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Do you wish to have a delicious bite of blueberry cheesecake in the middle of the day at work or a hearty biryani meal for lunch?
Moving out of your house, facing the relentless traffic, unending queues at the restaurants and cafes, waiting for your order, etc., sounds demotivating as always. In fact, they were some of the major hindrances between a person and his/her food. However, things have changed since August 2014.
Yes, with the birth of Swiggy, ordering food has been revolutionized in India; it became as easy as one wants it to be.
With the launch of Swiggy, often dubbed as one of India’s fastest-growing companies, ordering food at the home, office, or even while throwing a party seems like a breeze. Swiggy is a hyper-local food delivery application founded by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini in Bengaluru’s neighbourhood, Koramangala. Swiggy has been quite popular even in its early days, it witnessed an exemplary expansion and is carrying on its successful legacy till now!
Swiggy has turned a decacorn after raising $700 mn on January 24, 2022, from a venture round led by Invesco.
Here's more about Swiggy, its Latest News, Founders & Team, How it all started, it's Business and Revenue Model, Funding & Investors, Growth, Competitors, Challenges, Awards and Recognition, and more.
Swiggy - Company Highlights
- Company Name-Swiggy
- Headquarter-Bangalore
- Sector-Food Delivery
- Founders-Sriharsha Majety, Nandan Reddy, Rahul Jaimini (August 2014-May 2020)
- Founded -2014
- Valuation-$10.7 billion (January 2022)
- Funding-$3.6 billion (January 2022)
- Revenue-$276.45 million (Rs 2,547 crore in FY21)
- Parent organization-Bundl Technologies
- Website-swiggy.com
Swiggy — About
Swiggy is a food delivery platform at its core, the services of which can be accessed from Android and IOS devices, and through the website. It partners with a wide range of restaurants and provides easy access to diverse food dishes from varying cuisines. Furthermore, it also accepts feedback and ratings from the customers that help others pick their restaurants and the choices of dishes wisely.
As soon as a delivery is done, the customer is entitled to give feedback, and rate the food, and the delivery services. The company uses these data to improve its services.
Swiggy essentially started as a food delivery service and saw quite an expansion. It already had its operation in 100 cities in March 2019, when the company decided to start with general product deliveries under Swiggy Stores. Furthermore, Swiggy launched Swiggy Go later that year, in September, to help the customers pick up and drop off food items, documents, parcels, and more. Swiggy eventually launched its instant grocery delivery service under the name Instamart in August 2020, where the company started to build a network of dark stores. Swiggy Stores was then closed in early 2021, whereas the business continued its expansion in the form of Instamart.
The company’s target audience is people who use smartphones regularly, aged between 18-35 years.
The tagline of Swiggy is, ‘Swiggy Karo, Phir Jo Chahe Karo!’ which appears in the advertisements of Swiggy.
Swiggy — Industry
Swiggy belongs to the food delivery industry, an industry that is dominated by the food tech companies and cloud kitchens in India. The food tech services certainly have witnessed rapid growth!
The revenue in the online food delivery space is estimated to reach $13.99 bn by the end of 2022. It is also estimated that the revenue will further grow at an annual growth rate of 11.92%, thereby becoming $21.95 bn by 2026.
Swiggy — Founders & Team
Lakshmi Nandan, Rahul Jaimini & Sriharsha Majety | Founders, Swiggy
Sriharsha Majety
Sriharsha Majety is the CEO and co-founder of Swiggy. He had completed B.E in Electrical and Electronics along with M.Sc in Physics from BITS Pilani in the year 2008. Sriharsha then went to study the CFA program at the CFA Institute and managed to complete level II of the program. After this, he considered enrolling for an MBA in Finance and choose IIM, Calcutta, from where he graduated in 2011. Before Swiggy, Majety worked as the recruitment coordinator for IIM and was also a part of the rates trading Desk in London at Nomura International. In the year 2013, he co-founded Bundl Technologies Pvt Ltd along with Nandan Reddy, which became the cradle for Swiggy.
Lakshmi Nandan Reddy
Lakshmi Nandan Reddy is the co-founder of Swiggy. He is also a BITS Pilani alumnus, who pursued M.Sc from the same college and completed it in 2010. Reddy worked as the head of the operations of social media at SourcePilani, the first BPO for rural India, for about 2 years. He was the founding partner of Zurna, a restaurant in Hyderabad, after which he co-founded Bundl, which later on led to Swiggy.
Rahul Jaimini
Rahul Jaimini, who worked as a Senior Software Engineer at Myntra, joined Majety and Nandan to build the application for Swiggy. Rahul completed a Dual Degree from IIT Kharagpur in Computer Science & Engineering in 2010. He had also worked for companies like Philips Research and Netapp. Jaimini left the organisation in May 2020 and is currently working at Pesto Tech.
Rohit Kapoor, who served as the global chief marketing officer (CMO) of OYO, has resigned from the renowned hospitality company and is looking forward to taking up a senior position at Swiggy. Kapoor, who is currently on his notice on July 21, 2022, would be joining as the Swiggy CEO, as per some reports.
Swiggy currently operates with over 5000 employees. The Swiggy team will operate remotely or at least a significant portion of its team would, in fact, work from their comfort zones, after the foodtech decacorn announced permanent work from anywhere policy on July 29, 2022. With this announcement, foodtech decacorn joins the likes of Spinny, Meesho, NoBroker and Magicpin, all of whom have resorted to the remote working model. Under this new policy, the technology teams, the team of corporates, and the others taking care of central business functions will continue to work from home and meet every quarter at their base location for a week, as per Swiggy's statements.
Swiggy — Startup Story | How It All Started?
Swiggy wasn't started as a food delivery business. Yes, you might hear this for the first time, but it is how it is. Sriharsha spent over 6 months cycling across Europe with a business idea in 2013. The first idea that struck his mind was that of a backpacking chain of hostels that would help foreigners when they look to visit India.
In the same year, Sriharsha and Nandan came together to build a company that would empower courier services across the country and would stand as a logistics solution. They named it Bundl Technologies Private Limited. However, Bundl did not turn out successful and forced the founders to shut down the business in 2014. Following its failure, Majety began his research and discovered much potential in the food industry. This led to the birth of Swiggy, an online food delivery company. They met Rahul Jaimini, who helped them build the software, and the company was finally founded in August 2014.
When Swiggy came to the market, the food delivery sector already had applications like Foodpanda, Tinyowl, and Ola Café. Foodpanda and Tinyowl were later acquired by Ola Cabs and Zomato respectively, and Ola café was eventually shut down, just barely a year old. While all these companies struggled, Swiggy started in 2014 with 6 delivery boys providing food from 25 restaurants, and at the end of its first year, in March 2015, the company served 1 million orders per month. This is how the journey started for the food tech giant.
Swiggy — Mission and Vision
The mission of Swiggy is to "change the way India eats", thereby aiming to serve the Indian customers better than what they had earlier experienced. Furthermore, the company also wants to make a variety of foods available online for delivery.
"Swiggy wants to be like a utility app for every Indian. We want people to order food at least 15-20 times a month", said Swiggy Co-founder Sriharsha Majety.
Swiggy — Name, Tagline and Logo
Swiggy Karo, Phir Jo Chahe Karo! is the tagline of the Swiggy.
Swiggy — Business & Revenue Model
Swiggy works on the business model of hyperlocal on-demand food delivery. It gets restaurants as partners and works as a bridge between them and the customers. The platform of Swiggy is powered by state-of-the-art technology and works as a single point of contact. Swiggy partners with restaurants and shops, grocery suppliers, and delivery providers.
The app displays a broad list of restaurants and their menu along with their pricing for the customers to order their choice of dishes to be delivered at their doorsteps. Besides, it also provides the option for the customers to buy fresh supplies and deliver other products and necessities, as they might require from time to time.
The key activities of Swiggy may be summed up as:
- Management of payment and delivery processes.
- Forming partnerships with retail shops and eateries.
- Hiring delivery providers and suppliers.
- The key resources of Swiggy include:
- Local shops and restaurants
- Technology
- Delivery providers
If we look at the customer segmentation of Swiggy, then the major customer segments of the company are:
People who don't prefer to go to restaurants and eateries.
People who want to order food and drinks, groceries, and other daily needs and essentials online and get the same delivered to their doorsteps.
People who want to buy products online or via phone and get the same delivered by delivery agents.
The value propositions of Swiggy include:
- Food delivery without any restrictions on orders.
- An effective online payment system.
- No minimum order limits.
- A wide range of payment methods.
Swiggy has expanded its streams of revenue throughout the years. Here are some prominent streams that the company currently draws its revenue from:
Delivery charges
Swiggy obtains its primary revenue from its customers. The company levies a nominal delivery fee that starts from Rs. 20 and keeps on increasing, depending on the total order value. Furthermore, Swiggy also raises the charges when the demands are high or during unusual weather conditions.
Commissions
A major part of Swiggy's revenue stream is from the commissions it receives. These commissions are collected from the restaurants to generate sales leads and deliver the food items with the help of Swiggy’s fleet. The restaurants have to pay 15% to 25% commission on each order that is placed from Swiggy’s website.
Advertising
Swiggy also earns some revenue with:
- Banner Promotions – Swiggy encourages restaurants to promote their brand via display ads on its app. This helps all the restaurants that are partnered with Swiggy from different regions, to receive considerable visibility against the payment they make.
- Priority listing of restaurants – Swiggy has an option for priority listing and in them, the company includes select restaurants against premium rates. A restaurant has to pay higher if it wants to be displayed ahead of its peers.
Swiggy Access
Swiggy launched the all-new and innovative program, Swiggy Access. This is a completely fresh idea modelled on the cloud kitchen concept. With this facility, Swiggy offers ready-to-use kitchen spaces, equipped with the basic setup and amenities for its restaurant partners to take advantage of them and expand in the neighbourhoods that they haven't operated before.
Swiggy Access brings food nearer to its customers by helping the restaurants set up their kitchens in newer locations and thereby, boosting the delivery speed of the Swiggy food orders.
Swiggy Super
Swiggy also introduced its membership program called Swiggy Super in 2018 - Bit, Bite, and Binge plans, with which the customers get tons of benefits, including priority issue resolution, no surge prices, and more, on different subscriptions.
Swiggy Go
Swiggy Go is another service that Swiggy launched in 2019 to offer a fast pick and drop service, which added a new revenue stream for the company.
Instamart
Instamart was launched by Swiggy in August 2020. This new platform was designed to serve as a quick grocery delivery medium that promises to deliver groceries within 45 minutes of placing the order. Instamart was first started in Gurgaon and is currently serving the Indian cities of Gurgaon and Bangalore and is planning for expansion. The express grocery delivery platform is all set to make grocery deliveries happen within 15 minutes by January 2022. Launched in Gurugram, Swiggy Instamart is currently serving customers from around 18 cities and claims to complete 1 mn orders a week. If you are wondering about the Swiggy instamart website, then you just need to visit the Swiggy website and then navigate to the Swiggy Instamart section.
Sriharsha Majety, CEO of Swiggy recently stated, “At our current growth trajectory, Instamart is set to reach an annualised GMV run rate of $1 Bn in the next three quarters.”
Swiggy Genie
Swiggy Genie was expanded in April 2020, following the nationwide lockdown. The Genie service from Swiggy was developed as an on-demand pick and drop service for the customers to send or receive foods and other goods. The Swiggy Genie app's operations have been suspended temporarily on May 10, 2022. Genie has been resumed once again by the food-tech decacorn. The pick-up and drop-off service of Swiggy Genie will now be working in Mumbai, Hyderabad, and Bengaluru. However, the Genie services will only be available between 7 AM and 8 PM only.
Swiggy Bazaar
Social commerce is the new vertical that Swiggy is aiming to foray into after Genie and Instamart, as disclosed by the company on October 12, 2021. Swiggy Bazaar will concentrate on grocery FMCG and fresh farm produce. Swiggy's social commerce initiative is set to be launched at a crucial time when the space is seeing many activities from many other players like Meesho, which is launching Farmiso, whereas Flipkart has already launched Shopsy.
Affiliate Income
Swiggy also earns revenue by partnering with a number of financial institutions like Citibank, HSBC, and ICICI Bank. This affiliate initiative helps the customers get amazing discounts for different offer values on the usage of credit and debit cards from various banking and financial institutions. Furthermore, it also helps the banks and financial organizations to boost their sale along with
Swiggy — Funding & Investors
The last funding round raised by Swiggy was led by Invesco, which helped the Foodtech unicorn to become the first food tech decacorn. The $700 mn round that came in on January 24, 2022, helped the company raise its valuation to cross the $10 billion mark. Now, Swiggy has whooshed past Zomato in terms of valuation, where the latter is valued at $9.5 bn. The company is also hailed as the second private firm with a decacorn valuation after BYJU'S, which is followed by Zomato, Oyo, and Dream11, with $9.5 bn and $8 bn valuations respectively.
The last funding round that the company witnessed was on July 12, 2021, when Swiggy raised $450 million in a round led by Softbank, according to the co-founder of the company who disclosed it via an internal email. The company closed its $1.25 billion on July 20, 2021, in a round led by Softbank Vision Fund 2 and its existing investors including Prosus, Accel Partners, Goldman Sachs, and more.
The company eyed a funding round worth around $800 million, led by a bunch of existing investors like Softbank, Prosus, and others, as of September 27, 2021. A funding round of that magnitude would help the company shoot its valuation to over $10 billion, which will be around a 90% jump in its valuation within a matter of a few months, mentioned some people aware of the upcoming round of funding on request of anonymity. This round finally came in on January 24, 2022, and was worth $700 mn.
Swiggy — Growth and Revenue
Swiggy started in July 2014, as a food delivery app. Eventually, the company expanded in size and started growing at a pace of 25% month on month and served around 100 cities, as of March 2019. Swiggy had also started Swiggy Stores and Swiggy Go., later on in 2019, both of which saw quite a boost, especially after the outbreak of the Covid-19 pandemic. Swiggy is now a food tech decacorn and boasts of over 1,30,000 delivery partners, which was around 2,20,000 before the pandemic, and boasts of delivering around 1.45 million orders in a day, as of October 27, 2021.
Swiggy handled around 1.5 million deliveries per month in Aug 2016. However, when documented in Oct 2019, Swiggy announced that they were handling 1.5 million deliveries per day. Therefore, the company witnessed a 30x growth in 3 years. Anuj Rathi, VP for Product, Revenue, and Growth in Swiggy, has a big hand in their growth. The Swiggy food orders were last recorded on January 1, 2022, when the company crossed 9000 orders on New Year's eve. The food orders of the Swiggy platform touched the 9049 mark per minute on December 21, 2021.
During the year under review, the business of Swiggy grew by 85%. Furthermore, the company also announced that they have added over 100,000 restaurants and is currently running with an active delivery fleet of over 200,000. Additionally, Swiggy remarked, “We also widened our reach across the country by launching 405 new cities".
Swiggy Moonlighting Policy
Swiggy is all set to launch a new policy that will allow the Swiggy employees to take up second gigs. The Moonlighting policy will help employees take up external projects for pro-bono or economic consideration.
Swiggy to Launch Co-Branded Credit Cards
Swiggy has already been eager to make its name in the fintech space, and this was prominent after it launched Swiggy Money in 2020, and then applied for a payments aggregator license. Now, Swiggy is again up for something new. According to reports dated August 4, 2022, the foodtech decacorn is planning to launch co-branded credit cards. These credit cards would likely be used for payments across the Swiggy platform, including Instamart, Genie, and DineOut.
Swiggy Pilot with New Private Labels to Strengthen its Cloud Kitchen Business
Swiggy is effectively looking to scale its cloud kitchen business, for which, it has already started piloting with new private labels - Soul Rasa and Stuffed, in Bengaluru and Chennai, the cities of South India. The foodtech startup will also launch some new food brands, as per the latest reports dated July 7, 2022. The private labels are brands that Swiggy sells under its own brand name. The Bowl Company, Breakfast Express, and Homely are some of the brands that the Swiggy business is currently operating.
Swiggy to Include Nutritional Values and Allergens for Food Items
FSSAI or the Food Safety and Standards Authority of India rolled out a new rule that will be effective from July 1, 2022, onwards, which asks the food delivery companies like Zomato and Swiggy to list all the nutritional values and allergens of the food items sold on their platforms. The aim of such a regulation is to keep the people informed about the kind of food they are ordering.
Swiggy Affiliate Program
Swiggy affiliate program is an initiative launched by Swiggy that allows people the opportunity to earn the highest payout of up to Rs 40 per sale.
Swiggy Discovery Platform 'Minis'
Swiggy is planning to go beyond food and grocery-related products or business with this new platform 'Minis'. Minis will act like a discovery platform where the sellers can list their products that would be up for display for the buyers under well-defined catalogues. This will help the buyers get all their requirements on the Swiggy app itself that they can add to their cart and place orders for, however, Swiggy will not take care of the product deliveries, which will be the responsibility of the sellers themselves. To materialise 'Minis' and pivot on the new discovery platform, Swiggy is reportedly working with several D2C brands, especially clothing and accessories D2Cs, as per the reports dated May 27, 2022.
Drone Grocery Delivery
Swiggy is looking to pilot its grocery drone delivery in Bengaluru and Delhi NCR and has shortlisted Garuda Aerospace, Skyeair Mobility, ANRA+TechEagle Consortia, and Marut Dronetech, as 4 drone startups that would help the food aggregator and delivery giant to facilitate the same. This pilot will analyse the feasibility of using drones for Instamart, the grocery delivery wing of Swiggy The drones that the startup will be using, will be deployed to replenish stocks between seller-run dark stores and a ‘common customer point’. It will then be the responsibility of a delivery partner to pick up Swiggy food orders from the ‘common point’ and deliver them to the customers, according to the company's statements in a blog post.
The drone pilot of Swiggy will be conducted in 2 different phases where the first phase will be Garuda and Skyeair, who will run the pilot project between Bengaluru and Delhi NCR. The first pilot will be done in May while the second phase of the pilot, where ANRA+TechEagle and Marut Dronetech, will commence only after gathering learnings from the first pilot. Swiggy's drone pilot is yet to kickstart, as of July 21, 2022, even after 3 months since the company announced the drone deliveries. Sources claimed that the red zones in the urban areas, which are labelled as "no-drone zones" have posed to be a problem for the Swiggy drone pilot. Though it has been estimated that only 10% areas across the country are marked as "no-drone areas", they are significantly located in urban locations, where Swiggy initially thought of piloting its drone deliveries, thereby springing up as a challenge.
Expenses Breakdown
The total expenses of the Bengaluru-based company amounted to Rs 6545 crore during FY21. Swiggy has done well indeed by cutting its expenses, which were reduced from Rs 6545 crore to Rs 3310 crore during FY21.
The company controlled its losses, which rose to Rs 3768 cr in FY20, rising by 61% from the last financial year, and was recorded at Rs 1314 cr FY21. The food tech decacorn also managed to improve its EBITDA margins from Rs -96.93% in FY20 to Rs -49.24% in FY21. Going by the unit level calculations, Swiggy managed to earn a single rupee of revenue by expending Rs 1.63 during FY21.
Swiggy — Investments
Swiggy has made a total of 6 investments to date. The last of such investments came when Swiggy poured $24 mn in the Series B round of UrbanPiper among the other investors. As a lead investor, Swiggy earlier drove a Series D round worth $180 mn in Rapido.
Here's the list of the Swiggy investments:
Swiggy — Campaigns
Swiggy has launched tons of campaigns to date, just like any other company of the stature that Swiggy strides with, but never did we see anything as exceptional as the horse-hunt. Yes, Swiggy has launched a campaign, titled "horse-hunt". We of course, don't mean horse-hunt in the literal sense, but the horse-hunt that Swiggy has launched refers to a bounty campaign launched by Swiggy after a Swiggy delivery representative featured in almost all of the media channels wearing the Swiggy food bag, riding a white horse.
Swiggy Horse Campaign
The Swiggy horse rider gathered loads of comments, likes and followers since the video of the Swiggy delivery person went live on the internet, and sooner than expected, Swiggy also joined in with a witty caption “let’s address the horse in the room". The food delivery giant remarked that just like all other netizens, even the company didn't manage to find out the particular person with the Swiggy monogrammed delivery bag, and announced to reward the person who can find him with 5K in Swiggy money, thereby turning it a full-fledged campaign.
Swiggy Instagram Post: Swiggyman on Horse
Since it has been shared, the Swiggy Instagram handle has been flooded with comments and likes. The replies have also been really hilarious on the Swiggy post announcing the reward for the tracing of the Swiggy horseman. Numerous brands also jokingly joined the league and took their own chance of making themselves and their products viral. A prominent name among them is Netflix India, which commented, “looks like Thomas Shelby's horse - is he delivering the order of the Peaky Blinders?”. Swiggy also made an awesome rejoinder to it by saying “we reckon Bojack Horseman left Hollywood.”
The Swiggy horseman hunt finally came to an end on July 11, 2022. The man who was seen riding a white horse, wearing the Swiggy trademark bag, was Sushant, a 17-year-old horse couturier, who is appointed for helping out at a stable in Mumbai and helps dress horses for wedding processions. Sushant's friend Avi shot the video, who claimed the Swiggy bounty worth Rs 5K Swiggy money along with the gallant young star Sushant. Upon this revelation, Swiggy posted a Letter of Declaration, which posted all the details regarding the accidental ambassador. The horse he rode is called Shiva. The post also mentioned that Sushant is a person who borrows things and fails to return them, and here he has borrowed the Swiggy delivery bag. The delivery bag of Swiggy didn't contain food items, but embroidered drapes and accessories.
Some other prominent Swiggy campaigns are:
#WhatsinaName
Swiggy launched the #WhatsinaName campaign in November 2018, where the company tried to eradicate the culture of calling the Swiggy delivery persons "Swiggy", and embraced the practice of addressing them with their own names.
Swiggy Karo, Phir Jo Chahe Karo
It was during IPL 2018 that Swiggy came up with an array of beautiful campaigns, one among them encouraging the users to use Swiggy even for the smallest of orders.
Voice of Hunger
Swiggy's "Voice of Hunger" challenge is still memorable for the innovative idea that the brand came up with, where Swiggy challenged the users to create soundwaves in the shape of food items, which they had to send directly to the brand's Instagram handle. The company promised to hand over a full year worth of food vouchers for the users who could complete the 5-day challenge. Boasting of receiving over 10,000 entries in a single day, the "Voice of Hunger" campaign is easily one of the most well-received campaigns to date.
Swiggy — ESOPs
Swiggy has started its ESOP stock ownership option or ESOP liquidity program, which will be worth around $23 mn, as far as the reports dated June 30, 2022, went. The foodtech decacorn mentioned that the employees can now opt for receiving up to $23 mn in liquidity against their ESOPs. The next round of this liquidity would only be conducted in July 2023, as mentioned by Swiggy. Build Your Own Dollar (BYOD) is a new initiative that Swiggy has rolled out, said the June 30th reports.
Swiggy has declared that it will hold 2 ESOP liquidity events in the next 2 years worth $35 mn - 40 mn at its current valuation. The food tech major further mentioned that its employees would thus, benefit from any potential increase in its valuation during the liquidity in 2022 and 2023. All of the Swiggy employees who hold shares under the Employee Stock Ownership Plan (ESOP) at Swiggy are eligible to participate in both the liquidity events.
The first and second such events had already occurred previously in June 2018 and November 2020 and the next liquidity events are scheduled for July 3, 2022, and July 4, 2023, as mentioned by Swiggy on October 6, 2021.
Swiggy has announced that its equity shares are allotted to its employees and top executives under the employee stock ownership plan (ESOP) and management stock ownership plan (MSOP) respectively, as of October 27, 2021.
Going by the regulatory filings of the food tech major, the company has allotted ESOP Equity shares worth Rs 132.5 crores to 180 employees. Rahul Bothra, the CFO of Swiggy has been allotted ESOP worth Rs 31.2 crores and stands as the biggest beneficiary of the ESOP program. Anuj Rathi (SVP, revenue, and growth) stands next in line with an allotment of ESOP worth Rs 20.4 crores.
On the other hand, Phani Kishan Addepalli, who was announced as the co-founder of Swiggy and appointed as the CEO of Supr Daily, has received ESOPs amounting to Rs 8.3 crore. The remaining Rs 72.6 crore worth of ESOP has been allotted to 177 employees of the company. The company has allotted all of the above-mentioned ESOP shares at an exercise price of Re 1 per share only.
Furthermore, Swiggy has filed separately to allot its co-founder and CEO Sriharsh Majety with MSOP equity shares worth Rs 196.4 crore.
Swiggy has issued around 163 mn bonus shares to be allotted to its shareholders, which includes the Swiggy founders, as per the reports dated January 18, 2022. These bonus shares are estimated to be having a face value of Rs 1000 each, thereby making the total value of bonus shares at Rs 16,310 crore.
The founders of Swiggy - Sriharsha Majety, Lakshmi Nandan, and Rahul Jaimini have been last recorded to hold equity shares equal to 61,125, 24,087, and 18,182 respectively. They will now be receiving bonus shares of 85.5 Mn, 33.7 Mn, and 25.4 Mn respectively, according to the latest regulatory filings.
Swiggy — Competitors
Though Swiggy boasts of a huge market now, it has always witnessed tough market competition from companies like:
Zomato: A food delivery company that has an exhaustive list of partnering restaurants and their menus, and helps the customers with both their ordering in and dining out ventures
Fassos: Fassos is known for its food-on-demand services, owned by the online restaurant company, Rebel Foods.
Box8: Box8 is a Mumbai-based company that helps customers order desi meals in no time.
Some other competitors of Swiggy include Dunzo, FreshMenu, etc.
Swiggy — Challenges
Though Swiggy is often billed as one of the best food delivery platforms in India, the company is born out of the challenges faced by the founders of Bundl. In fact, the company continues to dodge them day in, day out.
From keeping the app up and running to managing their restaurants and delivery partners, to utilizing their revenue channels wisely and tackling negative feedback, challenges come from every possible direction for Swiggy.
Swiggy Delivery Executives Go on Strike!
Swiggy delivery executives went on strike during the last second week of July 2022. The strike, which ended on 25th July 2022, might resume again in a much bigger form if their issues aren't addressed by the company, as the reports went. These strikes were noted in Mumbai and Bengaluru. Some of the prominent demands of the Swiggy deliverymen included:
Rejection of other third-party delivery companies' association with Swiggy, like Shadowfax and Rapido.
When reported during the strike, the Swiggy gig workers on strike mentioned that they aren't considered employees and are paid Rs 20/order (for fresher candidates) and Rs 30/order (for experienced candidates), which are too low. In addition, Swiggy should also provide the delivery executives their uniform and raincoats or provide funds for the same, which is not being done allegedly by Swiggy, as per the Swiggy gig workers who went on strike.
After the strikes went down, new Swiggy employees went on strike on July 27, 2022. This time it happened in New Delhi, in Lajpat Nagar, near a Swiggy Instamart dark store. The reason was primarily against the reduced payouts of Swiggy delivery executives. Furthermore, it also protested against Swiggy's denial of offering a social safety net for those employees who are financially not strong enough. These strikes in the capital of India ended by 1 PM, after which the services were resumed.
Swiggy Delivery Executive Dies on Road in Hyderabad
Adil Ahmed Taher, a Swiggy delivery executive, met with an accident when he crashed with a speeding tractor in Gachibowli, Hyderabad. It was on July 28, 2022, Taher was then en route to deliver an order in Hyderabad. After being injured, he was hospitalised, but Taher couldn't survive the injuries he was inflicted with. The tractor was coming from the wrong side, mentioned some of the eyewitnesses. An FIR has thus, been registered against the driver of the tractor at the Gachibowli Police Station on the basis of the eyewitnesses' accounts.
Swiggy has also reached the delivery executive's family and has already proceeded with hospitalisation bills of the deceased person. The foodtech company shall also proceed with the insurance amount to the family of Taher. An amount close to Rs 10 lakh would be transferred, as an insurance grant, to the family of Adil Ahmed Taher, as per sources.
Mohit Gupta Complaint Case Slapped INR 11,000 Fine on Swiggy
Mohit Gupta, a Bathinda resident complained that Swiggy failed to deliver his order dated December 7, 2019, worth Rs 248, within the mentioned 30 minutes. On this, upon release of the order on July 13, 2022, the district consumer dispute and redressal commission, Bathinda disclosed that Swiggy now needs to pay Rs 11,000 as compensation to Gupta. Swiggy, in its defence, stated that it is not liable for the non-delivery of the order. The foodtech unicorn claimed that it is neither the seller of the food and beverages nor does it deliver them on its own. Therefore, it cannot be accused in this case. However, the commission rejected this claim of the food delivery company.
Covid-19 Challenges and the Steps Taken by Swiggy to Fight Them
Besides, with the outbreak of the Covid-19 pandemic, Swiggy had witnessed a bundle of challenges thrown at it all at once. However, the food delivery major had brilliantly coped up with them.
Some of the major steps taken by Swiggy during the pandemic are:
- Delivery of masks and sanitizers to all of its delivery executives and ensuring that they are washing their hands and using sanitizers at all times.
- Incorporating masks and sanitizers into the daily routine of their partners and delivery executives and monitoring that it is done.
- Temperature checks at specific stations on all orders.
- Introducing a double-layer of packaging and more.
Swiggy Layoffs
Swiggy laid off somewhere close to 1100 employees during the Covid-19-induced pandemic in May 2020. The second round of the Swiggy layoffs was reported on July 27, 2020, when it laid off another 350 employees.
Swiggy App RollBack
The Swiggy-owned Supr Daily rolls back its operations from 5 cities, as per company reports on May 10, 2022. Supr Daily, which has its operations in 6 Indian cities - Pune, Delhi (NCR), Mumbai, Chennai, Hyderabad, and Bangalore, will only continue to operate in Bangalore, which is the largest market of Swiggy. This is the second major product downscaling of the Bangalore-based food-tech giant. Swiggy has also shut down the operations temporarily for its courier service, Genie. The Swiggy pick-up and drop-off service provider, Genie, has suspended operations across all the major metro cities due to the scarcity of the delivery workforce. Now, the Swiggy Genie app is coming up with a message that states that there is operational stress in the user's current city, which is making Swiggy Genie temporarily unavailable.
Swiggy — Awards & Recognition
Here are some of the popular awards won by Swiggy:
- Swiggy won the Economic Times Start-up Award in 2017 as the Best Start-up of the Year
- Swiggy also was recognized at Star Re. Imagine Awards for its tagline ‘No order too small’
- The brand won the Outlook Social Media Award in 2016
- Furthermore, Swiggy is also known for achieving unicorn status in just 4 years since it was founded
Swiggy — Future Plans
Swiggy aims to be a utility brand for Indian customers, which is why it needs to deal with deeper problems and solve them. The company is currently focussing on balancing its growth and customer service to stay in the long run. Swiggy is looking to go for an IPO. Though the date of the IPO is not fixed yet, the company has already appointed JP Morgan and I-Sec as the lead managers for the same in March 2022.
Swiggy — Conclusion
Startups come and go in this present world of the digital, but Swiggy has earned its place the hard way and has truly revolutionized the food delivery industry. Besides, with its wide range of services, innovative branding, unique marketing campaigns, and customer-centric attitude, Swiggy is one such startup that is here to stay. As it is said, "As long as you satisfy your customers, you reign in their hearts," Swiggy has already gained a place in everyone's hearts. Happy Swiggying.
FAQs
Who is the founder of Swiggy?
Rahul Jaimini, Sriharsha Majety, and Nandan Reddy are the founders of Swiggy, who founded the company in 2014.
What is Swiggy's Customer Care Number?
Swiggy focuses on dealing with a bunch of customer queries with its comprehensive chat support instead of attending to a bunch of customers and keeping them waiting on their phone lines. With Swiggy's easy chat support, a customer just needs to initiate a chat and initially answer the bot, which later on redirects them to real advisors who solve their queries. Furthermore, the customers can also drop their issues at support@swiggy.in.
How did Swiggy start?
Swiggy was started by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini, an IIT Kharagpur alumni who agreed to code for the platform. The company was founded in 2014, in Koramangala, Bangalore.
Is Swiggy running in loss?
Food delivery giant Swiggy (Bundl Technologies Private Limited) has reported its revenues for the financial year 2021 at INR 2145 crore, a 23% decrease since the last financial year. The company further reported a net loss of INR 1314 crore. Though the losses have decreased from INR 3768 crore, which Swiggy witnessed in FY20, Swiggy is certainly running in losses!
How can a restaurant partner with Swiggy?
A restaurant can simply mail Swiggy at partnersupport@swiggy.in and follow all the instructions.
Is there a minimum order value for ordering at Swiggy?
The short answer is No. If you want to order at Swiggy, you can do it without any further worries about any minimum order value that you must maintain.
What is the Swiggy affiliate program?
The Swiggy affiliate program is an initiative of Swiggy, which lets the Swiggy users stand a chance to earn the highest payout of up to Rs 40 per sale.
What is the Swiggy Instamart website?
Swiggy Instamart doesn't have a new website. However, if the users want to visit Swiggy Instamart on the Swiggy website, then they just need to go to the Instamart section of the website.
What are some Swiggy alternatives?
Some of the Swiggy alternatives are:
- Zomato
- DoorDash
- GrubHub
- Postmates
- Deliveroo
- Faasos
- Box8
Is Supr Daily acquired by Swiggy?
Supr Daily, a milk delivery startup in Mumbai, was acquired by Swiggy in September 2021.
