Food delivery giant Swiggy has truly redefined the IPO scene with a fresh twist on the theme: Orange is the New Black.
In the typical IPO listing ceremony, it's common to see executives and investment bankers decked out in classic black and blue suits. But Swiggy broke the mold. From founders to delivery partners, and even investment bankers, everyone wore Swiggy's signature orange jackets, making for a vibrant celebration.
For Shriharsha Majety, Swiggy's co-founder and CEO, this moment was nostalgic, reminding him of his days at IIM Calcutta in 2010. Back then, Majety had worked on a college project strikingly similar to what Swiggy would eventually become. Although the project idea faded after graduation, one of his former project partners would eventually join him at Swiggy years later. Reflecting on this journey, Majety said, “a germ of that same thought might have led to the creation of Swiggy.” To him, the company's meteoric rise is “nothing short of a miracle.”
Majety expressed optimism for India's economic future, noting that the next decade promises dynamic growth. In a heartfelt “love letter” to Swiggy’s customers, he said, “With a little bit of Swiggy in your life, you won’t just see economic growth – you’ll get to enjoy it.”
Building Swiggy, he added, “takes a village,” emphasizing the crucial role of delivery partners in this ecosystem. Many delivery partners joined the listing ceremony to share their journeys with Swiggy, adding a personal touch to the event.
One of them, Jigar Khan, has been a Swiggy delivery partner in Bengaluru for seven years. Khan shared that his job has helped him achieve key milestones: paying off a loan, helping with his sister’s wedding, and even buying a home. Swiggy’s support also provided him with insurance, helping cover his son’s medical expenses during a difficult time.
Another delivery partner, Namrata Vora, the only female delivery partner in Mumbai’s Mira-Bhayandar area, spoke of the newfound independence her role has given her and her ability to support her family.
Swiggy’s IPO was a success on the stock market as well. The stock debuted at Rs 420 per share on the NSE, a 7.69% premium over its issue price of Rs 390, and at Rs 412 per share on the BSE, reflecting a 5.6% premium.
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