Swiggy Enters the Billion Dollar Startup Club after $210 million investment
Swiggy has received investments worth $210 million
Swiggy has raised more than $465 million till date
Swiggy gets int groceries and medicines delivery market with ‘Swiggy Stores’
Swiggy is India’s sprightliest growing food ordering and delivery business in India. The company was started by, BITS-Pilani alumni Sriharsha Majety and IIT-Kharagpur alumnus Nandan Reddy and Rahul Jaimini in 2014. After quitting his job at Myntra the ambitious entrepreneur Reddy gave India a complete food ordering and delivery solution and took the market by the storm. Located in Bengaluru, Swiggy established as a startup in August 2014. Started as a team of six delivery staff and dealing with 25 restaurants, Swiggy is now active in 8 cities and more than 10,000 restaurants under it.
“When already we decided to shut Bundl, we knew we have to dive into hyperlocal delivery and give it a shot. We also perceive that ordering stags for eatery were very broken. Ordering food has always been a major fuss, thus, we plan to take a jump and resolve it with Swiggy,” Majesty said.
Swiggy has received investments worth $210 million (INR 1457 crore), and entered into a select club of startups with an estimated $1 Billion (INR 6939 crore) or more and has raised $465 million (INR 3227 crore) till date. Investors such as Accel Partners, Harmony Partners, Norwest Venture Partners, SAIF Partners, Naspers, Bessemer Venture Partners.
Swiggy operates as a link between customers and restaurants. The Mobile-based application allows customers to order food from within reach restaurants and get it home delivered. Swiggy offers every restaurant available at a particular locality and has its team of delivery personnel to pick up food from restaurants and deliver at your door-step.
After placing an order with Swiggy’s mobile application or website, the order is passed on to the restaurant and delivery staff, available at that place. The restaurant will prepare food after confirming the order, and the staff reaches their to collect the customer’s order and deliver it to the customer.
“Swiggy’s goal is to transfigure the food delivery market in India by delivering a cheap, fast and systematic substitute to taxing the already small crew restaurateurs. There are various occurring and even more upcoming food-ordering stages in the nation, Nonetheless, Swiggy sets itself distant from the opponents by having their own delivery squadron, thereby reducing the uncertainty in delivering an order”
Even after facing a firm competition from Zomato, Foodpanda, Uber Eats, JustEat; Swiggy introduced a new service ‘Swiggy Stores’ which will be accessible on the same app and will allow users to order things like groceries, medicines, vegetables, kirana, meat, and other stuff.
Swiggy is also getting ready to enter into the groceries and medicines delivery market with ‘Swiggy Stores’. The aim is to start with medicines and then start with grocery delivery. This strategy is been used to strengthen the Bangalore-based company’s investment and revenue. Swiggy has ventured its way to the hyper-local delivery market and is swiftly grasping into the newer market.
Swiggy Stores has been introduced in Gurgaon market, users can simply order medicines and household products and get it to deliver at their doorstep. The firm went through some experimental operations for a few months. The company has introduced a four-part campaign displaying the customers can place an order of any product. The firm has partnered up with several local and national stores to fulfil customers needs.
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