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Swiggy

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Swiggy
File:Swiggy logo.svg
Type of businessPrivate
Available inEnglish
Founded2014; 10 years ago (2014)
HeadquartersBangalore, India
Area served300+ cities across India
Founder(s)Nandan Reddy
Sriharsha Majety
Rahul Jaimini
Key peopleSriharsha Majety (CEO)
Vivek Sunder (COO)
Rahul Bothra (CFO)
IndustryOnline food delivery
ProductsConsumer service
ServicesRestaurant search, online ordering.
Revenue₹875 crore (US$100 million)[1] (November 2019)
Employees218,000
URLwww.swiggy.com
AdvertisingYes
RegistrationOptional
Current statusActive
Native client(s) onAndroid, iOS, website

Swiggy is India's largest[2] and most valuable[3][4] online food ordering and delivery platform. Founded in 2014, Swiggy is based out of Bangalore, India and, as of March 2019, was operating out of 100 Indian cities.[5] In early 2019, Swiggy expanded into general product deliveries, under the brand name Swiggy Stores.[6][7][3]

In September 2019, Swiggy launched instant pick up and drop service Swiggy Go.[8] The service is used to pick up and drop off a diverse array of items, including laundry and document or parcel deliveries to business clients and retail customers.[9]

History

In 2013 two founders, Sriharsha Majety and Nandan Reddy, designed an e-commerce website called "Bundl" to facilitate courier service and ship goods within India.[10] Bundl was quickly paused, and they moved into the food delivery market.[11] 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.[10][11] Majety and Reddy approached Rahul Jaimini, formerly with Myntra, and founded Swiggy and parent holding company Bundl Technologies in 2014.[11] The company built out a dedicated delivery network and grew rapidly, primarily driven by the focus on logistics and locking in key resources.[11] In May 2020, Swiggy laid off 1100 employees during the Covid-19 pandemic.[12]

Investments and acquisitions

By 2015, the company began attracting external investments. The first was a $2 million investment from Accel and SAIF Partners, along with an additional investment from Norwest Venture Partners.[11] The next year, Swiggy raised $15 million from new and existing investors, including Bessemer Venture Partners and Harmony Partners.[11]

In 2017, Naspers led an $80 million funding round into Swiggy.[11] Swiggy received $100 million from China-based Meituan-Dianping and Naspers in 2018 and then later a string of investments took the company's valuation to over a $1 billion.[11]

In April 2020, Swiggy received around $43 million finding which valued the company at $3.6 billion.[13]

Swiggy acquired Bangalore-based Asian food start-up 48East in 2017.[14][15] Swiggy later acquired Mumbai-based Scootsy Logistics, a struggling food and fashion delivery service.[16] It also went on to acquire a milk delivery start-up in Mumbai called SuprDaily in an all cash deal.[17] In 2019, the company invested Rs 31 crore in Mumbai-based ready-to-eat food brand Fingerlix.[18] Swiggy plans to transition Scootsy’s partners, fleet and nudge consumers to its app and shut Scootsy by June-end 2020.[19]

Partnerships

Swiggy has partnered with Burger King for providing delivery services.[20] It has also partnered with Google Local Guide to facilitate customer reviews,[21] and with Sodexo to enable customers for paying through meal cards.[22] Swiggy has partnered with Indifi Technologies to facilitate a financing program for partner restaurants.[23] 'Swiggy Money' is a digital wallet launched by Swiggy in partnership with ICICI Bank. The costumers who do not have an account in the ICICI bank can also avail the services. It will allow the customers to store money to pay for the orders. [24]

References

  1. ^ Mahadevan, S. (17 December 2019). "Swiggy's losses increased six-fold to Rs 2,364 crore in FY19". The News Minute.
  2. ^ Nishant Sharma (23 December 2018). "Online Food Delivery: Swiggy Vs Zomato: Who Has A Better Chance To Win India's Hunger Games?". BloombergQuint. Retrieved 13 August 2019.
  3. ^ a b Deepti Chaudhary (15 March 2019). "Can Swiggy take more orders?". Fortune. Retrieved 13 August 2019.
  4. ^ Alnoor Peermohamed (22 June 2018). "Swiggy gets battle ready; raises $210 mn from Naspers, DST Global". Business Standard. Retrieved 13 August 2019.
  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. ^ Jon Russell (February 2019). "India's Swiggy goes beyond food to offer product delivery from local stores". TechCrunch. Retrieved 13 August 2019.
  7. ^ Abhinav Singh (27 April 2019). "How food aggregator apps like Swiggy, Zomato are trying innovative business methods". The Week. Retrieved 13 August 2019.
  8. ^ "India's Swiggy has a new service that will deliver just about anything". TechCrunch. Retrieved 2 March 2020.
  9. ^ "Swiggy launches instant pick up and drop service 'Swiggy Go'". Livemint. 4 September 2019.
  10. ^ a b "How Swiggy Became India's Fastest Unicorn". Livemint. 27 June 2018. Retrieved 31 August 2019.
  11. ^ 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.
  12. ^ "Swiggy lays off 1,100 employees as Covid-19 derails Cloud kitchens". 19 May 2020. Retrieved 20 May 2020 – via The Economic Times.
  13. ^ "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)
  14. ^ "Swiggy acquihires 48East team, adds to senior leadership". 13 December 2017. Retrieved 31 August 2019 – via The Economic Times.
  15. ^ "Swiggy Acqui-hires Gourmet Asian Food Startup 48East". 13 December 2017. Retrieved 31 August 2019.
  16. ^ "Swiggy acquires on-demand delivery firm Scootsy for Rs 50 crore". ETtech.com. Retrieved 31 August 2019.
  17. ^ Pahwa, Patanjali (7 September 2018). "With an eye on concierge services, Swiggy acquires SuprDaily". Business Standard. Retrieved 22 March 2020.{{cite web}}: CS1 maint: url-status (link)
  18. ^ "Swiggy takes a bite of Fingerlix, invests Rs 31 crore in food brand". ETtech.com. Retrieved 31 August 2019.
  19. ^ www.ETtech.com. "Swiggy to shutter its premium food delivery service Scootsy - ETtech". ETtech.com. Retrieved 20 June 2020.
  20. ^ "Online ordering app Swiggy ties up with Burger King". 20 November 2015. Retrieved 31 August 2019 – via The Economic Times.
  21. ^ "Swiggy, Google Local Guides Offer Recommendations, Benefits, and More". NDTV Gadgets 360. Retrieved 31 August 2019.
  22. ^ "Swiggy customers can now pay through Sodexo meal cards". 18 December 2017. Retrieved 31 August 2019 – via The Economic Times.
  23. ^ "Swiggy partners with Indifi Tech to launch financing program for restaurant partners". 12 October 2017. Retrieved 31 August 2019 – via The Economic Times.
  24. ^ https://cio.economictimes.indiatimes.com/news/enterprise-services-and-applications/swiggy-launches-digital-wallet-in-tie-up-with-icici-bank/76723697
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