Swiggy

Last updated

Swiggy Limited
FormerlyBundl Technologies Pvt. Ltd. (2014–2024)
Swiggy Pvt. Ltd. (2024–2024)
Company type Private
ISIN INE00H001014
Industry
FoundedAugust 2014;9 years ago (2014-08)
Founders
  • Sriharsha Majety
  • Nandan Reddy
  • Rahul Jaimini
Headquarters
Bangalore, Karnataka, India
Area served
580+ cities across India
Key people
Services
RevenueIncrease2.svg₹8,625 crore (US$1.0 billion) (FY23) [1]
Increase Negative.svg₹−4,179 crore (US$−500 million) (FY23) [1]
Owners
Number of employees
6,000 (2023) [3]
Subsidiaries
  • InsanelyGood
  • Dineout
Website www.swiggy.com

Swiggy is an Indian online food ordering and delivery platform. Founded in 2014, Swiggy is headquartered in Bangalore and operates in more than 580 Indian cities, as of July 2023. [4] Besides food delivery, the platform also provides on-demand grocery deliveries under the name Instamart, and a same-day package delivery service called Swiggy Genie.

Contents

It rivals homegrown startup Zomato in food delivery and hyperlocal marketplace. [5]

History

In 2011, Sriharsha Majety and Nandan Reddy designed an e-commerce website called Bundl to facilitate courier service and shipping within India. [6] Bundl was halted in 2014 and rebranded to enter the food delivery market. [7] Majety and Reddy approached Rahul Jaimini, formerly with Myntra, and founded Swiggy in August 2014. [8] [6] [7]

By 2015, Swiggy expanded its food delivery operations from just Bangalore to eight Tier 1 cities across India. [9] [10] 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]

In January 2017, Swiggy started its cloud kitchen chain called "The Bowl Company". [11] In November 2017, Swiggy started a kitchen incubator business called Swiggy Access, opening a network of ready-to-occupy kitchens for its restaurant partners. [12] By 2019, over 1,000 Swiggy Access kitchens were operational, according to a TechCrunch report. [13]

In mid-2018, Swiggy was operational in 16 Indian cities, [14] which increased to 500 cities in 2019, matching the scale of rival Zomato. [15]

In early 2019, Swiggy expanded into general product deliveries under the name Swiggy Stores, sourcing items from local stores. [16] [17] [18] In September 2019, Swiggy launched the instant pickup/dropoff service Swiggy Go, allowing customers to send document or parcel deliveries. [19] [20] In April 2020, it rebranded Swiggy Go as Swiggy Genie. [21] During the COVID-19 pandemic, it began doorstep delivery of alcohol in the states of Jharkhand, West Bengal and Odisha. [22] [23]

In May 2020, Swiggy laid off 1,100 employees during the COVID-19 pandemic. [24] The pandemic also resulted in the shut down of more than three-fourths of its cloud kitchens. [25]

SUN Mobility Swiggy Bike.png
A Swiggy delivery partner swapping the battery of his electric scooter

In August 2020, Swiggy launched its instant grocery delivery service called Instamart using a network of dark stores. [26] [27] In early 2021, the company closed Swiggy Stores and expanded its operations under Instamart. [28]

In 2023, it sold Swiggy Access kitchens to Kitchens@ in a share-swap deal. [29]

In January 2024, Swiggy laid off 400 employees, or 6% of its workforce, ahead of IPO. [30] [31]

In April 2024, Swiggy converted itself into a public limited company [32] and confidentially filed for an initial public offering. [33]

Funding

In 2015, Swiggy received a $2 million investment from Accel and SAIF Partners, along with additional investment from Norwest Venture Partners. [7] The following 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] In February 2018, Swiggy raised $100 million from Naspers and Meituan-Dianping. [34] By September 2018, Swiggy was valued at around $3.3 billion, and in April 2020, Swiggy was valued at around $3.6 billion. [35]

In July 2021, Swiggy raised $1.25 billion from SoftBank, Prosus, and other investors, at a valuation of $5.5 billion. [36]

In January 2022, Swiggy's valuation rose to $10.7 billion after a $700-million fundraise led by US asset manager Invesco. [37]

Acquisitions

Acqui-hires

Other investments

Partnerships

Swiggy has partnered with Burger King, McDonalds, Pizza Hut and many others to provide delivery services. [50] It has also partnered with Google Local Guide to facilitate customer reviews, [51] and with Sodexo to let customers pay through meal cards. [52] Swiggy launched a digital wallet, Swiggy Money, in partnership with ICICI Bank, an Indian private sector bank. [53] In January 2022, Swiggy and drone company ANRA Technologies began trialing drone deliveries. [54] Swiggy has partnered with IRCTC to deliver food in stations across India. [55] Swiggy Instamart has partnered with Park+ deliver FASTags at doorstep. [56] Swiggy partnered with Gogoro to provide smart scooters to delivery partners. [57]

Related Research Articles

Flipkart Private Limited is an Indian e-commerce company, headquartered in Bangalore, and incorporated in Singapore as a private limited company. The company initially focused on online book sales before expanding into other product categories such as consumer electronics, fashion, home essentials, groceries, and lifestyle products.

India has an Internet user base of about 690.0 million as of November 2023, about 40% of the population. Despite being the second-largest user base in world, only behind China, the penetration of e-commerce is low compared to markets like the United States, or France, but is growing, adding around 6 million new entrants every month. The industry consensus is that growth is at an inflection point.

Zomato is an Indian multinational restaurant aggregator and food delivery company. It was founded by Deepinder Goyal and Pankaj Chaddah in 2008. Zomato provides information, menus and user-reviews of restaurants as well as food delivery options from partner restaurants in more than 1,000 Indian cities and towns, as of 2022–23. Zomato rivals Swiggy in food delivery and hyperlocal space.

Foodpanda is an online food and grocery delivery platform owned by Berlin-based Delivery Hero. Foodpanda operates as the lead brand for Delivery Hero in Asia, with its headquarters in Singapore. It is currently the largest food and grocery delivery platform in Asia, outside of China, operating in 11 markets across Asia.

<span class="mw-page-title-main">Blinkit</span> Indian quick-commerce company

Blink Commerce Private Limited, d/b/a Blinkit and formerly Grofers, is an Indian quick-commerce service. It was founded in December 2013 and is based out of Gurgaon.

<span class="mw-page-title-main">Ola Cabs</span> Indian multinational ridesharing company

Ola Cabs is an Indian transportation company that provides ridesharing services and operates other business verticals such as financial services and cloud kitchens. It is headquartered in Bangalore, Karnataka and operates in 250+ Indian cities.

<span class="mw-page-title-main">Paytm</span> Indian financial technology company

Paytm is an Indian multinational financial technology company, that specializes in digital payments and financial services, based in Noida, India. Paytm was founded in 2010 by Vijay Shekhar Sharma under One97 Communications. The company offers mobile payment services to consumers and enables merchants to receive payments through QR code payment, Payment Soundbox, Android-based-payment terminal, and online payment gateway. In partnership with financial institutions, Paytm also offers financial services such as microcredit and buy now, pay later to its consumers and merchants.

<span class="mw-page-title-main">Instacart</span> Internet-based grocery delivery service

Maplebear Inc., doing business as Instacart, is an American delivery company based in San Francisco that operates a grocery delivery and pick-up service in the United States and Canada accessible via a website and mobile app. It allows customers to order groceries from participating retailers with the shopping being done by a personal shopper. The company also provides alcohol delivery in states and provinces where it is allowed. It has partnerships with 1,400 retail banners comprising 80,000 stores. In 2022, it fulfilled 262.6 million orders with a total transaction value of $28.8 billion and an average transaction value of $110.

OYO Rooms, also known as OYO Hotels & Homes, is an Indian multinational hospitality chain of leased and franchised hotels, homes, and living spaces. Founded in 2012 by Ritesh Agarwal, OYO initially consisted mainly of budget hotels. As of January 2020, it has more than 43,000 properties and 1 million rooms across 800 cities in 80 countries.

DoorDash, Inc. is an American company operating online food ordering and food delivery. It trades under the symbol DASH. With a 56% market share, DoorDash is the largest food delivery platform in the United States. It also has a 60% market share in the convenience delivery category. As of December 31, 2020, the platform was used by 450,000 merchants, 20,000,000 consumers, and one million delivery couriers.

Deliveroo is a British online food delivery company founded by Will Shu and Greg Orlowski in 2013 in London, England. It operates in the United Kingdom, France, Belgium, Ireland, Italy, Singapore, Hong Kong, the United Arab Emirates, Kuwait, and Qatar. It formerly operated in Germany, Taiwan, Spain, the Netherlands, and Australia. Its subsidiary operation, Deliveroo Editions operates dark kitchens for the preparation of delivery-only meals.

<span class="mw-page-title-main">Bolt (company)</span> Peer-to-peer ridesharing, food delivery

Bolt is an Estonian mobility company that offers ride-hailing, micromobility rental, food and grocery delivery, and carsharing services. The company is headquartered in Tallinn and operates in over 500 cities in more than 45 countries in Europe, Africa, Western Asia and Latin America. The company has more than 150 million customers and more than 3 million driver and courier partners. The company has plans for an initial public offering in 2025.

Uber Eats is an online food ordering and delivery platform launched by the company Uber in 2014. The meals are delivered by couriers using various methods, including cars, scooters, bikes, or on foot. It is operational in over 6,000 cities in 45 countries as of 2021.

Dunzo is an Indian company that delivers fruits and vegetables, meat, pet supplies, food, and medicines in major cities. It also has a separate service to pick up and deliver packages within the same city. Dunzo currently provides its delivery services in eight Indian cities including Bangalore, Delhi, Gurgaon, Pune, Chennai, Jaipur, Mumbai and Hyderabad. The company also operates a bike taxi service in Gurgaon. Dunzo is headquartered in Bangalore and was founded in 2014 by Kabeer Biswas along with co-founders Ankur Agarwal, Dalvir Suri and Mukund Jha. Dalvir Suri left Dunzo on 3 October 2023, along with Mukund Jha.

<span class="mw-page-title-main">Rapido (company)</span> Indian online bike taxi aggregator

Rapido is an Indian ride-hailing service, which primarily operates as a bike taxi aggregator. Its offerings also include auto rickshaw and taxicab hailing, parcel delivery, and third-party logistics services. Founded in 2015, the company is based in Bangalore and operates in over 100 cities, but has run into legal troubles in several locations where bike taxis are not legal.

Info Edge is an Indian technology holding company which owns, operates and invests in internet-led businesses. The company's offerings include the flagship employment website Naukri.com, matrimonial website Jeevansathi.com, real estate classifieds platform 99Acres.com, and educational portal Shiksha.com, among others. As of 2018, more than 70 percent of the company's revenue came from Naukri.com.

<span class="mw-page-title-main">Meesho</span> Online commerce platform based in India

Meesho is an online shopping platform owned by the Indian company Fashnear Technologies Private Limited. It is an online marketplace that facilitates trade between suppliers, resellers and customers, with heavy reliance of external social media platforms such as Facebook and Instagram.

Ultrahuman is a Bengaluru based longevity and health-monitoring platform that designs, manufactures and sells the Ultrahuman Ring Air health tracker, Ultrahuman M1 Continuous glucose monitor, pre-release Ultrahuman Home health monitor and related blood testing services like Blood vision. Ultrahuman was incorporated in 2019 by second time entrepreneurs Mohit Kumar and Vatsal Singhal. Mohit and Vatsal also co-founded RoadRunnr in the year 2015. RoadRunnr later merged with Zomato and eventually became Zomato Food delivery. Zomato went public at $15bn in market value in 2021.

<span class="mw-page-title-main">BigBasket</span> Indian online grocery delivery company

BigBasket is an Indian online grocer headquartered in Bangalore, India, and currently owned by Tata Digital. It was the first online grocer in India, set up in 2011. It is a registered company with the name Supermarket Grocery Supplies Pvt. Ltd.

References

  1. 1 2 "Swiggy revenue jumps 45% to Rs 8,625 cr in FY23, loss widens to Rs 4,179 cr". Business Standard. Retrieved 1 February 2024.
  2. ↑ "Ahead of IPO, Swiggy names 3 independent directors to board". Financial Express. Retrieved 27 February 2023.
  3. ↑ "Swiggy planning fresh layoffs; may cut 8-10% from 6000-strong workforce". Business Standard. 19 January 2023. Retrieved 27 February 2023.
  4. ↑ "Why Zomato continues to eat into Swiggy's market share". Moneycontrol. Retrieved 7 May 2024.
  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. 1 2 3 "How Swiggy Became India's Fastest Unicorn". Livemint. 27 June 2018. Retrieved 31 August 2019.
  7. 1 2 3 4 5 6 "Swiggy Timeline: From a Bootstrapped Venture to India's Fastest Growing Unicorn (Infographic)". Entrepreneur. 23 December 2018. Retrieved 31 August 2019.
  8. ↑ Kanth, K. Rajani. "A start-up by IIM, IIT grads to quickly deliver food from restaurants!". Rediff. Retrieved 27 February 2023.
  9. ↑ "Bengaluru's food delivery start-up Swiggy expands operations to Pune". The Economic Times. 21 July 2015. Retrieved 2 April 2024.
  10. ↑ "Online food ordering platform Swiggy raises $7 mn". Techcircle. 10 May 2016. Retrieved 2 April 2024.
  11. ↑ "Swiggy sets up cloud kitchen 'The Bowl Company' in Bengaluru". The Times of India. 19 January 2017. Retrieved 27 February 2023.
  12. ↑ "Swiggy launches ready-to-occupy kitchens 'Swiggy Access'". The Times of India. 14 November 2017. Retrieved 27 February 2023.
  13. ↑ Singh, Manish (20 November 2019). "India's Swiggy bets big on cloud kitchens". TechCrunch. Retrieved 27 February 2023.
  14. ↑ Bansal, Varsha (1 July 2019). "Food delivery fight grips small-town India". mint. Retrieved 2 April 2024.
  15. ↑ "Swiggy now in 500 Indian cities, targets 100 more this year". mint. 7 October 2019. Retrieved 2 April 2024.
  16. ↑ Jon Russell (February 2019). "India's Swiggy goes beyond food to offer product delivery from local stores". TechCrunch . Retrieved 13 August 2019.
  17. ↑ Abhinav Singh (27 April 2019). "How food aggregator apps like Swiggy, Zomato, are trying innovative business methods". The Week . Retrieved 13 August 2019.
  18. ↑ Deepti Chaudhary (15 March 2019). "Can Swiggy take more orders?". Fortune . Retrieved 13 August 2019.
  19. ↑ "India's Swiggy has a new service that will deliver just about anything". TechCrunch. 4 September 2019. Retrieved 2 March 2020.
  20. ↑ "Swiggy launches instant pick up and drop service 'Swiggy Go'". Livemint. 4 September 2019.
  21. ↑ Singh, Jitendra (9 April 2020). "Swiggy expands grocery delivery service to more cities; rebrands Swiggy Go". Entrackr. Retrieved 25 January 2022.
  22. ↑ "Swiggy starts home delivery of alcohol with new verification feature in Ranchi, plans to extend it to more cities soon". The Times of India. 21 May 2020. Retrieved 14 March 2023.
  23. ↑ Bhalla, Kritti (24 April 2021). "Zomato Exits Alcohol Delivery Due To Cashburn Even As Swiggy Stays Put". Inc42. Retrieved 14 March 2023.
  24. ↑ "Swiggy lays off 1,100 employees as Covid-19 derails Cloud kitchens". The Economic Times. 19 May 2020. Retrieved 20 May 2020.
  25. ↑ "COVID forced us to shut three-fourths of cloud kitchens: Swiggy CEO". Business Today. 26 November 2021. Retrieved 27 February 2023.
  26. ↑ Upadhyay, Harsh (10 August 2020). "Swiggy launches 45-min grocery and essentials delivery service via Instamart". Entrackr. Retrieved 15 November 2021.
  27. ↑ Sil, Debarghya (11 August 2020). "Swiggy Launches InstaMart; Promises To Deliver Groceries Within 45 Minutes". Entrepreneur.
  28. ↑ "Swiggy Ends Grocery Marketplace Experiment As Focus Turns To Dark Stores". Inc42 Media. 20 January 2021. Retrieved 15 November 2021.
  29. ↑ Bhushan, Kul (2 March 2023). "Swiggy sells Access Kitchens business to Kitchens@". Entrackr. Retrieved 2 March 2023.
  30. ↑ "Swiggy to fire 400 employees in the fresh round of layoffs: Story in 5 points". India Today. Retrieved 9 March 2024.
  31. ↑ Saha, Soumyajit. "Swiggy to lay off 6% of workforce impacting 400 jobs ahead of IPO". The Economic Times.
  32. ↑ "Swiggy converts to public limited company ahead of IPO". The Economic Times. 9 April 2024. Retrieved 7 May 2024.
  33. ↑ C, Priyamvada (26 April 2024). "Swiggy makes confidential filing for IPO". Mint. Retrieved 7 May 2024.
  34. ↑ Agarwal, Meha (8 February 2018). "Swiggy Gets $100 Mn In Series F Funding From Naspers And Meituan-Dianping". Inc42 Media. Retrieved 9 March 2024.
  35. ↑ "Swiggy gets another $43m from Tencent, Samsung". The Times of India. 7 April 2020. Retrieved 7 April 2020.
  36. ↑ Singh, Manish (20 July 2021). "Indian food delivery startup Swiggy raises $1.25 billion led by SoftBank and Prosus". TechCrunch. Retrieved 4 January 2023.
  37. ↑ Bhalla, Tarush. "Swiggy's valuation rises to $10.7 billion after $700-million fundraise". Indiatimes. Retrieved 25 January 2022.
  38. ↑ Srinivasan, Supraja. "Swiggy acquires on-demand delivery firm Scootsy for Rs 50 crore". ETtech.com. Retrieved 31 August 2019.
  39. ↑ www.ETtech.com. "Swiggy to shutter its premium food delivery service Scootsy". The Economic Times. Retrieved 20 June 2020.
  40. ↑ Mittal, Apoorva (28 July 2022). "Swiggy begins selling private label brand Supreme Harvest on Instamart". The Economic Times. Retrieved 15 September 2023.
  41. ↑ Pahwa, Patanjali (7 September 2018). "With an eye on concierge services, Swiggy acquires SuprDaily". Business Standard India. Retrieved 22 March 2020.
  42. ↑ "Swiggy's Supr Daily rebrands as InsanelyGood, enters grocery space". Moneycontrol. 10 March 2023. Retrieved 15 September 2023.
  43. ↑ "Swiggy buys Dineout from Times Internet in $120 million all-stock deal". The Economic Times. Retrieved 3 January 2023.
  44. ↑ "Swiggy acquires Lynk". The Times of India. 13 July 2023. Retrieved 6 December 2023.
  45. ↑ Srinivasan, Supraja (13 December 2017). "Swiggy acquihires 48East team, adds to senior leadership". The Economic Times. Retrieved 31 August 2019.
  46. ↑ "Swiggy Acqui-hires Gourmet Asian Food Startup 48East". 13 December 2017. Retrieved 31 August 2019.
  47. ↑ Abrar, Peerzada (4 February 2019). "Swiggy Acqui-hires AI startup Kint.io to provide better customer experience". www.business-standard.com. Retrieved 3 January 2023.
  48. ↑ Kar, Sanghamitra. "Swiggy takes a bite of Fingerlix, invests Rs. 31 crore in food brand". ETtech.com. Retrieved 31 August 2019.
  49. ↑ Singh, Manish (15 April 2022). "Swiggy backs bike taxi platform Rapido in $180 million funding". TechCrunch. Retrieved 3 January 2023.
  50. ↑ "Online ordering app Swiggy ties up with Burger King". The Economic Times. 20 November 2015. Retrieved 31 August 2019.
  51. ↑ "Swiggy, Google Local Guides Offer Recommendations, Benefits, and More". NDTV Gadgets 360. 2 May 2017. Retrieved 31 August 2019.
  52. ↑ Bhakta, Pratik (18 December 2017). "Swiggy customers can now pay through Sodexo meal cards". The Economic Times. Retrieved 31 August 2019.
  53. ↑ "Swiggy launches Digital Wallet in tie-up with ICICI Bank - ET CIO".
  54. ↑ "Swiggy, ANRA get approval to start drone trials for food delivery". The Economic Times. Retrieved 11 January 2022.
  55. ↑ Bureau, The Hindu (5 March 2024). "IRCTC partners Swiggy to deliver food starting with four stations across India". The Hindu. ISSN   0971-751X . Retrieved 27 April 2024.
  56. ↑ "Swiggy Instamart Partners With Park+ For Lightning-Fast Delivery Of IndusInd Bank FASTags". News18. 2 April 2024. Retrieved 27 April 2024.
  57. ↑ www.ETEnergyworld.com. "Gogoro partners with Swiggy to provide smart scooters to delivery partners - ET EnergyWorld". ETEnergyworld.com. Retrieved 27 April 2024.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.