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Capital won't decide winners in quick commerce: Swiggy’s Sriharsha Majety

Livemint

Livemint · 8m ago

Capital won't decide winners in quick commerce: Swiggy’s Sriharsha Majety

In a recent interview, the CEO of food delivery platform Swiggy, Sriharsha Majety, emphasized that the success of quick commerce platforms relies on customer experience, rather than capital. Swiggy is preparing for its upcoming initial public offering (IPO), and plans to allocate a portion of the IPO proceeds to its quick commerce arm, Instamart. Swiggy's competitors, including Zomato and Zepto, have also been focusing on ramping up their hyperlocal e-commerce and grocery delivery services. Despite the rising competition, Swiggy believes there is enough room for multiple players in these categories.

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Got zero orders the day we launched Swiggy: CEO Sriharsha Majety

Inshorts · 10m ago

Got zero orders the day we launched Swiggy: CEO Sriharsha Majety

Swiggy Co-founder and CEO Sriharsha Majety revealed the company ended the day with zero orders when it was launched ten years ago. Majety said the company got its first-ever order on the second day of operations. Swiggy started as a food delivery business in 2014 and entered quick commerce business in 2020. It received shareholder approval for IPO in April.

Quick Commerce To Become $40 Bn Market By 2030: Swiggy CEO

Inc42 · 20d ago

Quick Commerce To Become $40 Bn Market By 2030: Swiggy CEO

Swiggy cofounder and CEO, Sriharsha Majety, forecasts that India's quick commerce market could grow into a $30-$40 billion industry within the next three to five years. He suggests that further consolidation in the sector is likely. Swiggy's quick commerce arm, Instamart, is targeting overall contribution margin breakeven between October and December 2025. These projections are set against the backdrop of Prosus India managing $6.5 billion in assets across more than 30 Indian companies.

Swiggy Business Model & Growth Strategy

growthxclub

growthxclub · 11m ago

Swiggy Business Model & Growth Strategy

Amidst the bustling streets of Bangalore, Sriharsha Majety and Nandan Reddy founded Swiggy, setting out to revolutionise India's food delivery landscape, starting with just 6 delivery executives and 25 restaurants. Fast forward to now, Swiggy is valued at $15.1 billion. Dive in for some amazing insights on Swiggy’s innovative business model.

'Not going to wait and watch': Swiggy CEO on new opportunities in food delivery amid Rapido’s entry

YourStory

YourStory · 21d ago

'Not going to wait and watch': Swiggy CEO on new opportunities in food delivery amid Rapido’s entry

Swiggy CEO Sriharsha Majety emphasized the company's readiness to explore new opportunities in the food delivery industry following Rapido's entry. Swiggy holds a 12-13% stake in Rapido, a move aimed at diversifying its service offerings. Rapido plans to enter the food delivery market with lower commission rates, addressing criticism faced by Swiggy and Zomato. Majety highlighted Swiggy's agility and technology prowess in entering new categories swiftly while noting the differing growth dynamics between food delivery and quick commerce.

How ‘ideas man’ Sriharsha Majety’s hyperlocal focus put Swiggy on the map

Livemint

Livemint · 8m ago

How ‘ideas man’ Sriharsha Majety’s hyperlocal focus put Swiggy on the map

Swiggy, the Indian food delivery and quick commerce platform, is set to go public on Wednesday. The company's co-founder, Sriharsha Majety, initially launched a logistics platform, but after shuttling down that business, he decided to focus on building a tech platform for hyperlocal delivery, which eventually became Swiggy. Despite initial scepticism from investors and competitors, Swiggy's model of owning its own fleet for food delivery helped it become the market leader. The company has since expanded its services to include groceries, quick commerce, and event bookings. Majety's conviction and ability to go against the grain have been key to Swiggy's success.

Swiggy IPO anchor book oversubscribed 25x; bids worth over $15 billion received from global and domestic investors

Economic Times

Economic Times · 8m ago

Swiggy IPO anchor book oversubscribed 25x; bids worth over $15 billion received from global and domestic investors

Food and grocery delivery giant Swiggy has garnered significant interest from global and domestic investors in its IPO. The anchor book, set at $600 million, was oversubscribed 25 times, with bids totalling $14 billion. Major investors like Fidelity, Capital Group, and Norges Bank Investment Management have shown interest in the IPO. Swiggy CEO Sriharsha Majety highlighted the potential of its quick commerce business, Instamart, which may surpass its food delivery operations. The IPO filing includes a price range of Rs 371-390 per share, and Swiggy plans to raise Rs 4,499 crore through the issuance of new shares.

Swiggy’s Core: Who’s Driving The IPO-Bound Giant Towards Profitability?

Inc42 · 9m ago

Swiggy’s Core: Who’s Driving The IPO-Bound Giant Towards Profitability?

Swiggy, a leading food delivery platform in India, has experienced several leadership changes in recent years across its various business verticals. The company's CEO, Sriharsha Majety, has assembled a team of experienced professionals from the fields of e-commerce, consultancy, and technology products, including cofounders Nandan Reddy and Phani Kishan. Notably, Instamart, Swiggy's quick commerce vertical, has seen the most new hires. As Swiggy prepares for an IPO, its new leaders have a significant responsibility, with revenue for each key vertical ranging from INR 1,000 Cr to INR 6,000 Cr.

Expecting very solid growth for next 3-5 years: Swiggy CEO Sriharsha Majety

Economic Times

Economic Times · 8m ago

Expecting very solid growth for next 3-5 years: Swiggy CEO Sriharsha Majety

Food delivery and quick-commerce company Swiggy anticipates strong growth in the next 3-5 years. The company plans to expand its geographical presence and stores network for its Instamart business. Swiggy CEO Sriharsha Majety stated that they have doubled the categories for quick commerce in the past year. Following its debut on the stock exchanges, Swiggy's share price rose significantly. The company's IPO received strong demand and its proceeds will be allocated towards technology investment, brand marketing, debt payment, inorganic growth, and general corporate purposes. Swiggy also aims to open larger dark stores and emphasizes compliance with laws and regulations amid a reported CCI probe.

Swiggy’s Sriharsha Majety, Investors Sold Shares Worth INR 670 Cr Ahead Of IPO

Inc42 · 9m ago

Swiggy’s Sriharsha Majety, Investors Sold Shares Worth INR 670 Cr Ahead Of IPO

Days before Swiggy filed its updated draft red herring prospectus (DRHP), founder Sriharsha Majety and investors sold shares worth INR 670 Cr. Majety sold shares to Torroz Fintech for INR 23 Cr, while Torroz also purchased shares from Norwest Ventures for INR 200 Cr. Additionally, Strootaay Unlisted Brokers bought shares from Elevation Capital for INR 439.12 Cr. Torroz Fintech specializes in private market investments and was founded by directors of 4Sight Global Ventures in 2022.

Quick commerce can be bigger than food delivery, won't be a duopoly: Swiggy founder Sriharsha Majety

Economic Times

Economic Times · 8m ago

Quick commerce can be bigger than food delivery, won't be a duopoly: Swiggy founder Sriharsha Majety

According to Swiggy founder Sriharsha Majety, quick commerce has the potential to become a larger business than food delivery in India. Unlike food delivery, quick commerce is not expected to be a duopoly. Swiggy's valuation for its upcoming IPO is based on its growth plans and not directly benchmarked against Zomato. Investors are excited about the growth potential of quick commerce in India, which has shown profitability and growth in various categories. Swiggy aims to maintain market share and profitability in the intense competition of quick commerce by focusing on assortment and convenience for consumers. They also plan to continue innovating and scaling existing and new businesses while keeping profitability in mind. The next big business for Swiggy is yet to be determined based on consumer feedback, but they have launched a pilot for a private members' club called Rare. In terms of the food business, Swiggy aims to grow faster than the overall industry by unlocking new consumption occasions, use cases, and affordability. They are exploring new delivery options like 10-minute food delivery and focusing on expanding in big cities.

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