At Storyboard18’s Power Of Purpose event in New Delhi, while addressing Swiggy’s upcoming IPO, Rohit Kapoor, CEO, Swiggy Food Marketplace, said his approach hasn’t changed towards sustainability despite Swiggy going public. “Whether you’re a private or public company doesn’t matter today, sustainability is more than just compliance. If we looked at it from a compliance point of view, it would have mattered as we are going public and seeking certain kind of investors. Today, our consumers, society, and employees have high expectations for corporate responsibility, placing significant scrutiny and pressure on businesses going public,” Kapoor stated.
Kapoor compared Swiggy’s IPO with a person turning 18 and getting their driving license. “I know there is a lot of excitement and we make a bit of public spectacle in India with IPOs. Hopefully it goes well. But, the IPO doesn’t keep me awake at night,” he shared. It’s a ‘pitstop’, he added.
“Quick commerce is a hype cycle. Grocery market is 600 bn dollars growing at 9 percent, we are adding about 4-45 percent every year in grocery. If you read the papers, you will think that the entire sector is being run by quick commerce. Quick commerce is growing very fast, but right now it is not even 5 percent of the market,” comments Kapoor.
As competition in the quick commerce market intensifies, it’s clear that quick commerce is currently a popular trend. The idea of delivering iPhones in 10 minutes is gimmicky, said Kapoor. He refers to Jeff Bezos’s quote about people wanting things faster and cheaper and according to him, this is one thing that will never change. “While quick commerce companies are now labeled as such, the reality is that many things are already being delivered quickly to our homes, from milk to medicines. Look at our cities. Who wants to go out and buy anything? It’ a pain. It’s inconvenient to leave your home, find a parking space, and shop,” he stated.
Read More:Sustainability is not just a compliance for Swiggy, says CEO Rohit Kapoor