Swiggy’s reclusive CEO Sriharsha Majety makes rare public appearance at IPO debut

Swiggy CEO Sriharsha Majety, known for his low-profile presence, made a rare public appearance today during Swiggy’s highly anticipated stock market debut. Majety joined his leadership team at the National Stock Exchange (NSE) in Mumbai for the IPO listing ceremony, a notable moment for the billion-dollar food delivery company.

Majety has largely avoided the limelight, unlike his Zomato counterpart Deepinder Goyal, who is active in social media and makes frequent public appearances. At the ceremony, Majety recalled how Swiggy’s journey started unexpectedly during his time at IIM Calcutta, Hindustan Times reported.

“I completely forgot about it after that college project finished. And then, in a very different way, again came across it, without knowing it [consciously],” Majety shared. “For that idea to have first gotten executed is in itself a rarity. But to execute it at the size and scale that we have right now is an absolute miracle,” he added. Majety also expressed gratitude to his team for helping build Swiggy into a market leader, HT reported.

Swiggy vs Zomato

The IPO launch positions Swiggy in direct competition with listed rival Zomato and privately-owned Zepto in India’s booming food delivery and quick-commerce sector. However, analysts remain cautious, noting Swiggy’s current market standing. “I don’t expect a bumper listing as the broader market is extremely weak,” said Aditya Shah, founder of Mumbai-based Hercules Advisors. “Swiggy lags Zomato in most operating metrics, which is a dampener.”

For Majety, today’s event signals a rare moment of visibility. Unlike Goyal, who frequently engages on social media, hosts podcasts, and makes public appearances, Majety has kept a low profile. Although he has a verified account on X (formerly Twitter), his posts are infrequent, with his last personal message dating back to May 2023.

The IPO is not only a major business milestone but also a historic payday for Swiggy employees. Nearly 5000 Swiggy employees are set to benefit as the IPO is projected to unlock around ₹9,000 crore in employee stock options. This substantial payout will place Swiggy’s Employee Stock Option (ESOP) programme among the largest in India’s startup ecosystem, offering wealth on a rare scale for thousands of employees.