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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)
Dale Vaz (CTO)
IndustryOnline food ordering
ServicesFood delivery
RevenueIncrease ₹2,776 crore (US$330 million)[1] (2020)
ProfitNegative increase ₹−3,768 crore (US$−450 million) (2020)[2]
ParentBundl Technologies Private Limited[3]
URLwww.swiggy.com
AdvertisingYes
RegistrationOptional
Current statusActive
Native client(s) onAndroid, iOS, website

Swiggy is India's largest[4][5][6] online food ordering and delivery platform, founded in 2014. Swiggy is based in Bangalore, India, and as of March 2019, was operating in 100 Indian cities.[7] In early 2019, Swiggy expanded into general product deliveries under the name Swiggy Stores.[8][9][5]

In September 2019, Swiggy launched instant pickup/dropoff service Swiggy Go.[10] The service is used for a diverse array of items, including laundry and document or parcel deliveries to business clients and retail customers.[11]

Swiggy is operated by Bundl Technologies Private Limited.[3]

History

In 2013, the two founders, Nandan Reddy and Sriharsha Majety, designed an e-commerce website called Bundl to facilitate courier service and shipping within India.[12] Bundl was halted, and was rebranded to enter the food delivery market.[13] 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.[12][13] Majety and Reddy approached Rahul Jaimini, formerly with Myntra, and founded Swiggy and parent holding company Bundl Technologies in 2014.[13] The company built a dedicated delivery network and grew rapidly, primarily driven by the focus on logistics and locking in key resources.[13]

In May 2020, Swiggy laid off 1100 employees during the COVID-19 pandemic.[14]

In August 2020, the company launched their groceries delivery platform called InstaMart.[15]

In 2021 the company announced that it would cover the vaccination cost for its delivery partners.[16]

In March Swiggy set up Health Hub across Chennai, Tamil Nadu.[17]

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 an additional investment from Norwest Venture Partners.[13] The next year, Swiggy raised $15 million from new and existing investors, including Bessemer Venture Partners and Harmony Partners.[13]

In 2017, Naspers led an $80 million funding round into Swiggy.[13] 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.[13]

In February 2019, Swiggy acquired Bengaluru-based AI startup Kint.io.[18]

In April 2020, Swiggy received around $43 million funding which valued the company at $3.6 billion.[19]

Swiggy acquired Bangalore-based Asian food start-up 48East in 2017.[20][21] Swiggy later acquired Mumbai-based Scootsy Logistics, a struggling food and fashion delivery service,[22] and later shut it down.[23] It acquired a Mumbai-based milk delivery startup SuprDaily in an all cash deal.[24] In 2019, the company invested Rs 31 crore in Mumbai-based ready-to-eat food brand Fingerlix.[25]

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 existing investors Prosus Ventures and Accel valuing Swiggy at around $4.9 billion.[26]

Partnerships

Swiggy has partnered with Burger King to provide delivery services.[27] It has also partnered with Google Local Guide to facilitate customer reviews,[28] and with Sodexo to enable customers for paying through meal cards.[29] Swiggy has partnered with Indifi Technologies to facilitate a financing program for partner restaurants.[30] Swiggy launched a digital wallet, Swiggy Money, in partnership with ICICI Bank.[31]

References

  1. ^ 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.
  2. ^ "Swiggy's FY 2020 Losses Widen 61% To Rs 3,768 Crore". Moneycontrol. Retrieved 6 May 2021.
  3. ^ a b https://www.swiggy.com/terms-and-conditions
  4. ^ 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.
  5. ^ a b Deepti Chaudhary (15 March 2019). "Can Swiggy take more orders?". Fortune. Retrieved 13 August 2019.
  6. ^ Alnoor Peermohamed (22 June 2018). "Swiggy gets battle ready; raises $210 mn from Naspers, DST Global". Business Standard. Retrieved 13 August 2019.
  7. ^ Madhav Chanchani (17 March 2019). "Online food delivery wars are moving from India to Bharat". The Times of India. Retrieved 13 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. ^ "India's Swiggy has a new service that will deliver just about anything". TechCrunch. Retrieved 2 March 2020.
  11. ^ "Swiggy launches instant pick up and drop service 'Swiggy Go'". Livemint. 4 September 2019.
  12. ^ a b "How Swiggy Became India's Fastest Unicorn". Livemint. 27 June 2018. Retrieved 31 August 2019.
  13. ^ 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.
  14. ^ "Swiggy lays off 1,100 employees as Covid-19 derails Cloud kitchens". 19 May 2020. Retrieved 20 May 2020 – via The Economic Times.
  15. ^ Sil, Debarghya (11 August 2020). "Swiggy Launches InstaMart; Promises To Deliver Groceries Within 45 Minutes". Entrepreneur.
  16. ^ 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.
  17. ^ "Swiggy launches Health Hub in Chennai - ET Retail". ETRetail.com. Retrieved 1 April 2021.{{cite web}}: CS1 maint: url-status (link)
  18. ^ "Swiggy acquires Bengaluru-based AI startup Kint.io". ETTech. 4 February 2019.
  19. ^ "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)
  20. ^ "Swiggy acquihires 48East team, adds to senior leadership". 13 December 2017. Retrieved 31 August 2019 – via The Economic Times.
  21. ^ "Swiggy Acqui-hires Gourmet Asian Food Startup 48East". 13 December 2017. Retrieved 31 August 2019.
  22. ^ "Swiggy acquires on-demand delivery firm Scootsy for Rs 50 crore". ETtech.com. Retrieved 31 August 2019.
  23. ^ www.ETtech.com. "Swiggy to shutter its premium food delivery service Scootsy - ETtech". ETtech.com. Retrieved 20 June 2020.
  24. ^ 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)
  25. ^ "Swiggy takes a bite of Fingerlix, invests Rs 31 crore in food brand". ETtech.com. Retrieved 31 August 2019.
  26. ^ "India's Swiggy nears $5 billion valuation in new $800 million fundraise". TechCrunch. Retrieved 6 April 2021.
  27. ^ "Online ordering app Swiggy ties up with Burger King". 20 November 2015. Retrieved 31 August 2019 – via The Economic Times.
  28. ^ "Swiggy, Google Local Guides Offer Recommendations, Benefits, and More". NDTV Gadgets 360. Retrieved 31 August 2019.
  29. ^ "Swiggy customers can now pay through Sodexo meal cards". 18 December 2017. Retrieved 31 August 2019 – via The Economic Times.
  30. ^ "Swiggy partners with Indifi Tech to launch financing program for restaurant partners". 12 October 2017. Retrieved 31 August 2019 – via The Economic Times.
  31. ^ 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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