Swiggy, India's food and grocery delivery giant, made its much-anticipated stock market debut on Wednesday. The occasion sparked a heartwarming exchange on social media between the market rivals, led by Deepinder Goyal, the CEO of Zomato, Swiggy’s primary competitor.In a congratulatory post, Goyal praised Swiggy’s milestone with a heartfelt message, saying, “Congratulations Swiggy! Couldn't have asked for a better company to serve India with.”
Read full storyThe company's market valuation stood at Rs 89,549.08 crore during the early trade.
Read full storySwiggy's shares debuted 7.7% higher in pre-open trade on November 13, following the oversubscription of its $1.4 billion initial public offering (IPO) by more than three times last week. The stock listed at Rs 420 on the National Stock Exchange, compared to its issue price of Rs 390.
Aa per reports, Swiggy's founders and top management were allocated ESOPs worth nearly Rs 2,600 crore in its latest stock ownership plan. This includes founder and group CEO Sriharsha Majety; cofounders Nandan Reddy and Phani Kishan Addepalli; chief financial officer Rahul Bothra; chief technology officer Madhusudhan Rao; food marketplace CEO Rohit Kapoor; and newly appointed CEO of Swiggy Instamart, Amitesh Jha.
Read full storyThe Indian equity markets continued to show weakness on Wednesday as the benchmark indices opened in the red. The BSE Sensex dropped over 170 points, trading at 78,495.53, a decline of 0.23%. The Nifty50 index also saw a slight dip, shedding 61 points, or 0.26%, to reach 23,822.45.
On Tuesday, Indian markets faced a steep decline, with the Sensex losing over 900 points and closing at 78,675.18, down by 820.97 points, or 1.03%. The Nifty50 mirrored this performance, slipping to 23,883.45 with a loss of 257.85 points, or 1.07%. The decline followed a lackluster Monday session, influenced by global market cues, sustained foreign institutional investor (FII) selling, and mixed quarterly earnings reports.
Read full storySwiggy's IPO debut is set to generate substantial wealth for its employees, marking one of the largest wealth-creation events in India's startup ecosystem. Around 500 Swiggy employees are expected to enter the 'Crorepati' Club, with the IPO unlocking Rs 9,000 crore in employee stock options (ESOPs). This substantial wealth generation establishes Swiggy as a major player in India’s startup landscape, following the path set by Flipkart.
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