As Swiggy completed 10 years this August, its co-founder and CEO Sriharsha Majety revealed that the company did not receive any orders on its first day. "When we launched Swiggy on August 6, 2014, we ended the day with zero orders. The next day, we got our first-ever order, marking the true beginning of our journey," he shared on Tuesday.
Reflecting on the company's journey over the years, Majety thanked Swiggy's early adopters whose support "helped make ‘Swiggy it’ a household phrase across the country".
"Amongst our earliest partners was Truffles, which started with just two orders a day on Swiggy. Since then, they've done as many as 7,261 orders in a single day, showcasing how far we've come together," he said. "Today, we proudly partner with over 3,00,000 restaurants. Much of our success is thanks to those early adopters who didn’t just join us but became core to our journey."
The Bengaluru-based food delivery company is slated to go public later this year even as its rival Zomato’s share price has been on a tear. The Gurugram-based startup clocked profit for a fifth straight time in the June quarter. The Zomato stock has gained 111 percent this year, pushing its market capitalisation to more than $25 billion.
Majety believes having a listed competitor has its set of pros and cons.
“Having a listed competitor is both good and bad. We don’t have to explain what on-demand is, what the gig worker economy means and what hyperlocal is – all of these are the positives. The negative is that quarter-on-quarter you are going to be compared on the trajectory,” the Swiggy chief said at the Moneycontrol Startup Conclave in Bengaluru on August 9.
“We definitely want to make sure that it is a good trajectory and there are many quarters that are good and some that are off – it (having a listed competitor) is a net positive for sure.”
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