Reddy to create something impactful. Inspired by the rapid growth of e-commerce in India, both saw potential in the logistics and shipping sectors and started Bundl, an aggregator of courier services. However, competition from similar companies led to Bundl’s demise and Bundl was ultimately closed within a year. Although Bundl failed to do so, 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 some time to reflect on the company’s journey. In a LinkedIn post, he shared memories of the early days and expressed his gratitude to everyone who was part of the Swiggy family. He recalled that when Swiggy was launched on August 6, 2014, they closed the day with no orders.

Majety also mentioned that Swiggy now partners with more than 300,000 restaurants, a growth he attributes to the early adopters who believed in the company from the start. Since its inception in 2014, Swiggy has grown significantly; it reached a valuation of $12.7 billion on April 10, 2024, according to a report in Business Today.