Swiggy on Wednesday confirmed full compliance with the Food Safety and Standards Authority of India's shelf life requirements, pledging ongoing improvements to its safety and compliance systems. This commitment followed recent scrutiny from the regulatory advisories aimed at online food and e-commerce platforms.
The company's IT systems ensure that only products with sufficient shelf life reach consumers, according to its Co-Founder and Chief Executive Officer Sriharsha Majety, reflecting adherence to FSSAI guidelines issued during a recent meeting attended by over 200 executives, including representatives from Blinkit, BigBasket, Amazon, and other key industry players. The FSSAI's directive requires platforms to list food items with at least 30% of their shelf life or 45 days remaining at delivery.
"We are fully compliant with the advisory from FSSAI regarding shelf life requirements. Our IT systems are robust and ensure that no product with a shelf life lower than the minimum required reaches the consumer," Majety said.
On its listing day on Wednesday at the Bombay Stock Exchange, Swiggy's share price opened at Rs 412, a 5.64% increase over its issue price of Rs 390, while it debuted at Rs 420 on the National Stock Exchange, reflecting a 7.7% premium. With this market entry, Swiggy's market capitalisation surged past Rs 1 lakh crore.
Majety also highlighted the company's consumer-focused approach as essential to competing in the food delivery sector as the aims to drive long-term growth by identifying and addressing latent consumer needs.
"Our focus will be on meeting consumer demands that they may not even be aware of yet,” Majety said during the listing ceremony.
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