Swiggy Online Food Deliovery
Category- Online Food delivery.
Founder- Nandan Reddy,
Headquarters- Bangalore, Karnataka
Area served- 300+ cities, India .
Key people- Vivek Sunder (COO), Rahul Bothra (CFO), Dale Vaz (CTO).
Products- Food, Beverage Delivery.
Revenue- ₹2,776 crore (US$390 million) (2020)
Number of employees- 1001-5000 employees
Swiggy is India’s leading online food ordering and delivery platform. It was founded in 2014 by Nandan Reddy and Shriharsha Majety. Swiggy is based in Bangalore, India, as of March 2019, it operated in 100 cities in India. The company is operated by Bundl Technology Private Limited.
In 2013, swiggy was founded by two founders, Nandan Reddy and Shriharsha Majety. They first designed an e-commerce website called Bundl to facilitate courier service and shipping across India. The Bundle was rebranded and ready to enter into the food delivery market. At that time, the food delivery sector had several unicorn start-ups such as Foodpanda ( Ola cab ), Tinyowl ( acquired by Zomato ), and Ola cafe ( shutdown ). The founder members know how to compete with other food delivery startups, they started building a dedicated delivery network. It’s grown rapidly, primarily focusing on food delivery and expanding its presence all over India.
In 2019, swiggy launched an instant pick up and drop service, Swiggy Go. The service is used for delivering the items such as documents, laundry boxes, and parcels to business clients and retail customers.
In May 2020, the company laid off 1100 employees during the Covid-19 pandemic. All hotels and restaurants were shut down during Covid-19’s first wave lockdown. At that time people needed groceries and daily essential products, which was noticed by swiggy. In Aug 2020 they have started a grocery delivery service platform called InstaMart. The company ran the free-of-cost vaccination drive for their delivery agents and set up the health hub across the country.
Swiggy Investment and Acquisitions-
Swiggy acquired the new startup through external investment. In 2017, swiggy acquired the Bangalore-based Asian food startup 48 East. It acquired the Mumbai-based scooter logistics services and later shut it down due to food & fashion delivery service struggles. The Super dairy is a Mumbai-based milk delivery startup, Also acquired by the swiggy in an all-cash deal.
In 2019, the company invested around Rs 31 Cr in ready to eat food brand fingerlix and in Feb 2019 acquired 2nd Bangalore-based AI startup kint.io.
- In 2015, It started attracting external investors and 1st $ 2 million investment from Accel and SAIF partner, also some additional funds from Northwest venture partner.
- In 2016, the company raised $ 15 million from new and exciting investors such as Bessemer venture partner and Hornony partner.
- In 2017, it raised the $ 80 million funding round from Jasper’s.
- The company raised $ 100 million from China-based Meituan Dianping and Jasper’s in 2018, this investment boosted the swiggy valuation to over $ 1 billion.
- In April 2020, it received around $ 43 million in funds, which were valued by the company at approximately $ 3.6 billion.
- Swiggy raised the $ 800 million in series J round funding from falcon edge capital, Goldman Sachs, think capital, Amanda capital, and carmignac and its existing investors Prosus venture and Accel valuing swiggy at $ 4.9 billion.
Swiggy has partnered with Google local guides to facilitate the customer’s feedback and with Sodexo ( French food service ) to enable customers to pay through meal cards. It has strategic partnerships with burger king to provide delivery services.
The company launched a digital wallet partner with ICICI Bank, swiggy money for customer convenience.
It has partnered with Indifi Tech to facilitate a financing program for the partner’s restaurants.
Area Served- india
Parent- Bundl Technologies Private Limited