Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
The Bangalore-based food ordering startup, Swiggy has raised about INR 12 Cr from the venture capital firm Accel Partners and private equity firm SAIF Partners.
The company will utilize the funds to hire talent and expand its reach to Mumbai, New Delhi and Chennai by the end of this year.
Speaking on this development, Sriharsha Majety, Co-founder, Swiggy said, “Our biggest focus is on customers – never let our customers stay hungry. People are so busy with their hectic lifestyles that they do not have time to have a good healthy meal.”
Commenting on the trend in food tech space, Anand Daniel, a partner at Accel Partners said, “getting high-quality food delivered expeditiously is a huge problem in India. We tracked this space closely and found the Swiggy team doing a fantastic job in filling this need.” The seven-month-old startup promises to deliver food in about 35 minutes.
Swiggy was founded in August this year by BITS Pilani alumni Sriharsha Majety, Nandan Reddy and IIT Kharagpur graduate Rahul Jaimini. Prior to this, Majety was associated with Japan’s largest investment bank, Nomura. Later, he founded a logistics platform for online retailers, which he had to shut down last June.
Swiggy has now fulfilled over 30,000 food delivery orders in partnership with several restaurants. It claims that they are different from other food delivery ventures because they provide “the fanatical level of customer service.
The startup has 150 delivery executives, some of them students and system administrators at tech firms, use smartphones and an app powered by an algorithm to create an efficient logistics solution to deliver food. Besides, customers can also track their food orders in real time and discover popular restaurants.
Just recently, Online cab booking startup, Ola has launched food delivery service in 4 cities i.e. Mumbai, Delhi, Hyderabad and Bangalore. Named as Ola Cafe, the service claims to deliver food in just 20 minutes! Last month, foodpanda has also announced that it has secured $110 Mn in a new round of funding. NCR-Based Bite Club also raised INR 3 Cr. from Powai Lake Ventures and angels including Aneesh Reddy (Capillary Technologies), Ashish Kashyap (Goibibo Group) & Alok Mittal (Canaan Partners).
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.