Wed Nov 13 07:46:46 UTC 2024: ## Swiggy Soars on Stock Market Debut, Plans Aggressive Expansion
**Bengaluru, India** – Food delivery and quick-commerce giant Swiggy made a triumphant stock market debut on Wednesday, signaling ambitious growth plans for the coming years. The company’s shares jumped 15.12% on the BSE, reflecting strong investor confidence in its future prospects.
Swiggy CEO Sriharsha Majety attributed the positive market response to the company’s robust growth trajectory. He revealed that Swiggy expects “very solid growth” in the next 3-5 years and is actively expanding its geographical footprint and store network for its Instamart quick commerce business.
The company has doubled its quick commerce categories in the past year and is focusing on improving delivery times in major cities. Instamart’s average delivery time has already been reduced from 17 minutes to 12 minutes, and Swiggy plans to open larger “dark stores” with an area of 8,000-10,000 square feet to further optimize operations.
Swiggy’s successful IPO, which raised Rs 11,327 crore, will be used for investments in technology and cloud infrastructure, marketing, debt repayment, and inorganic growth.
Despite facing a Competition Commission of India (CCI) investigation into alleged anti-competitive practices, Majety assured that Swiggy is fully compliant with all laws and regulations. The CCI probe found that food delivery platforms Zomato and Swiggy may have engaged in unfair business practices, including favoring certain restaurant partners.
Swiggy’s strong market debut and ambitious expansion plans signal a continued drive for dominance in the food delivery and quick commerce sectors in India.
First Piper 