Swiggy’s low-profile CEO Sriharsha Majety emerged from behind the scenes today for the company’s much-anticipated IPO listing ceremony at the National Stock Exchange (NSE) in Mumbai. Known for his reserved persona, Majety joined the leadership team to celebrate Swiggy’s stock market debut, marking a pivotal moment in the company’s journey from startup to market giant.

In a reflective address, Majety shared insights into Swiggy’s early days, recalling its origins as a concept he encountered at IIM Calcutta. “For that idea to have first gotten executed is a rarity,” he noted. He acknowledged the “miracle” of Swiggy’s growth, recognizing his team’s efforts in scaling the company to meet India’s vast delivery demands.

Swiggy’s market entry positions it directly against Zomato, its older competitor in both the quick-commerce and food delivery sectors. While Zomato’s CEO, Deepinder Goyal, is known for a media-friendly, public-facing approach, Majety maintains a quieter, behind-the-scenes role. Industry analysts, including Aditya Shah from Hercules Advisors, predict a modest initial performance for Swiggy’s IPO given current market conditions and the competitive metrics that favour Zomato.

Yet, Swiggy’s debut brings significant financial gains for its employees. Around 5,000 team members are set to benefit from a ₹9,000 crore payout through an employee stock option (ESOP) plan, catapulting many Swiggy employees into the crorepati category. The scale of this payout is one of the largest in India’s startup ecosystem, marking a notable wealth-creation milestone within the sector.

As Swiggy settles into its new role as a publicly listed company, eyes are on how Majety’s leadership style and Swiggy’s operational strategies will continue to evolve amid the pressures and opportunities of the competitive market.