Swiggy has spawned 44 start-ups worth over ₹6,277 crore

The best sign of the maturity of a start-up ecosystem is the number of people it inspires to branch out from working at start-ups to founding their own. While the likes of Paypal and Yahoo have spawned America’s entrepreneurial culture, Flipkart, Paytm and others have been the earliest among India’s ‘Start-up Mafias’ and with increasing public listings of start-ups, more are joining this list.

With the IPO of consumer tech major Swiggy around the corner, a report by PrivateCircle Research shows there are 46 start-ups that are part of the ‘Swiggy mafia’ with a collective valuation of ₹6,277 crore. This could be even higher since PrivateCircle was not able to ascertain valuation of 22 of them. Teachmint, VRO Hospitality and Stable Money are among the top-valued startups founded by Swiggy’s former employees.

Rohit Srivastava, Senior Partner, LONGHOUSE Consulting, said that leadership exits to start own ventures is more common post-buybacks than after public listings, when executives actually stay and steer company growth. Post ESOP buybacks, enterprising employees, who have also spent a long time in the company, typically take the leap to start their own ventures, he added. However, Swiggy remains among the smaller ‘Start-up mafias’ in India.

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