→ Swiggy increases $43 million to expand new businesses.
Would you like to know about swiggy ?
When was swiggy started ?
Founded in 2014, Swiggy started small, delivering food to a few neighbourhoods in Bengaluru, India. As the company grew, the team wanted a mapping technology that could help expand the service throughout India.
Swiggy needed a measurable mapping platform that covered a wide geographic places/area and offered tools to help the company to build an efficient mobile app and website for customers and delivery staff.
Who started swiggy ?
Swiggy was founded by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini. Sriharsha Majety is an alumnus of Indian Institute of Management, Calcutta and he currently serves as the Chief Executive Officer (CEO) at Swiggy.
What do swiggy do ?
They came up with their amazing all-new Swiggy app! An on-demand food ordering and delivery platform where you can order your favorite food from your favorite restaurant(s), and get it delivered within 30 minutes – all with just a tap!
You can also track your order to know how long it will take to get delivered.
Swiggy works with 1.6 lakh restaurant partners and serves consumers across 520 locations in the country. Besides restaurant delivery, Swiggy operates its own cloud kitchens, grocery delivery and also lists out shops in the vicinity where orders can be placed through the platform.
Customers find restaurants and order from them using the Android app, iOS app, or the website. Swiggy worked with Google Maps Partner Media Agility and used a variety of Google Maps Platform APIs to develop web and mobile apps that incorporate relevant local restaurant details. In order to guarantee fast food delivery, Swiggy returns only restaurants within four to five kilometres of the customer’s location.
The Directions API (An application program interface) is used by drivers to easily route to restaurants and customers. The customer can track the progress of the delivery and estimated arrival time using a mobile app or the website.
Swiggy step up a new business
Food delivery service company Swiggy on Monday announced it has received an additional $43 million funding as part of its ongoing Series I round. The Series I round, initiated in February this year, earlier raised $113 million led by existing investor Prosus N.V., along with participation from Meituan Dianping and Wellington Management Company, the company said in a statement.
Who are Prosus N.V., Meituan Dianping, Wellington Management ?
Prosus N.V., or Prosus, is the international internet assets division of Naspers. The global investment group is the largest consumer internet company in Europe, and among the largest technology investors in the world, operating across a variety of platforms and geographies.
Meituan Dianping (美團-點評)
Meituan-Dianping is a Chinese group buying website for locally found food delivery services, consumer products and retail services. The company is headquartered in Beijing and was founded in 2010 by Wang Xing. The Meituan site offers deals of the day by selling vouchers on local services and entertainment.
Wellington Management Company is a private, independent investment management firm with client assets under management totalling over US$1 trillion. The firm serves as investment adviser to over 2,150 institutions in over 60 countries, as of 30 December 2017.
Now, the statement of Rahul Bothra, CFO, Swigg on April 6.
“As we continue to strengthen and expand our services that offer unparalleled convenience to our consumers, we are humbled by the faith shown by our investors year-on-year and welcome the new investors on board,”
“Our focus remains to execute on our vision while building a sustainable path to profitability”, he also added.
Swiggy raises additional $43 million in Series I round.
Bengaluru-based foodtech unicorn Swiggy has raised $43 million funding as a part of its ongoing Series I investment round.
The total funds raised in this round is now at $156 million. Along with Tencent, the round saw participation from Ark Impact, Korea Investment Partners, Samsung Ventures, and Mirae Asset Capital Markets.
The latest round values Swiggy at $3.65 billion.
The funding announcement comes at a time when food delivery platforms like Swiggy face severe disruptions in their business due to the three week lock-down announced by the government to contain the spread of corona-virus.
Google Maps provides the most accurate and reliable data, which is crucial for us because maps and location are central to our business. We also knew Google’s intuitive interface would provide a great customer experience with little to no learning curve… Google Maps’ ability to provide customer location and the distances of nearby restaurants is the backbone of our success, because it ensures a reliable, consistent customer experience.”—Aman Jain, Senior Product Manager, Swiggy
Swiggy gives any helping funds
Swiggy, although, has been working to enhance services of ‘Dunzo’ for the delivery of essentials. Apart from that, the food-tech unicorn has announced that it has set up a relief fund called ‘Swiggy Hunger Savior Covid Relief fund’, which will be used towards ensuring the safety and welfare of its delivery partners and their families.
The corpus for the fund will be created by Swiggy with primary contributions from the founders, senior leaders, employees and investors, as well as donations from customers and well-wishers. Sriharsha Majety, Co-founder and CEO, Swiggy, has committed 50 percent of his annual salary towards this fund.
Swiggy aims to raise Rs 10 crore for this fund and has already raised over Rs 4 crore through initial contributions from Swiggy’s founders and employees.