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Swiggy

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Swiggy
Type of businessPrivate
Available inEnglish
FoundedJuly 2014; 10 years ago (2014-07)
HeadquartersBangalore, Karnataka, India
Area served300+ cities across India
OwnerNaspers (36.01%)[1]
Founder(s)
  • Sriharsha Majety
  • Nandan Reddy
  • Rahul Jaimini
Key people
  • Sriharsha Majety (CEO)
  • Rahul Bothra (CFO)
  • Dale Vaz (CTO)
IndustryOnline food ordering
Services
RevenueDecrease ₹2,675 crore (US$320 million) (FY 2020-21)[2]
ProfitPositive decrease ₹−1,616 crore (US$−190 million) (FY 2020-21)[2]
ParentBundl Technologies[3]
Subsidiaries
  • SuprDaily
  • Dineout
URLswiggy.in
AdvertisingYes
RegistrationOptional
Current statusActive
Native client(s) onAndroid, iOS, website

Swiggy is an Indian online food ordering and delivery platform. Founded in July 2014, Swiggy is based in Bangalore and operates in 500 Indian cities as of September 2021.[4][5] Besides food delivery, Swiggy also provides on-demand grocery deliveries under the name Instamart, and a same-day package delivery service called Swiggy Genie.

History

In 2013, the two founders, Sriharsha Majety and Nandan Reddy, designed an e-commerce website called Bundl to facilitate courier service and shipping within India.[6] Bundl was halted and rebranded to enter the food delivery market.[7] At the time, the food delivery sector was in turmoil as several notable startups, such as Foodpanda (later acquired by Ola Cabs), TinyOwl (later acquired by Zomato) and Ola Cafe (later closed) were struggling.[6][7] Majety and Reddy approached Rahul Jaimini, formerly with Myntra, and founded Swiggy and parent holding company Bundl Technologies in 2013.[7]

In early 2019, Swiggy expanded into general product deliveries under the name Swiggy Stores, sourcing items from local stores.[8][9][10] In August 2020, the company launched its instant grocery delivery service called Instamart using a network of dark stores.[11][12] In early 2021, Swiggy closed Swiggy Stores and expanded its operations under Instamart.[13]

In September 2019, Swiggy launched instant pickup/dropoff service Swiggy Go.[14] The service is used for a diverse array of items, including laundry and document or parcel deliveries to business clients and retail customers.[15] In April 2020, it rebranded Swiggy Go as Swiggy Genie.[16]

In May 2020, Swiggy laid off 1100 employees during the COVID-19 pandemic.[17] In 2021, the company announced that it would cover the vaccination cost for its delivery partners.[18][19]

Investments and acquisitions

In 2015, Swiggy received a $2 million investment from Accel and SAIF Partners, along with additional investment from Norwest Venture Partners.[7] The next year, it raised $15 million from both previous and new investors, including Bessemer Venture Partners and Harmony Partners.[7]

In 2017, Naspers led an $80 million funding round into Swiggy.[7] By September 2018, Swiggy was valued around $3.3 billion, and in April 2020, Swiggy was valued around $3.6 billion.[20]

Swiggy acquired Bangalore-based Asian food start-up 48East in 2017.[21][22] Swiggy later acquired Mumbai-based Scootsy Logistics, a food and fashion delivery service,[23] and ultimately shut it down.[24] In September 2018, it acquired Mumbai-based milk delivery startup SuprDaily.[25] In 2019, the company invested ₹31 crore in Mumbai-based ready-to-eat food brand Fingerlix.[26]

In Jan 2022 Swiggy's valuation rises to $10.7 billion after $700-million fundraise led by US asset manager Invesco.[27]

Partnerships

Swiggy has partnered with Burger King to provide delivery services.[28] It has also partnered with Google Local Guide to facilitate customer reviews,[29] and with Sodexo to let customers pay through meal cards.[30] Swiggy launched a digital wallet, Swiggy Money, in partnership with ICICI Bank, an Indian private sector bank.[31] In January 2022, Swiggy and drone company ANRA Technologies began trialing drone deliveries.[32]

References

  1. ^ "Exclusive: Swiggy to capitalize reserves worth Rs 16,310 Cr to allot bonus shares". 17 January 2022.
  2. ^ a b Sil, Debarghya (27 July 2022). "Foodtech Giant Swiggy Spent INR 4,139 Cr To Earn INR 2,547 Cr In FY21". Inc42 Media. Retrieved 15 September 2022.
  3. ^ https://www.swiggy.com/terms-and-conditions
  4. ^ Madhav Chanchani (17 March 2019). "Online food delivery wars are moving from India to Bharat". The Times of India. Retrieved 13 August 2019.
  5. ^ IANS (7 October 2019). "Swiggy now in 500 Indian cities, targets 100 more this year". National Herald. Retrieved 16 September 2021.
  6. ^ a b "How Swiggy Became India's Fastest Unicorn". Livemint. 27 June 2018. Retrieved 31 August 2019.
  7. ^ a b c d e f "Swiggy Timeline: From a Bootstrapped Venture to India's Fastest Growing Unicorn (Infographic)". Entrepreneur. 23 December 2018. Retrieved 31 August 2019.
  8. ^ Jon Russell (February 2019). "India's Swiggy goes beyond food to offer product delivery from local stores". TechCrunch. Retrieved 13 August 2019.
  9. ^ Abhinav Singh (27 April 2019). "How food aggregator apps like Swiggy, Zomato, are trying innovative business methods". The Week. Retrieved 13 August 2019.
  10. ^ Deepti Chaudhary (15 March 2019). "Can Swiggy take more orders?". Fortune. Retrieved 13 August 2019.
  11. ^ Upadhyay, Harsh (10 August 2020). "Swiggy launches 45-min grocery and essentials delivery service via Instamart". Entrackr. Retrieved 15 November 2021.
  12. ^ Sil, Debarghya (11 August 2020). "Swiggy Launches InstaMart; Promises To Deliver Groceries Within 45 Minutes". Entrepreneur.
  13. ^ "Swiggy Ends Grocery Marketplace Experiment As Focus Turns To Dark Stores". Inc42 Media. 20 January 2021. Retrieved 15 November 2021.
  14. ^ "India's Swiggy has a new service that will deliver just about anything". TechCrunch. Retrieved 2 March 2020.
  15. ^ "Swiggy launches instant pick up and drop service 'Swiggy Go'". Livemint. 4 September 2019.
  16. ^ Singh, Jitendra (9 April 2020). "Swiggy expands grocery delivery service to more cities; rebrands Swiggy Go". Entrackr. Retrieved 25 January 2022.
  17. ^ "Swiggy lays off 1,100 employees as Covid-19 derails Cloud kitchens". The Economic Times. 19 May 2020. Retrieved 20 May 2020.
  18. ^ Abrar, Peerzada (24 March 2021). "Swiggy to roll out vaccine cover for its fleet of 2 lakh delivery partners". Business Standard India. Retrieved 1 April 2021.
  19. ^ "Swiggy: অশ্বারোহী ডেলিভারি বয়ের খোঁজ দিলেই পাবেন আকর্ষণীয় পুরস্কার, ঘোষনা সুইগির". The Bengali Chronicle (in Bengali). 10 July 2022. Retrieved 30 July 2022.
  20. ^ "Swiggy gets another $43m from Tencent, Samsung". The Times of India. 7 April 2020. Retrieved 7 April 2020.{{cite news}}: CS1 maint: url-status (link)
  21. ^ Srinivasan, Supraja (13 December 2017). "Swiggy acquihires 48East team, adds to senior leadership". The Economic Times. Retrieved 31 August 2019.
  22. ^ "Swiggy Acqui-hires Gourmet Asian Food Startup 48East". 13 December 2017. Retrieved 31 August 2019.
  23. ^ Srinivasan, Supraja. "Swiggy acquires on-demand delivery firm Scootsy for Rs 50 crore". ETtech.com. Retrieved 31 August 2019.
  24. ^ www.ETtech.com. "Swiggy to shutter its premium food delivery service Scootsy - ETtech". The Economic Times. Retrieved 20 June 2020.
  25. ^ Pahwa, Patanjali (7 September 2018). "With an eye on concierge services, Swiggy acquires SuprDaily". Business Standard India. Retrieved 22 March 2020.{{cite news}}: CS1 maint: url-status (link)
  26. ^ Kar, Sanghamitra. "Swiggy takes a bite of Fingerlix, invests Rs. 31 crore in food brand". ETtech.com. Retrieved 31 August 2019.
  27. ^ Bhalla, Tarush. "Swiggy's valuation rises to $10.7 billion after $700-million fundraise". Indiatimes. Retrieved 25 January 2022.
  28. ^ "Online ordering app Swiggy ties up with Burger King". The Economic Times. 20 November 2015. Retrieved 31 August 2019.
  29. ^ "Swiggy, Google Local Guides Offer Recommendations, Benefits, and More". NDTV Gadgets 360. Retrieved 31 August 2019.
  30. ^ Bhakta, Pratik (18 December 2017). "Swiggy customers can now pay through Sodexo meal cards". The Economic Times. Retrieved 31 August 2019.
  31. ^ "Swiggy launches Digital Wallet in tie-up with ICICI Bank - ET CIO".
  32. ^ "Swiggy, ANRA get approval to start drone trials for food delivery". The Economic Times. Retrieved 11 January 2022.
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