Swiggy invites delivery partners to ring the listing bell: ‘Sharing gratitude’
The shares of Swiggy Ltd were listed at ₹420 on the NSE, a 7.7% premium over the ₹390 issue price and it opened at ₹412 on the BSE, a 5.64% premium
Food delivery giant Swiggy, which was listed on the exchanges on November 13, had two of its delivery partners join its leadership team, including co-founders Sriharsha Majety and Nandan Reddy, to ring the ceremonial bell at the National Stock Exchange (NSE).
Swiggy said this was a way of “sharing its gratitude and celebrating the essential role of its delivery partners".
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The delivery partners were Jigar Khan and Namrata. Khan, a Bengaluru native, joined Swiggy seven years ago, fresh out of college while he was facing a difficult personal journey, which included losing his father and thus, shouldering family responsibilities.
Swiggy claimed in its official statement that Khan has now paid off family debts and achieved his dream of owning a home after years of working as a delivery partner.
'It's humbling to be here, celebrating Swiggy's journey to becoming a publicly listed company,' he said.
Meanwhile, Namrata joined Swiggy two years ago at her husband's encouragement after the pandemic forced her food stall to close.
Swiggy stated that now she supports her daughters’ education and is helping them chase their own dreams of becoming fashion designers and makeup artists.
'Swiggy stood by me during tough times. Being here today, on this stage, feels like a unique joy,' Namrata shared at the listing.
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The shares of Swiggy Ltd were listed at ₹420 on the NSE, which was a 7.7% premium over the ₹390 issue price and it opened at ₹412 on the Bombay Stock Exchange (BSE) which was a 5.64% increase from the IPO price.
The company's ₹11,300 crore IPO was subscribed 3.59 times primarily by institutional investors.
Founded in 2014, Swiggy Food now collaborates with nearly 2 lakh restaurants across more than 600 cities. Instamart, its quick commerce platform, operates in 43 cities, delivering groceries and other essentials across more than 20 categories in an average time span of 10 minutes.
It has taken an all-in-one approach to its app by combining Instamart and features like Swiggy Dineout (restaurant booking) and parcel delivery service Swiggy Genie. This contrasts with its already listed rival, Zomato Ltd, which takes a more differentiated approach, having multiple apps for its different services.
Swiggy and Zomato share almost a duopoly in the Indian food delivery space, with Zomato having a slightly larger market share.
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