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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 peopleSriharsha Majety (CEO)
Rahul Bothra (CFO)
Dale Vaz (CTO)
IndustryOnline food ordering
ServicesFood delivery
Online grocery
Courier
RevenueIncrease ₹2,776 crore (US$330 million) (2020)[2]
ProfitNegative increase ₹−3,768 crore (US$−450 million) (2020)[3]
ParentBundl Technologies[4]
SubsidiariesSuprDaily
URLwww.swiggy.com
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.[5][6] Apart from food delivery, Swiggy also provides on-demand grocery deliveries under the name Instamart and an instant package delivery service called "Swiggy Genie".

Swiggy is operated by Bundl Technologies Private Limited.[4]

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.[7] Bundl was halted, and was rebranded to enter the food delivery market.[8] 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.[7][8] Majety and Reddy approached Rahul Jaimini, formerly with Myntra, and founded Swiggy and parent holding company Bundl Technologies in 2013.[8] The company built a dedicated delivery network and grew rapidly, primarily driven by the focus on logistics and locking in key resources.[8]

In early 2019, Swiggy expanded into general product deliveries under the name Swiggy Stores, sourcing items from local stores.[9][10][11] In August 2020, the company launched its instant grocery delivery service called Instamart using a network of dark stores.[12][13] In early 2021, Swiggy closed Swiggy Stores and expanded its operations under Instamart.[14]

In September 2019, Swiggy launched instant pickup/dropoff service Swiggy Go.[15] The service is used for a diverse array of items, including laundry and document or parcel deliveries to business clients and retail customers.[16] In April 2020, it rebranded Swiggy Go as Swiggy Genie.[17]

In May 2020, Swiggy laid off 1100 employees during the COVID-19 pandemic.[18]

In 2021, the company announced that it would cover the vaccination cost for its delivery partners.[19]

In March 2021, Swiggy set up Health Hub across Chennai, Tamil Nadu.[20]

In April 2022, Swiggy launched new accelerator program which offers a chance to its better educated delivery boys to become Managers.[21]

Financial

Year Revenue (In crores) Profits/Loss (In crores)
FY 2015 Increase 0.11 Decrease -2.1
FY 2016 Increase 20.01 Decrease -137
FY 2017 Increase 132.2 Decrease -205.1
FY 2018 Increase 442 Decrease -393
FY 2019 Increase 1,128.3 Decrease -2,361.8
FY 2020 Increase 2,693 Decrease-3,908.5
FY 2021 Decrease 2,145 Increase -1,314

Investments and acquisitions

In 2015, the company began attracting external investments. The first was a $2 million investment from Accel and SAIF Partners, along with additional investment from Norwest Venture Partners.[8] The next year, Swiggy raised $15 million from new and existing investors, including Bessemer Venture Partners and Harmony Partners.[8]

In 2017, Naspers led an $80 million funding round into Swiggy.[8] Swiggy received $100 million from China-based Meituan-Dianping and Naspers in 2018 and a string of investments boosted the company's valuation to over a $1 billion.[8]

In February 2019, Swiggy acquired Bangalore-based AI startup Kint.io.[22]

In April 2020, Swiggy received around $43 million funding which valued the company at $3.6 billion.[23]

Swiggy acquired Bangalore-based Asian food start-up 48East in 2017.[24][25] Swiggy later acquired Mumbai-based Scootsy Logistics, a struggling food and fashion delivery service,[26] and later shut it down.[27] In September 2018, it acquired the Mumbai-based milk delivery startup SuprDaily in an all-cash deal.[28] In 2019, the company invested Rs. 31 crore in Mumbai-based ready-to-eat food brand Fingerlix.[29]

The company raised $800 million in Series J round funding from Falcon Edge Capital, Goldman Sachs, Think Capital, Amansa Capital, and Carmignac, as well as the existing investors Prosus Ventures and Accel valuing Swiggy at around $4.9 billion.[30]

Swiggy raised $700 million investment led by Invesco US with a valuation of $10.9 Billion.[31]

Partnerships

Swiggy has partnered with Burger King to provide delivery services.[32] It has also partnered with Google Local Guide to facilitate customer reviews,[33] and with Sodexo to enable customers for paying through meal cards.[34] Swiggy has partnered with Indifi Technologies to facilitate a financing program for partner restaurants.[35] Swiggy launched a digital wallet, Swiggy Money, in partnership with ICICI Bank.[36]

Swiggy and drone company ANRA Technologies have started with their trials for drone deliveries in India, as per the recent announcement.[37]

References

  1. ^ "Exclusive: Swiggy to capitalize reserves worth Rs 16,310 Cr to allot bonus shares". 17 January 2022.
  2. ^ Peerzada, Abrar (28 January 2021). "Swiggy's revenue jumps 115% to Rs 2,776 cr, losses up 61% to Rs 3,768 cr". Business Standard.
  3. ^ "Swiggy's FY 2020 Losses Widen 61% To Rs 3,768 Crore". Moneycontrol. Retrieved 6 May 2021.
  4. ^ a b https://www.swiggy.com/terms-and-conditions
  5. ^ Madhav Chanchani (17 March 2019). "Online food delivery wars are moving from India to Bharat". The Times of India. Retrieved 13 August 2019.
  6. ^ IANS (7 October 2019). "Swiggy now in 500 Indian cities, targets 100 more this year". National Herald. Retrieved 16 September 2021.
  7. ^ a b "How Swiggy Became India's Fastest Unicorn". Livemint. 27 June 2018. Retrieved 31 August 2019.
  8. ^ a b c d e f g h "Swiggy Timeline: From a Bootstrapped Venture to India's Fastest Growing Unicorn (Infographic)". Entrepreneur. 23 December 2018. Retrieved 31 August 2019.
  9. ^ Jon Russell (February 2019). "India's Swiggy goes beyond food to offer product delivery from local stores". TechCrunch. Retrieved 13 August 2019.
  10. ^ Abhinav Singh (27 April 2019). "How food aggregator apps like Swiggy, Zomato, are trying innovative business methods". The Week. Retrieved 13 August 2019.
  11. ^ Deepti Chaudhary (15 March 2019). "Can Swiggy take more orders?". Fortune. Retrieved 13 August 2019.
  12. ^ Upadhyay, Harsh (10 August 2020). "Swiggy launches 45-min grocery and essentials delivery service via Instamart". Entrackr. Retrieved 15 November 2021.
  13. ^ Sil, Debarghya (11 August 2020). "Swiggy Launches InstaMart; Promises To Deliver Groceries Within 45 Minutes". Entrepreneur.
  14. ^ "Swiggy Ends Grocery Marketplace Experiment As Focus Turns To Dark Stores". Inc42 Media. 20 January 2021. Retrieved 15 November 2021.
  15. ^ "India's Swiggy has a new service that will deliver just about anything". TechCrunch. Retrieved 2 March 2020.
  16. ^ "Swiggy launches instant pick up and drop service 'Swiggy Go'". Livemint. 4 September 2019.
  17. ^ Singh, Jitendra (9 April 2020). "Swiggy expands grocery delivery service to more cities; rebrands Swiggy Go". Entrackr. Retrieved 25 January 2022.
  18. ^ "Swiggy lays off 1,100 employees as Covid-19 derails Cloud kitchens". The Economic Times. 19 May 2020. Retrieved 20 May 2020.
  19. ^ 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.
  20. ^ "Swiggy launches Health Hub in Chennai - ET Retail". ETRetail.com. Retrieved 1 April 2021.{{cite web}}: CS1 maint: url-status (link)
  21. ^ Bhattacharya, Ananya. "What it'll take for Swiggy delivery boys to become managers". qz.com. Retrieved 22 April 2022.
  22. ^ "Swiggy acquires Bengaluru-based AI startup Kint.io". ETTech. 4 February 2019.
  23. ^ "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)
  24. ^ Srinivasan, Supraja (13 December 2017). "Swiggy acquihires 48East team, adds to senior leadership". The Economic Times. Retrieved 31 August 2019.
  25. ^ "Swiggy Acqui-hires Gourmet Asian Food Startup 48East". 13 December 2017. Retrieved 31 August 2019.
  26. ^ Srinivasan, Supraja. "Swiggy acquires on-demand delivery firm Scootsy for Rs 50 crore". ETtech.com. Retrieved 31 August 2019.
  27. ^ www.ETtech.com. "Swiggy to shutter its premium food delivery service Scootsy - ETtech". The Economic Times. Retrieved 20 June 2020.
  28. ^ 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)
  29. ^ Kar, Sanghamitra. "Swiggy takes a bite of Fingerlix, invests Rs. 31 crore in food brand". ETtech.com. Retrieved 31 August 2019.
  30. ^ "India's Swiggy nears $5 billion valuation in new $800 million fundraise". TechCrunch. Retrieved 6 April 2021.
  31. ^ "Indian food delivery giant Swiggy raises $700 million at $10.7 billion valuation". TechCrunch. Retrieved 24 January 2022.
  32. ^ "Online ordering app Swiggy ties up with Burger King". The Economic Times. 20 November 2015. Retrieved 31 August 2019.
  33. ^ "Swiggy, Google Local Guides Offer Recommendations, Benefits, and More". NDTV Gadgets 360. Retrieved 31 August 2019.
  34. ^ Bhakta, Pratik (18 December 2017). "Swiggy customers can now pay through Sodexo meal cards". The Economic Times. Retrieved 31 August 2019.
  35. ^ Srinivasan, Supraja (12 October 2017). "Swiggy partners with Indifi Tech to launch financing program for restaurant partners". The Economic Times. Retrieved 31 August 2019.
  36. ^ "Swiggy launches Digital Wallet in tie-up with ICICI Bank - ET CIO".
  37. ^ "Swiggy, ANRA get approval to start drone trials for food delivery". The Economic Times. Retrieved 11 January 2022.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Swiggy&oldid=1085369870"