The digital age is alive and great in our lives. We are a living testament of the fact that technology is present to make our moments on earth more interesting.
The next day is brighter for the curious, for they have been playing a pivotal role in shaping the economy for the next generation.
Entrepreneurs are the answer to the evolution of mankind and businesses are built in all sorts of industries to make life more accessible and flexible. Let us be honest about the fact that who does not like to have tasty food?
Remember the time when you took our family for a nice weekend dinner and happened to notice a long queue in front of the restaurant? Even the best snack corner in your city might be super crowded due to rush hours.
Well! Those days are now history with the emergence of food delivery startups. These startups have a prime objective and that is to deliver food at your doorstep from the restaurant. When we think of such startups, Swiggy is one of the most popular ones out there.
Who is Swiggy?
Swiggy was co-founded by Lakshmi Nandan Reddy, Rahul Jaimini, and Sriharsha Majety in the year 2014. The startup of the digital age had founders, who had the mindset of an entrepreneur from an early age. They believed India, being the largest democracy, needs a lot of work in the food industry for it to be more developed and scaled-focussed.
Inspite of the promising market, restaurants find it challenging to establish themselves as a brand. This led to the idea to build an online food delivery platform along with a stellar service backup. Swiggy’s app was launched in 2014 when it was introduced to about 12 cities in India.
Gradually, their reputation allowed them to grow to 40 cities in 9 states and followed by an interesting partnership with 10,000 delivery executives and more than 800 restaurants. In 2016, Swiggy was able to raise about $12 million from big firms like Norwest Venture Partners (NVP) along with Accel Partners.
Following that in 2017, Swiggy raised about $80 million from DST Global joined by Norwest Ventures and Accel. Although Swiggy wanted to expand to Singapore in 2018, the government did not sanction the license of the food delivery startup.
Swiggy has a wide delivery network as the time to deliver food on time has always been the company’s top priority. The company said that in just three years, they were able to achieve a gross sales value of $500 million.
The market in India is very competitive and Swiggy is a well-funded startup in it. By 2021, the expected gross sales was about $2 billion. Currently, Swiggy has an overall valuation of about $2 billion and the company did several rounds of funding with firms like SoftBank and others.
The co-founder of Swiggy, Sriharsha Majety was appointed as the CEO of Swiggy at the age of 29 years.
Success Story of Swiggy-
The three co-founders of Swiggy just had the concept of delivering food to the doorstep of the customers from the local restaurants. But soon, this proof of concept turned out to be a massive success due to efficient service and a skilled team at Swiggy, who had what it takes to be one of the best in the food industry.
The main business model of Swiggy is to partner with local restaurants, where the order is received from the customers. And then the food is packed and delivered to the customers at their doorstep. Swiggy has a wide variety of restaurants which serve several cuisines to pick from.
Swiggy is deducting the hassle to physically go to the restaurant and have the food and in return bringing that food to the doorstep. Well! Of Course, you can visit the restaurant. But after a tiring day and the desire to have some tasty food, Swiggy is serving happiness along with a doorstep food delivery service.
The whole business structure of Swiggy always demanded faith at a time, when the industry was at its root phase. The goal has to be strong which will ultimately help in achieving the objective. There has always been a sentiment when it comes to food and satisfying your appetite. And Swiggy worked at the right place at the right time.
It is certain that change is what makes us improve ourselves. The co-founders were far-sighted enough to understand the customer’s perspective in ordering food. With time, customer demand has changed and Swiggy is instrumental in the early adoption to new standards.
A company can only grow if the feedback from the customers are being heard. Swiggy did exactly that and kept on innovating with their platform. The company collaborated with brands like Domino’s Pizza, Uber Eats, and many others along with opening an online store in 2017.
In 2016, Swiggy was selected as one of India’s top food startups. It was also selected by Forbes Asia as one of the best under a billion companies. Along with being with Y Combinator, which is America’s one of top seed accelerator group, Swiggy have always been on the upwards trajectory of success.
The success story of Swiggy is for anyone who is aiming to start their own entrepreneurship journey. The path is difficult and patience-demanding but the vision needs to be clear and transparent.
Achievements of Swiggy-
The growth of Swiggy has always been correlated with rising tech entrepreneurs. The strategy has been to deliver food to the customers at their doorstep. With India being the third largest ecosystem for startups, development has been on the positive side.
This concept started from IIT Bombay and it has come a long way since then. Swiggy is now operational in several cities in India and has also introduced Instamart, where the company delivers groceries and household items in a very short time to customers.
Swiggy has always valued ethics and served its customers with premium service. The team at Swiggy does not consider Swiggy to be only a tech brand, but a people’s company. The business has always been to what extent can Swiggy be of service to the customers and add value to its existence.
Swiggy Founders-
Sriharsha Majety studied BE degree in the field of Electrical as well as Electronics Engineering along with an M.Sc degree in Physics from BITS Pilani in 2008. He also completed the Level II program of CFA Institute. Sriharsha also completed a MBA in the subject of Finance from IIM in Calcutta. In 2013, Sriharsha Majety co-founded Bundl Technologies, which later launched Swiggy.
Lakshmi Nandan Reddy studied from BITS, Pilani, where he completed M.Sc in 2010. Lakshmi also handled the social media section at Source Pilani. After co-founding an eatery called Zurna in Hyderabad, Lakshmi joined hands with Majety to form Bundl.
Rahul Jaimini completed his graduation from IIT Kharagpur in 2010, where he studied Engineering and also Computer Science. Rahul was working at Myntra as a software engineer when Lakshmi and Sriharsha reached out to him to help build the Swiggy application.
The revenue of Swiggy-
Swiggy is currently operational in about 150 cities and has delivered more than 1 million orders. Swiggy is delivering joy and the food is warm and tasty for the customers to always give a 5-star rating. The first revenue was received by the company within just 5 months after inception. The company also underwent a campaign on the AngeList for a month. Witnessing such growth, Swiggy was backed by Google and Sherpalo Ventures.
The success story of Swiggy is filled with passion and perseverance where the company maintained their service quality and kept on working on the customer feedback. This is what it takes to take a company towards further growth and scalability. The introduction of Swiggy Go also took the brand to more flexibility for the customers. At the end, it is the hunger that needs to be addressed with all those mouth-watering dishes from the favorite restaurants.
Frequently Asked Questions:
- Who founded Swiggy?
Ans– Swiggy was co-founded by Sriharsha Majety, Lakshmi Nandan Reddy, and Rahul Jaimini.
- When was Swiggy founded?
Ans– Swiggy was founded in 2014.
- What is Swiggy’s business model?
Ans– Swiggy is a food delivery app that delivers orders from local restaurants to customers.
