Swiggy

Last updated

Swiggy Limited
FormerlyBundl Technologies Pvt. Ltd. (2014–2024)
Swiggy Pvt. Ltd. (2024–2024)
Company type Public
ISIN INE00H001014
Industry
FoundedAugust 2014;10 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₹11,247 crore (US$1.3 billion) (FY24) [1]
Decrease Positive.svg₹−2,350 crore (US$−280 million) (FY24) [1]
Owners Prosus (30.95%)
Softbank (7.75%)
Sriharsha Majety (6.23%)
Accel (6.08%) [2]
Number of employees
6,000 (2023) [3]
Subsidiaries
  • InsanelyGood
  • Dineout
Website www.swiggy.com

Swiggy is an Indian online food ordering and delivery company. 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 quick commerce services under the name Swiggy Instamart, and same-day package deliveries with 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]

Swiggy's instamart vertical has, as of June 30 2024, has 538 dark stores across india, indicating a significant increase from that of 460 from June 30, 2023.

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] Swiggy will be the official sponsor of Season 4 of Shark Tank India [58]

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References

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