Swiggy CEO Drops Bombshell: ‘I Don’t Need to Be Relevant!’
If Swiggy has evolved from a noun to a verb in the past decade, the man credited with pioneering quick commerce in India is a paradox. Sriharsha Majety, the co-founder, managing director, and group chief executive officer of Swiggy, which was established in 2014, is anything but ‘quick’. It took Majety a decade, culminating in the company’s IPO in November, to step out of his self-imposed media seclusion and discuss the company.
In an exclusive interview with Forbes India, Majety explains, “I have never shied away from speaking. There are just moments when you feel compelled to share your story.”
While India has seen its fair share of high-profile startup founders known for their flamboyance, arrogance, and controversial company cultures, Majety stands out as an exception. He exudes a Zen-like calmness, Swiggy’s work environment is far from toxic, and he has crafted a unique approach based on humility.
Majety reflects, “Concepts like competition, winning at all costs, and aggressive tactics are not in our nature. I never intended for Swiggy to be about personal fame. I am not concerned with individual status.”
While many founders prioritize short-term gains, Majety is guided by a long-term vision, strategic bets, and a broader perspective. Instead of engaging in public spats with critics, he chooses to listen and learn. “Our success speaks for itself. You can build a successful startup without getting caught up in external opinions,” he emphasizes. According to Majety, what truly matters is what consumers think of your brand.
He concludes, “People are most comfortable when they are true to themselves. No one is perfect. We all have strengths and weaknesses. It’s important to stay true to your values and beliefs.”
Being the Face of Swiggy
I never intended to become a public figure. My focus has always been on the company we are building and the work we are doing, rather than on individual status. While my opinions are important, I believe that the success of our company is a result of the collective effort of many individuals. I am cautious about being the sole face of Swiggy, as I believe there are many faces that contribute to our success.
On IPO and Life after IPO
The decision to go public was a significant milestone that required a shift in mindset. It took me several quarters to mentally prepare for this change. Observing other startups in India go public provided valuable insights into what to expect. I realized that going public is just another change in the journey of a business. Embracing this change with excitement and readiness is crucial for success.
Navigating Through Outside Noise
In the midst of noisy signals and distractions, it is essential to stay focused on the core purpose of our work. Reminding ourselves of why we started and staying true to our mission helps us block out external noise and stay on track towards our goals.
Continuously finding your inner compass and paving the way forward is essential for personal growth and success. While blocking out all the noise can be a challenge, especially as a company grows, it is important to prioritize inner validation.
When it comes to handling criticism, I believe in being my own toughest critic. This approach helps me stay centered and balanced, allowing me to sift through feedback and identify areas for improvement. While not all criticism may be valuable, there is often a nugget of wisdom that can help me grow and evolve.
Taking people along on the journey of building and managing large businesses is perhaps the most challenging aspect of my work. Ensuring that consumers, employees, and investors are all aligned with our vision requires constant effort and communication. This mindset extends to decisions like revising our IPO price, as we strive to bring all stakeholders along with us.
In the world of startups, failures are inevitable. However, it is how we learn from these failures and adapt that truly defines our success. By staying true to our philosophy and drawing inspiration from various sources, we can navigate the ups and downs of entrepreneurship with resilience and determination.
During the initial two to three years, our primary focus was on avoiding failure, as that is the fate of 99 percent of companies. Therefore, the lack of funding during that time did not deter me. In order to survive beyond the typical lifespan of a startup, we had to be outliers. The fear of failure did not consume me, as it is the default outcome for most startups. Instead, I approached the challenge with determination and excitement, knowing that emerging from that 99 percent failure zone would be a significant achievement.
Regarding the concept of cash burn being viewed as a ‘dirty’ word, I hold a different perspective. Businesses like Swiggy could not have been established without the necessary investments. While some companies thrive through bootstrapping, our journey required financial backing. Investments are essential for growth and market expansion, which inevitably involves cash burn. Loss should not be stigmatized, as it is a crucial aspect of building certain types of businesses. However, excessive and non-value-added cash burn should be avoided at all costs.
In terms of different stages of business development, I do not believe in a strict sequence from 0 to 1, 1 to 10, or 1 to 100. Each company’s journey is unique, and the founder’s ability to adapt and scale plays a significant role in determining the trajectory. There is no formula that dictates how a business should progress, as it ultimately depends on the founders’ capabilities and their capacity to manage complexity as the company grows. I do not adhere strictly to stage gates, as I believe in a more flexible approach to business development.
When facing headwinds in the realm of Quick Commerce, it is essential to adapt and navigate challenges with agility and foresight. By embracing change and innovation, businesses can overcome obstacles and thrive in a rapidly evolving market landscape.
In order to overcome challenges, one must face headwinds head-on. Problems do not simply disappear on their own, they require active solutions. When faced with a headwind, it signifies the presence of another obstacle that needs to be addressed promptly. It is crucial not to become overwhelmed by the multitude of issues that may arise. Developing a resilient mindset takes time, especially when confronted with numerous problems simultaneously, as was the case during the pandemic.
Over the past decade, I have encountered a wide array of challenges, ranging from scalability issues to complex problems that have caused significant pain. As a result, I have learned to approach each problem with a sense of determination and a focus on finding solutions. The key to success in the quick commerce industry lies in the density of consumers. While we may operate in 700 cities, only a fraction of them generate a substantial number of orders. However, by strategically setting up operations in cities with lower demand, we are able to minimize fixed costs and optimize efficiency.
In the food delivery sector, our success is driven by catering to the needs of migrant consumers who are living away from their families. Convenience is paramount in these urban areas, making quick commerce a promising venture that is still evolving. While some may doubt its potential for success, only time will reveal the true outcome. This article draws inspiration from a story featured in Forbes, highlighting the ongoing journey of quick commerce and the challenges that lie ahead.
For more market insights, follow our blog.
Stay tuned for more updates and insights on the stock market! For more insights on investing in the Indian stock market, check out resource like ET, NSE India.
Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Investors should conduct thorough research and consult with a qualified financial advisor before making any investment decisions.