Craving a delicious bite of blueberry cheesecake in the middle of the day at work? But traffic, unending queues at café, waiting for the order and then coming back to work-Is as hectic as it sounds! Since August of 2014, ordering food has been revolutionized in India; it became as easy as one wants it to be.
With the launch of India’s fastest-growing internet company, Swiggy, it becomes smooth to order food at the home, office, or even while throwing a party. Swiggy is a hyper-local food delivery application, which was founded by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini in Bengaluru’s neighborhood Koramangala, Karnataka. Swiggy became so popular at its early stages and runs successfully till today.
Swiggy—Latest News
Swiggy—About
Swiggy—Founders & Team
Swiggy—How It All Started?
Swiggy—Startup Launch
Swiggy—Business & Revenue Model
Swiggy—Funding & Investors
Swiggy—Growth & Competitors
Swiggy—Challenges
Swiggy—Awards & Recognition
Swiggy—FAQ's
Swiggy—Conclusion
Swiggy—Latest News
June 30, 2021 - Vivek Sunder resigns from the post of Chief Operating Officer (COO), Sriharsha Majety to take his place. This is the second top-level resignation since Rahul Jaimini left the company.
May 2020 - Rahul Jaimini, co-founder and CTO of Swiggy, puts down his papers and joins Pesto Tech as the co-founder of the Edtech startup.
Swiggy—About
| Company Name | Swiggy |
|---|---|
| Headquarter | Bangalore |
| Sector | Food Delivery |
| Founders | Sriharsha Majety, Nandan Reddy, Rahul Jaimini |
| Founded | 2014 |
| Website | swiggy.com |
Swiggy is a food delivery application. It allows the users to access their application form Android, IOS, and website, to order food from nearby restaurants, delivering at an estimated time of 30 minutes at the doorstep. They partner with restaurants, have delivery services, and provide ratings that help the customer in picking eateries accordingly. At the time of delivery of an order, a customer is entitled to give feedback, rate the food and the delivery services, which help the application, give the customer the best experience by gathering all data. The company recently started with the tagline, ‘No order too small, that is no minimum order for delivery, and faster delivery became the USP of the company. The company’s target audience is people who use smartphones regularly, 18-35 demographic. The tagline of Swiggy is, ‘Swiggy Karo, Phir Jo Chahe Karo!’ which appears in the advertisements of Swiggy.
Ashwini
Swiggy—Founders & Team
- Sriharsha Majety is the CEO and co-founder of Swiggy. He has completed B.E in Electrical and Electronics along with M. Sc in Physics from BITS Pilani in the year 2008. He then went to study the CFA program from the CFA Institute but only completed till level 2. After this, he studied finance at IIM, Calcutta, and completed it in the year 2011. Before Swiggy, Majety worked as the recruitment coordinator for IIM and also worked as part of the rates trading Desk in London at Nomura International. In the year 2013, he co-founded Bundl along with Nandan Reddy.
- Nandan Reddy is the co-founder of Swiggy. He has also studied M. Sc from BITS, Pilani in the year 2010. He worked as the head of the operations of social media at SoucrePilani for about 2 years. He was the founding partner of Zurna, a top restaurant in Hyderabad.
- Rahul Jaimini, who worked as a Senior Software Engineer at Myntra, joined Majety and Nandan to make the application Swiggy. Rahul has completed a Dual Degree from IIT Kharagpur in Computer Science & Engineering in 2010. He also worked for companies like Philips Research and Netapp.
Swiggy—How It All Started?
In the year 2013, Sriharsha and Nandan came together to build a product that would connect courier companies across the country, called Bundl. Bundl was not such a huge success and these two co-founders wanted to focus on the food industry. They met Rahul who helped build the software. Hence, Swiggy was born in August 2014.
When Swiggy came to the market, the food delivery sector already had applications like Foodpanda, Tinyowl, and Ola Café. Foodpanda and Tinyowl were later acquired by Ola Cabs and Zomato respectively and Ola café later got closed. While all these companies were struggling, Swiggy already had around 100 restaurants onboard, with around 70,000 orders monthly. They also received a cheque of $2 million from Accel and SAIF Partners in the year 2015. This is how the company began with a kick start.
Swiggy—Startup Launch
Swiggy started in the year 2014, as a food delivery app. Eventually, Swiggy expanded in size and is working in 100 cities in India at present. In 2019, Swiggy also started its business in delivering packages to businesses and clients, with the application called, Swiggy Go.
Swiggy—Business & Revenue Model
The application works on the business model of hyper-local on-demand food delivery. Swiggy gets restaurants as partners that supply food to the customers. It has several delivery partners who aim at delivering food in less than 30 minutes. The revenue collected by Swiggy at the year ending March 2019 was INR. 1, 128 crores.
Shubham Kumar
Swiggy—Funding & Investors
After receiving its first pay cheque of $2 million from Accel and SAIF Partners, Swiggy had Global investors in 2016 like RB investments, Harmony Partners and Bessemer Venture. In 2017, Naspers funded an amount of $80 million and then China-based Company Meltnan-Dianping gave $100 million to Swiggy. The company’s value crossed over $1 billion. In 2019, Swiggy invested INR 31 crore in Fingerlix. It has also acquired 48 East in 2017. It has partnered with Burger King and Google local Guide for delivery services and to get customer reviews respectively. It has also partnered with Indifi technologies to facilitate financing programs for restaurants.
Swiggy raises $1.25 billion on July 20, 2021, in a round led by Softbank Vision Fund 2 and its existing investors including Prosus, Accel Partners, Goldman Sachs, and more. The last funding round that the company witnessed was on April 5, 2021, where Swiggy raised $800 million in a round led by Falcon Edge, Amansa Capital, Think Investments, Carmignac, and Goldman Sachs, according to the co-founder of the company who disclosed it via an internal email.
Swiggy has raised $2.9 Billion worth of funding from a total of 15 funding rounds from 24 investors that the brand has seen, as of July 20, 2021.
Swiggy—Growth & Competitors
Growth-
Swiggy has handled around 1.5 million deliveries per month in Aug 2016. However, when documented in Oct 2019, Swiggy announced that they were handling 1.5 million deliveries per day. Therefore, the company witnessed a 30x growth in 3 years. Anuj Rathi, VP for Product, Revenue, and Growth in Swiggy, has a big hand in their growth.
According to the revenues reported by the food delivery giant on February 2021, for the financial year 2019-20, it currently stands at Rs 2,776 crore, which is a 115% jump when compared to the last financial year. However, the company has also reported a net loss of Rs 3,768 crores during the same fiscal. This is a 61% increase from the last financial year. The total expenses of the Bengaluru-based company amounted to Rs 6,545 crore.
During the year under review, the business of Swiggy grew by 85%. Furthermore, the company also announced that they have added over 100,000 restaurants and is currently running with an active delivery fleet of over 200,000. Additionally, Swiggy remarked, “We also widened our reach across the country by launching 405 new cities".
Swiggy attained the Unicorn status in just four years of its birth, making it the fastest startup in India to achieve the feat.
Competitors-
Swiggy though has a huge market now but is also having tough competition from companies like Zomato, Fassos, Box8 and others.
Swiggy—Challenges
Challenges-
Swiggy has both technical and non-technical issues that arise regularly. It is a challenge for Swiggy to calculate an estimate for each order made and making sure it gets delivered at the said time. The app also has a feature of rating for both the delivery services and the food served by restaurants; they gather this data and ensure to give the best experience to the customers.
Swiggy—Awards & Recognition
Swiggy won Economic Times Start-up Award for the Start-up of the Year, 2017. Swiggy also was recognized at Star Re. Imagine Awards for its tagline ‘No order too small’ a concept by Lome Lintas for the Best Use of Integrated Media (Best Integrated Creative Campaign). It has achieved Unicorn status in 4 years since its birth.
Swiggy—FAQ's
Is Swiggy food delivered?
Swiggy is India's largest 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.
Who is the owner of Swiggy?
Rahul Jaimini, Sriharsha Majety, and Nandan Reddy are the founders who founded Swiggy in 2014.
Who owns Swiggy in India?
Sriharsha Majety, on the other hand, remains the biggest stakeholder amongst the three founders with a 5.54% equity in the company. Majety, the chief executive and face of the company, holds 54,690 equity shares valued at INR 1291.4 crore ($172.2 million), per the calculation based on the filings.
How did Swiggy start?
By 14 August, the duo made their dream into a reality by rolling out Swiggy, the country's first online food ordering platform. They roped in Rahul Janimini, an IIT Kharagpur alumni, to do coding work for the platform. Back in 2014, Swiggy was founded in an office space in Koramangala, Bangalore.
Is Swiggy running in loss?
Food delivery giant Swiggy (Bundl Technologies Private Limited) has reported its revenues for the financial year 2019-20 at INR 2,776 crore, a 115 percent jump since the last financial year. The company further reported a net loss of INR 3,768 crore during the same fiscal.
What is the minimum order for Swiggy?
Amid food tech start-ups feeling the heat as investor interest wanes in a crowded food ordering market, Swiggy has increased the minimum order value for free food delivery from ₹ 150 to ₹ 250 in Bengaluru.
Why is Swiggy successful?
They invested in a larger sales team to bring famous restaurants on board. Swiggy also made investments in bringing up the technology to make its logistics network more efficient. The result - they become an instant success with orders increasing exponentially every month.
Swiggy—Conclusion
We are seeing a lot of food delivery startups in the market. Some of them have been well established in the market and earning a good response from their users. Startups like Swiggy are here to stay. By providing their customers the on-time delivery, good user experience, good customer service, and happy time while ordering food online from Swiggy. We hope to see more and more food delivery startups in the future. There will be competitions from these new startups. But the only thing that matters is the customer experience. If you have satisfied your customer then the market is yours. Happy Swigging.
Author: Vidhi Punamiya
Source : https://startuptalky.com/swiggy-food-delivery-services/
Date : 2021-07-20T10:59:00.000Z