Swiggy Cofounder & CEO, Sriharsha Majety- Swiggy Success Story

Sriharsha Majety- Swiggy Cofounder & CEO, and Swiggy Story

“Growth is about learning and evolving with the different variables and moving parts.” This is the belief of Sriharsha Majety, co-founder & CEO at Swiggy. In addition to co-founding Bundl, he was an Associate in Nomura International's London and India offices. 

Sriharsha has a Master of Science in Physics and a Bachelor of Engineering in Electrical and Electronics from BITS, Pilani, as well as an MBA (finance) from IIM Kolkata.

 

Biography:

• Name: Sriharsha Majety

• Profession: Entrepreneur, Cofounder & CEO

• Date of Birth: 1986

• Age: 35

• Father: NA

• Mother: NA

• Marital Status: Married.

• Wife: Neetha Majety

• College/University: IIM Kolkata, BITS Pilani.

• Qualification: M.Sc in Physics and B.E in Electrical and Electronics Engineering.

• Country: India

• Famous as: Cofounder & CEO of Swiggy.

 

 

Early Life and Educational Background

Born in 1986 in the southern Indian state of Andhra Pradesh to an educated family, Sriharsha Majety pursued his undergraduate degree with a B.E (Electrical and Electronics Engineering) and a master's degree in Physics with an M.Sc degree at the BITS-Pilani in the year 2008. 

However, in the midway through the process, he changed his goals and now works. He had an ambiguous phase of his career when he left early from the CFA Programme. It led him to this place where he joined the Post-Graduate Diploma in Management at the IIM Calcutta. While at IIM, He worked as a recruitment coordinator but despite having that prestigious education in his pocket the corporate world did not stand where his heart belonged.

Majety's entry into entrepreneurship wasn't through a straight route. Soon after IIM, Majety began working as an Associate with Nomura International in London. His job had given him stability and success. But the corporate life with all its strict structure was unable to quench his adventurous spirit. He quit his job after just one year to travel around the world.

 

Entrepreneurial Journey 

In 2014 Majety, with co-founders Nandan Reddy and Rahul Jaimini, morphed Bundl into Swiggy, this was to soon change the food-ordering behavior of Indians into something much bigger. Working on Bundl had a great revelation of its potential in a food ordering system that changed the nature of dining in India itself. The beginning days of Swiggy were pretty challenging. The founders had to experience a tough market and serious competition but they hung in there.

It was launched in just 12 cities and spread its wings at an astronomical rate to make a place in this list of the most reliable food delivery platforms in India. Majety's technical expertise, business acumen, and vision made Swiggy a household name. That changed everything in 2017 when Swiggy started the cloud kitchen chain "The Bowl Company" and then there came 2020-the pandemic year.

While many businesses remained uncertain and in decline, Majety saw an opportunity for growth. In came Swiggy Genie, and shortly after, Swiggy Instamart, which has turned out to be a lifeline for many during the lockdown. The innovative company step did not end there with alcohol delivery now available in select states.

 

Marketing Strategy

1. Swiggy Best Analysis Data Strategy

Swiggy knows well about its customers. They know which person requires what and they throw their notifications accordingly. They know as such what their customers like and hate, the demand space, etc. They let them perform knowledge analysis, thereby making them expand their B2B business strategy. They will also sell this information to their consumers by making them come to a completely new restaurant.

 

2. Swiggy Distribution Strategy

The business model of Swiggy is hyperlocal products. It plans to offer diversified delivery. This is not limited to food but presents a delivery platform for drugs, groceries, gift stores, and florists for the company to take more significant portions of India's delivery market. 

Swiggy has a business model which helps it develop the chain of restaurants and delivery chain as well. Swiggy functions through dual partnership mode with which the customer benefits as well as the restaurant that gets the order. A survey conducted by one of the best MBA colleges in Kolkata showed restaurants derive 50% of online orders through swiggy. 

 

3. Technological-Focused Marketing Strategy

Swiggy is a food-tech start-up that fundamentally depends upon the core logistics platform on technology. All the variables are scanned using data analytics from traffic conditions to preparation time in the restaurants depending on the number of orders, and delivery executive's location to intelligently provide them with delivery times and promises to the end customers.

 

4. Promotional Strategies

Swiggy is already a very popular brand, not only because of its excellent services but also because of its promotional marketing strategy. The campaigns by Swiggy are very engaging and participatory. The posts are light-hearted, attractive, of excellent quality, and based on comedy. Campaigns like #EatYourVeggies, #SuperSwiggy, and #EarnYourCheatMeal were using witty one-liners and puns to state the idea of eating healthily. 

Swiggy has also promoted its services through influencers. It leaves no stone unturned in using digital marketing assets. Swiggy is on all the social media applications. They publish funny blogs where they make fun of current events in a fashion to promote the services and goals of the company. Swiggy sends out emails to its customers daily.

 

5. Swiggy Subscription Plan

This is another feature that swiggy attracts, in its marketing strategy. To get more consumers and retain them effectively, they have implemented their subscription policy. The Swiggy Super subscription service of swiggy has been restructured into three parts: Binge, Bite, and Bit. According to the subscription options, the perks vary amongst the three programs.

Swiggy One, on the other hand, will upgrade all the existing Swiggy Super Members immediately to the new program for the rest of their membership. Patrons can now enjoy free delivery unlimitedly, better prices, and many more benefits. These subscriptions bring in a lot of money for the startup.

 

Swiggy Presence & Milestones

• Presence in more than 25 cities.

• Partnering with more than 20,000 restaurants.

• Achieved 5 million deliveries per month in 2017.

• 2019: Swiggy Cloud Kitchen served a record 1.5 million monthly orders.

• Pegged valuation in 2021 at $5 billion.

 

Net Worth

Majety’s net worth is around Rs.1400 Cr.

 

Awards & Recognition

IIFL Wealth Hurun India 40 & Under Self-Made Rich List 2020.

Entrepreneur of the Year, ET Awards, 2019.

 

You can read Swiggy IPO in which we have covered various important IPO details. 

 

DID YOU KNOW?

Being an adventure sports enthusiast he cycled more than 3000 km from Portugal to Greece over three months. 

Conclusion

Finally, the tale of how Sriharsha Majety went from being locked in a 9-to-5 job to founding and expanding a food tech company like swiggy is a mixture of love, determination, and creativity at work. He has been an asset to Swiggy due to his talent in foreseeing market trends, extensive knowledge of systems as well as experience diving into risky endeavors. 

Emerging as the foremost food tech company in India, Swiggy has changed the perceptions of how convenience can be defined by the levels of data analytics, hyper-local delivery, and technology. With the introduction of Swiggy Genie and Instamart, the growth of Swiggy One, Majety is constantly changing and improving services of Swiggy for the millions of people pulsating across India.