Swiggy is an Indianonline food ordering anddelivery company. Founded in 2014, Swiggy is headquartered inBangalore and operates in more than 580 Indian cities, as of July 2023.[4] Besides food delivery, theplatform also providesquick commerce services under the name Swiggy Instamart, and same-daypackage deliveries with Swiggy Genie.
It rivals homegrown startupZomato in food delivery and hyperlocal marketplace.[5]
In 2011, Sriharsha Majety and Nandan Reddy designed ane-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 withMyntra, and founded Swiggy in August 2014.[8][6][7]
By 2015, Swiggy expanded its food delivery operations from just Bengaluru to eightTier 1 cities across India.[9][10] At the time, the food delivery sector was in turmoil as several notable startups, such asFoodpanda (later acquired byOla Cabs), TinyOwl (later acquired byZomato) and Ola Cafe (later closed) were struggling.[6][7]
In January 2017, Swiggy started itscloud kitchen chain called "The Bowl Company".[11] In November 2017, Swiggy started akitchen 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 aTechCrunch report.[13]
In mid-2018, Swiggy was operational in 16 Indian cities,[14] which increased to 500 cities in 2019, matching the scale of rivalZomato.[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 instantpickup/dropoff service Swiggy Go, allowing customers to senddocument orparcel deliveries.[19][20] In April 2020, it rebranded Swiggy Go as Swiggy Genie.[21] During theCOVID-19 pandemic, it began doorstep delivery of alcohol in the states ofJharkhand,West Bengal andOdisha.[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]
In August 2020, Swiggy launched its instant grocery delivery service called Instamart using a network ofdark 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 ashare-swap deal.[29]
In January 2024, Swiggy laid off 400 employees, or 6% of its workforce, ahead of IPO.[30][31]
In 2015, Swiggy received a $2 million investment fromAccel and SAIF Partners, along with additional investment fromNorwest Venture Partners.[7] The following year, it raised $15 million from both previous and new investors, includingBessemer 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 andMeituan-Dianping.[36] By September 2018, Swiggy was valued at around $3.3 billion, and in April 2020, Swiggy was valued at around $3.6 billion.[37]
In July 2021, Swiggy raised $1.25 billion fromSoftBank,Prosus, and other investors, at a valuation of $5.5 billion.[38]
In January 2022, Swiggy's valuation rose to $10.7 billion after a $700-million fundraise led by US asset managerInvesco.[39]
In 2018, Swiggy acquired Mumbai-based Scootsy Logistics, a high-end food and essentials delivery service,[40] and ultimately merged the company's operations into itself in 2020.[41] In 2022, Scootsy launchedprivate label products retailed on Swiggy Instamart.[42]
In September 2018, it acquired Mumbai-based milk delivery startup SuprDaily.[43] In 2023, SuprDaily wasrebranded as InsanelyGood, which wasrepositioned as a grocery delivery service.[44]
In 2022, Swiggy acquired the dining and table reservation platform Dineout fromTimes Internet in an all-stock deal valued at $120 million.[45]
In 2023, Swiggy acquired retail distribution company LYNK Logistics from the Ramco Group.[46]
In 2020, Swiggy launched a digital wallet, Swiggy Money, in partnership withICICI Bank.[52] In January 2022, Swiggy and drone company ANRA Technologies began trialing drone deliveries.[53] In 2023, Swiggy partnered withGogoro to provide smart scooters to delivery partners.[54]
In 2024, Swiggy partnered withIRCTC to deliver food in railway stations.[55] Swiggy Instamart partnered with Park+ for doorstep delivery ofFASTags.[56] Swiggy became the official sponsor of Season 4 ofShark Tank India.[57]
In October 2024, Swiggy Instamart partnered withPharmEasy for quick-commerce delivery of medicines.[58]
₹11,247 crore (US$1.3 billion) (FY24)[1]
₹−2,350 crore (US$−270 million) (FY24)[1]
