Swiggy

Swiggy

Swiggy, an Indian online food ordering and delivery company, was founded in 2014 and is headquartered in Bangalore. As of July 2023, it operates in over 580 cities across India. In addition to food delivery, Swiggy provides quick commerce services under the brand Swiggy Instamart and facilitates same-day package deliveries through Swiggy Genie.

The company competes directly with Zomato in the food delivery and hyperlocal marketplace sectors.

Company typePublic
Traded as
  • NSE: SWIGGY
  • BSE: 544289
ISININE00H001014
Industry
  • Online food ordering
  • Q-commerce
FoundedAugust 2014; 10 years ago
Founders
  • Sriharsha Majety
  • Nandan Reddy
  • Rahul Jaimini
Headquarters
Bangalore, Karnataka, India
Area served
580+ cities across India
Key people
  • Sriharsha Majety (CEO)
  • Rohit Kapoor (CEO - Food)
  • Phani Kishan Addepalli (CEO - Instamart)
  • Rahul Bothra (CFO)
  • Madhusudhan Rao (CTO)
Services
  • Food delivery
  • Online grocery
  • Courier
Revenue₹11,247 crore (US$1.3 billion) (FY24)
Net income
₹−2,350 crore (US$−270 million) (FY24)
OwnersProsus (30.95%)
Softbank (7.75%)
Sriharsha Majety (6.23%)
Accel (6.08%)
Number of employees
6,000 (2023)
Subsidiaries
  • InsanelyGood
  • Dineout
Websitewww.swiggy.com

According to its Q3 FY25 financial report, Swiggy recorded a net loss of ₹800 crore, widening from ₹524 crore in the previous year. However, revenue from operations saw a 31% year-on-year increase, rising to ₹3,993 crore from ₹3,049 crore.

Swiggy History

In 2011, Sriharsha Majety and Nandan Reddy created an e-commerce platform called Bundl, aimed at streamlining courier services and shipping within India. However, in 2014, the venture was rebranded to shift focus toward the food delivery market. That same year, the founders joined hands with Rahul Jaimini, a former Myntra engineer, to establish Swiggy in August 2014.

By 2015, Swiggy expanded beyond Bengaluru, launching operations in eight Tier-1 Indian cities. At that time, the food delivery industry faced challenges, with several well-known startups such as Foodpanda (later acquired by Ola Cabs), TinyOwl (acquired by Zomato), and Ola Cafe (which later shut down) struggling to sustain their businesses.

In January 2017, Swiggy ventured into the cloud kitchen segment with the launch of The Bowl Company. By November 2017, the company introduced Swiggy Access, a kitchen incubator program that provided ready-to-use kitchens for its restaurant partners. By 2019, Swiggy had set up over 1,000 Swiggy Access kitchens, as reported by TechCrunch.

As of mid-2018, Swiggy operated in 16 Indian cities, and by 2019, it expanded to 500 cities, matching the scale of competitor Zomato.

In early 2019, Swiggy diversified into general product deliveries through Swiggy Stores, sourcing products from local retailers. Later, in September 2019, it introduced Swiggy Go, an instant pickup and drop-off service for document and parcel deliveries. In April 2020, Swiggy Go was rebranded as Swiggy Genie. During the COVID-19 pandemic, Swiggy also started doorstep alcohol deliveries in Jharkhand, West Bengal, and Odisha.

However, in May 2020, Swiggy laid off 1,100 employees due to the impact of COVID-19. The crisis also led to the closure of over 75% of its cloud kitchens.

In August 2020, Swiggy launched Instamart, an instant grocery delivery service operating through a network of dark stores. By early 2021, it shut down Swiggy Stores and expanded Instamart's operations.

In 2023, Swiggy sold its Swiggy Access cloud kitchens to Kitchens@ through a share-swap deal.

In January 2024, ahead of its IPO, Swiggy laid off 400 employees, approximately 6% of its workforce.

By April 2024, Swiggy transitioned into a public limited company and confidentially filed for an IPO. The company officially launched its IPO in November 2024 at a price of ₹390 per share, achieving a valuation of $11.3 billion.

Swiggy Funding

In 2015, Swiggy secured a $2 million investment from Accel and SAIF Partners, with additional backing from Norwest Venture Partners.

The following year, in 2016, Swiggy raised $15 million, attracting both existing and new investors, including Bessemer Venture Partners and Harmony Partners.

In 2017, global investment giant Naspers led an $80 million funding round into Swiggy, strengthening the company’s financial position. By February 2018, Swiggy secured another $100 million in investment, backed by Naspers and Meituan-Dianping.

By September 2018, Swiggy’s valuation reached approximately $3.3 billion, and by April 2020, it further increased to $3.6 billion.

In July 2021, Swiggy raised $1.25 billion from SoftBank, Prosus, and other investors, bringing its valuation to $5.5 billion.

By January 2022, Swiggy’s valuation surged to $10.7 billion following a $700 million funding round led by US asset management firm Invesco.

 

References:

 

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