As 500 Swiggy employees turn crorepatis after share listing, Zomato CEO Deepinder Goyal has an observation for them basis his experience

Swiggy's recent Rs 11,300-crore initial public offering (IPO) marks a major moment in India's tech industry, standing as the largest public issue by a technology firm since Paytm's debut in 2021. With Swiggy's public listing, the financial windfall has already begun for many current and former into crorepatis by unlocking Rs 9,000 crore in employee stock option plans (ESOPs) and creating a new class of "crorepatis" within the company.

This wealth-building opportunity will significantly benefit nearly five thousand current and former employees, with nearly five hundred employees projected to see their net worth skyrocket, ET had mentioned in a report citing sources. For these new Swiggy millionaires there is a lesson they can learn from the employees of Zomato.

Zomato CEO Deepinder Goyal, drawing on his own experience with Zomato’s IPO, had earlier made an observation at the ET Startup Awards: sudden wealth can create challenges for individuals.


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Zomato’s own IPO in 2021 set a precedent, turning many employees into crorepatis. Zomato's journey since then, however, reveals some critical lessons for Swiggy’s new millionaires. Goyal noted that after Zomato’s public listing, the company underwent a significant cultural shift.


While the IPO provided financial gains for employees, it also introduced a period of complacency for many employees that slowed progress within the organization. Many team members, now financially secure, lost their drive, inadvertently stalling company initiatives.

“The IPO was good and the business was doing what it was doing, and a lot of people made a lot of money for the first time in their lives, and these are competent people. Competent people can't recognise that they are actually being complacent. They don’t seek progress anymore...," Goyal said at the Economic Times Startup Awards 2024.



“They are tuned in that way but they are not letting any progress happen. That’s what we had come down to. There was no work happening inside the organisation for a while. I had to literally clear out pretty much everybody who had lost that drive and then reboot the organisation," he added.

According to Goyal, the influx of wealth had a complex impact; while it empowered employees, it also dulled the sense of urgency and innovation essential for a fast-moving tech company like Zomato. Goyal ultimately made the difficult decision to reboot his organization, clearing out some people and roles and reassigning tasks to rekindle the drive and focus needed to keep Zomato moving forward.

Swiggy share listing

Swiggy, a top player in the food delivery market, made a strong debut on the NSE with its shares listing at Rs 420, reflecting a 7.69% premium over its IPO price of Rs 390. The company's IPO, launched last week, attracted a solid response, with subscriptions reaching slightly over three times the initial offering. By 10:54 am, Swiggy’s shares had gained momentum, trading up by 8% from the issue price despite weak broader markets.