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Swiggy

Swiggy

Tagline

Swiggy karo, phir jo chahe Karo!

Net Worth

$3,600,000,000

Started in (City)

Bengaluru

Started in (Country)

India

Incorporation Date

01st December, 2014

Bankruptcy Date

-

Founders

  • Nandan Reddy
  • Sriharsha Majety
  • Rahul Jaimini

About

In today’s time, SWIGGY is one of India’s largest platforms for food ordering and delivery. It is one of the most sought-after, convenient to use, and efficient sites to place your bets on when it comes to food delivery. With its headquarters in Bengaluru, it operates in around a hundred cities (as of March 19).

Beginning

Sriharsha Majety and Nandan Reddy, two BITS Pilani graduates designed an e-commerce website, in 2013, called BUNDL. This was to engage in courier service and ship commodities within India. They moved into the business of food delivery when the proceedings of Bundl were deferred. A lot of other sites like FOODPANDA, OLA CAFÉ, and TINYOWL were already struggling at that time. Both the creators wanted to make food available for its customers with just a tap. Rahul Jimnani, who joined as CO-Founder and CTO (formerly with MYNTRA) brought their idea of hyperlocal food delivery into action and real life. When they started out, they were trying to bring some sort of synergy between logistics and tech. The journey started in Koramangala, Bengaluru when SWIGGY set up its proceedings by signing up a few restaurants. Soon enough, the primary group of Hunger Saviours came without hesitation to convey food within minutes. Not long after, Swiggy raised its initial round of subsidizing and propelled the app in May of 2015. Something worth knowing is that the app that conveys incredible food right to your doorstep was totally evolved in-house! With affection and backing from shoppers, Swiggy has extended far and wide, first through the whole city of Bengaluru and afterward across the whole nation. As is commonly said, the rest is history.

Road to Success

There are many factors that contributed to the success of SWIGGY- • Unparalleled logistics operations Swiggy however was well aware that to make a name in the food business building a credible and efficient logistics network, was imperative. Swiggy is extremely customer-oriented. • Strong management team Swiggy also invested in a large sales force to bring popular brands on board. A few months after launching Swiggy also started charging its customers for deliveries which none of its competitors did. • Going with the times and keeping a check on trends . Lots of companies were being acquired by others and some were suffering a hundred crore worth of losses. At this time, Swiggy realized it had to stand out from the crowd and make a name for itself • Sustainability In 2016, Swiggy spent most of the time to make sure it becomes more cost-efficient and has a sustainable logistics network. It even started outsourcing with third-party alliances for deliveries. • Consistency in delivery Another main thing that Swiggy keeps a major check on is its reliability, consistency, and efficiency as a food delivery app. It makes sure that it delivers even in worse weather conditions, whether it rains or storms, it is indeed very rare for Swiggy to not deliver. No one is even close to them when it comes to consistency and speed. Also, they have many top-of-the-line restaurants onboard that helps retain customers.

Challenges

However, one thing that can not go unnoticed is the fact that Swiggy has its fair share of competitors. • Zomato Zomato was founded by Deepinder Goyal in 2008. Along with being a primary delivery agency in the food marketplace it also provides in-depth information and reviews about restaurants and helps search for them. It is Swiggy’s biggest competitor and if some must say it in another way, also, it's alternative. Its revenue as of FY 2020 stands at 1530 crores. • FreshMenu This was founded by Rashmi Daga in 2014. This app provides its clients with the delivery of freshly cooked plated meals, along with some extremely healthy options. Its revenue as of 2019, stands at 141 crores. • Foodpanda India Established in 2012, Foodpanda is another app that allows its users to place orders from local restaurants from its website or application. As of late, it is said to be running in losses (227 crores loss- 2018 end) • Licious Founded by Vivek Gupta in 2015, this app narrows down its services to particularly delivering for meat lovers. It is a web-based meat delivery service. For FY19, Licious posted a revenue of Rs 110 crore • Grofers Grofers provides for the delivery and online shopping of groceries, fruits, vegetables, cosmetics, electronics, and other daily needs. Its horizon is broad as it deals with essential commodities. It was founded in 2013 by Albinder Dhindsa and Saurabh Kumar. Its revenue stands at 3.4 crores USD as of 2019. • Uber eats Founded by Dara Khosrowshahi in 2014, it is a company-based (Uber) food delivery platform. It has some very exciting and affordable options when it comes to meals. It is extremely popular and has a worldwide presence. Its revenue stands at 146 crores USD as of 2018. Its headquarters are in San Francisco.

Failures

Unlike an attitude where entrepreneurs seek the easy way out or decide to give up after their first failures; the founders of Swiggy proved to establish an example. The founders took this as a blessing in disguise, their first venture- Bundl, which they established in 2013, failed to progress and manifest into a larger-than-life project. They wanted to make the process of shipping easier and help websites like E-bay and Flipkart that have huge traffic and have issues connecting with Fed-ex or Blue Dart. It started out as a company for the shipment of goods. When it did not progress, the founders realized there was another opportunity- the food market. Finding a technology Co-founder and partner was imperative for them as they took it as the foundation of any application. By the time their product was ready, things in the market had changed and the market became smaller, as Flipkart and E-bay decided to ship products themselves. This was a low blow and the founders realized that they had to shift their focus somewhere else. While working on developing Bundl they realized that logistics companies used worn-out technology and hence made it a mission to develop a synergy between logistics operations and technology. Taking cues from the success of Ola and Uber, they realized how customers were shifting to a behavior where they wanted everything at the tap of a button. Learning from their failures instead of turning their backs on their dreams, they found a suitable tech co-founder, Jimnani, and put all of their energy into developing Swiggy, and just within four years, Swiggy rose to unparalleled heights.

Subsidies

  • Kint.io
  • Scootsy
  • 48East

CEOs

  • Sriharsha Majety