Swiggy is investing $100 Mn in its micro-delivery vertical
Supr Daily is a subscription-based delivery service for daily consumable goods
Swiggy has recently launched subscription-based food tiffin service, Swiggy Daily
Foodtech unicorn Swiggy has reportedly acquired subscription-based daily consumable goods delivery startup Supr Daily in 2018. However, there is no official confirmation about the acquisition at the time.
According to a media report, the company is now investing $100 Mn in its micro-delivery vertical which is said to be doing more than 1 lakh daily deliveries in six cities including Bengaluru, Mumbai and Delhi-NCR.
Founded in 2015 by Puneet Kumar and Shreyas Nagdawane, Mumbai-based Supr Daily is a subscription brand that delivers daily consumable goods such as milk, bread, eggs, coconut water etc. to its users every morning.
Post acquisition, Shreyas Nagdawane and Puneet Kumar, are said to be leading Swiggy’s microdelivery vertical. Supr Daily was also a part of the Y Combinator’s Winter 2017 batch.
An Inc42 query sent to Swiggy did not elicit a response till the time of publication.
Swiggy has been diversifying its revenue channels by reducing discounts and bringing in more repeat orders as well as entering new verticals such as Swiggy Pop, Swiggy Daily, Swiggy Super, Swiggy Stores.
With Supr Daily’s acquisition, Swiggy will directly compete with startups such as Milkbasket, DailyNinja and Growzip. Milkbasket has recently raised $2.17 Mn debt funding from Innoven Capital to close its ongoing Series B funding round at $12.7 Mn.
Swiggy was founded by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini in 2014. The company claims to have over 2 Lakh delivery partners and more than 1 Lakh restaurant partners spread across 200+ Indian cities.
According to Swiggy, till now it has raised a total of $1.26 Bn in funding. Some of the existing investors in the company include Naspers, DST Global, Meituan-Dianping, Accel Partners and Saif Partners.
The food delivery company had posted a 220% jump in its revenue for FY18. According to the company filings, accessed via business intelligence platform Tofler, the company had earned $63.77 Mn in revenue, of which its operational income was $60.22 Mn.
Morgan Stanley further has estimated the online food and grocery segment to become the fastest-growing segments in India, expanding at a CAGR of 141% by 2020 and contributing $15 Bn or 12.5% of overall online retail sales.
