New Delhi:
Swiggy Success Story: Swiggy has created a stir as soon as it entered the stock market. Swiggy has made about 500 of its employees millionaires along with lipstick. The listing of the company’s shares has become a big event in the stock market in recent times and the biggest thing in this is that the company has given shares to its employees. Life has changed. But how did this game of crores start? Let us know from where it started…
When and how was Swiggy started?
Actually, this story is of 2014 when Swiggy was started. Swiggy was started by three friends Sriharsh Majeti, Rahul Gemini and Nandan Reddy in 2014 and today it has become one of the largest food delivery companies in India.
Who is the brain behind the success of Swiggy?
Sriharsh and Rahul had studied from BITS Pilani. Rahul also got a job in a bank in London but he did not feel like working there. He returned to India with his friend Shriharsh and thought of doing something big. After returning to India, both of them started a logistics company but that business did not do well.
After this, his third friend Nandan joined him and together they created a new idea, a food delivery company that could make it easy for people to order food and deliver it quickly. This is how Swiggy started. These three are the brains behind the success of Swiggy.
500 out of 5,000 employees included in the list of millionaires
Bengaluru-based company Swiggy not only achieved success in business but also improved the future of its employees. The company issued shares worth Rs 9,000 crore under its Employee Share Ownership Program (ESOP) at the high price limit of Rs 390 per share. In which 5000 former and present employees were given shares of the company. Now when the shares of the company were listed in the market, the price of those shares increased significantly due to which those employees got huge profits. 500 out of 5,000 employees have joined the list of millionaires.
Swiggy’s market value is around $12 billion
Today the market value of Swiggy is around $12 billion. Its IPO was oversubscribed by approximately 3:30 times and its shares were listed at a premium upon listing. Due to this, about 500 employees became millionaires. With the success of the IPO, the market cap of the company also increased to more than Rs 1 lakh crore. The company’s IPO was closed on Friday.
New shares worth Rs 4,499 crore were placed in the company’s IPO and shares worth Rs 6,828 crore were placed under the offer for sale. According to Swiggy, it will use the proceeds from the new IPO for investment in IT framework, brand marketing and business promotion. , will do other work including loan payment and acquisition.
