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In 2023, it sold Swiggy Access kitchens to Kitchens@ in a [[Stock swap|share-swap deal]].<ref>{{cite news |last1=Bhushan |first1=Kul |title=Swiggy sells Access Kitchens business to Kitchens@ |url=https://entrackr.com/2023/03/swiggy-sells-access-kitchens-business-to-kitchens/ |access-date=2 March 2023 |work=Entrackr |date=2 March 2023}}</ref>
In 2023, it sold Swiggy Access kitchens to Kitchens@ in a [[Stock swap|share-swap deal]].<ref>{{cite news |last1=Bhushan |first1=Kul |title=Swiggy sells Access Kitchens business to Kitchens@ |url=https://entrackr.com/2023/03/swiggy-sells-access-kitchens-business-to-kitchens/ |access-date=2 March 2023 |work=Entrackr |date=2 March 2023}}</ref>


In January 2024, Swiggy laid off 400 employees.<ref>{{cite news |title=Swiggy to fire 400 employees in the fresh round of layoffs: Story in 5 points |url=https://www.indiatoday.in/technology/news/story/swiggy-fires-400-employees-in-the-fresh-round-of-layoffs-story-in-5-points-2493902-2024-01-26 |access-date=9 March 2024 |work=India Today |language=en}}</ref>
In January 2024, Swiggy laid off 400 employees.<ref>{{cite news |title=Swiggy to fire 400 employees in the fresh round of layoffs: Story in 5 points |url=https://www.indiatoday.in/technology/news/story/swiggy-fires-400-employees-in-the-fresh-round-of-layoffs-story-in-5-points-2493902-2024-01-26 |access-date=9 March 2024 |work=India Today |language=en}}</ref><ref>{{cite web |last1=Saha |first1=Soumyajit |title=Swiggy to lay off 6% of workforce impacting 400 jobs ahead of IPO |url=https://economictimes.indiatimes.com/tech/startups/swiggy-to-layoff-6-of-workforce-impacting-400-jobs-sources/articleshow/107146131.cms?from=mdr |website=The Economic Times}}</ref>


In April 2024, Swiggy converted itself into a [[public limited company]]<ref>{{cite news |title=Swiggy converts to public limited company ahead of IPO |url=https://economictimes.indiatimes.com/tech/startups/swiggy-converts-to-public-limited-company-ahead-of-ipo/articleshow/109139339.cms |access-date=7 May 2024 |work=The Economic Times |date=9 April 2024}}</ref> and confidentially filed for an [[initial public offering]].<ref>{{cite news |last1=C |first1=Priyamvada |title=Swiggy makes confidential filing for IPO |url=https://www.livemint.com/companies/news/swiggy-makes-confidential-filing-for-ipo-11714137512549.html |access-date=7 May 2024 |work=Mint |date=26 April 2024 |language=en}}</ref>
In April 2024, Swiggy converted itself into a [[public limited company]]<ref>{{cite news |title=Swiggy converts to public limited company ahead of IPO |url=https://economictimes.indiatimes.com/tech/startups/swiggy-converts-to-public-limited-company-ahead-of-ipo/articleshow/109139339.cms |access-date=7 May 2024 |work=The Economic Times |date=9 April 2024}}</ref> and confidentially filed for an [[initial public offering]].<ref>{{cite news |last1=C |first1=Priyamvada |title=Swiggy makes confidential filing for IPO |url=https://www.livemint.com/companies/news/swiggy-makes-confidential-filing-for-ipo-11714137512549.html |access-date=7 May 2024 |work=Mint |date=26 April 2024 |language=en}}</ref>

Revision as of 19:09, 29 May 2024

Swiggy
Company typePrivate
ISININE00H001014
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
  • Sriharsha Majety (CEO)
  • Rahul Bothra (CFO)
  • Madhusudhan Rao (CTO)
Services
RevenueIncrease ₹8,625 crore (US$1.0 billion) (FY23)[1]
Negative increase ₹−4,179 crore (US$−500 million) (FY23)[1]
Owners
Number of employees
6,000 (2023)[3]
Subsidiaries
  • InsanelyGood
  • Dineout
Websitewww.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.

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]

A Swiggy delivery partner swapping the battery of his electric scooter
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.[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

  • In 2018, Swiggy acquired Mumbai-based Scootsy Logistics, a high-end food and essentials delivery service,[38] and ultimately merged the company's operations into itself in 2020.[39] In 2022, Scootsy launched private label products retailed on Swiggy Instamart.[40]
  • In September 2018, it acquired Mumbai-based milk delivery startup SuprDaily.[41] In 2023, SuprDaily was rebranded as InsanelyGood, which was repositioned as a grocery delivery service.[42]
  • In 2022, Swiggy acquired the dining and table reservation platform Dineout from Times Internet in an all-stock deal valued at $120 million.[43]
  • In 2023, Swiggy acquired retail distribution company LYNK Logistics from the Ramco Group.[44]

Acqui-hires

Other investments

  • In 2019, Swiggy, invested ₹31 crore in Mumbai-based ready-to-eat food brand Fingerlix.[48]
  • In 2022, Swiggy led a $180 million Series D investment round in bike taxi company Rapido.[49]

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]

References

  1. ^ a b "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. ^ a b c "How Swiggy Became India's Fastest Unicorn". Livemint. 27 June 2018. Retrieved 31 August 2019.
  7. ^ a b c d e f "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. {{cite news}}: |last= has generic name (help)
  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.
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