Sriharsha Majety, CEO, Swiggy Limited, speaks at the Swiggy bell ringing listing ceremony, at the National Stock Excgange, in Mumbai, Wednesday, Nov. 13, 2024.
| Photo Credit: PTI

Avenue Supermarkets Ltd. (DMart) promoter Radhakishan Damani, Zomato founder Deepinder Goyal and Swiggy’s Sriharsha Majety and Nandan Reddy have secured the top three positions respectively in the second edition of IDFC First Private Banking and Hurun India’s ‘India’s Top 200 Self-made Entrepreneurs of the Millennia 2024’ which was released on Wednesday.

In the face of emerging challenges from quick-commerce, Mr. Damani grew his company’s valuation by 44% to ₹3.4 lakh crore while Zomato and Swiggy saw their valuation growing up by 190% and 52% respectively to ₹2.52 lakh crore and ₹1.01 lakh crore.

Kaivalya Vohra, 21, and Aadit Palicha, 22, co-founders of Zepto, were the youngest self-made entrepreneurs with their valuation more than doubling to ₹41,800 crore.

Happiest Minds Founder Ashok Soota, 81, was the eldest in the list of self-made entrepreneurs.

Among the 19 women on the list, Falguni Nayar of Nykaa leads as the highest-ranked woman, breaking into the top 10 with a 30% valuation gain.

Ghazal Alagh (36) of MamaEarth has become the youngest woman entrepreneur, with her company’s valuation increasing 55% to ₹15,500 crore.

As many as 56 founders representing 32 companies were added to this year’s list and the cumulative value of all the 200 companies in the list was up 20% at ₹36 lakh crore which was almost equivalent to the GDP of Maharashtra.

“The total value of the companies found by self-made entrepreneurs worth $431 billion is equivalent to a quarter of the value of India’s 200 Most Valuable Family Businesses, despite being founded in the last 24 years compared to the latter’s average existence of 69 years,” said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

“While the valuation of unlisted companies were arrived at based on their past fund raising, some of them were knocked out of the list due to their unjustifiably valuation,” he added.

Vikas Sharma, Head-Wealth Management & Private Banking, IDFC First Bank said, “The report highlights the extraordinary journeys of visionary entrepreneurs who are transforming India’s economic landscape and these business leaders embody innovation and the relentless pursuit for excellence.”

Mumbai:

Food delivery and quick-commerce major Swiggy on Wednesday said it is expecting “very solid” growth in the next 3-5 years and plans to expand its geographical footprint and stores network for Instamart business.

The company which made a strong debut on the stock exchanges on Wednesday said it has doubled the categories for quick commerce in the last 12 months.

“We are expecting very solid growth for the next 3-5 years. We are expanding our geographical footprint, stores network for Instamart business,” Swiggy CEO Sriharsha Majety said post the listing ceremony.

Swiggy listed at Rs 412, reflecting a jump of 5.64 per cent from the issue price on the BSE. Later, it surged 15.12 per cent to Rs 449 apiece.

The Rs 11,327-crore initial public offer of Swiggy got fully subscribed on the final day of the share sale on Friday, ending with 3.59 times subscription. The initial share sale had a price range of Rs 371-390 a share.

The company’s IPO (Initial Public Offering) had a fresh issue of shares worth Rs 4,499 crore, along with an Offer-For-Sale (OFS) of Rs 6,828 crore.

Going by the draft papers, the company plans to utilise proceeds from the fresh issue for investing in technology and cloud infrastructure; brand marketing and business promotion; and debt payment; and funds will also be allocated for inorganic growth and general corporate purposes.

Majety further noted that the company will continue to invest in various categories.

He also said that Instamart’s average delivery time has reduced over time in big cities, adding, “our delivery time has reduced from 17 minutes to 12 minutes.” Swiggy plans to open bigger dark stores in size as much as 8,000-10,000 sq ft, he said.

On the reported CCI probe against food delivery platforms including Swiggy for anti-competition practices, Mr Majety said, “we are following laws and practices with complete compliance.” A Competition Commission probe has found that food delivery platforms Zomato and Swiggy indulged in unfair business practices, including alleged preferential treatment to some restaurant partners, according to sources. 

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)