Tag: swiggy

Swiggy expands delivery-only kitchens ‘Access’ in 4 cities

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Food ordering platform Swiggy Wednesday announced expansion of its Swiggy Access, with delivery-only kitchens in Delhi, Mumbai, Kolkata and Hyderabad.

With Access, Swiggy will enable existing restaurants to expand to more locations through delivery-only kitchens quickly and without the hassles of making huge investments in real estate, it said.

Restaurant partners get access to a ready kitchen infrastructure without the hassle of rents or deposits, Swiggy said.

“We believe that delivery-only kitchens will be the future of the restaurant industry. Swiggy Access will enable this transition by rapidly expanding to more areas in tier I and tier II cities and working with hundreds of restaurants,” Swiggy New Supply CEO Vishal Bhatia said.

Access is also enabling inter-city expansion for its restaurant partners. Vasudev Adigas, a flagship South Indian restaurant from Bengaluru will be available to consumers in Delhi through this initiative, Swiggy said.

“Our partnership with Swiggy Access has been a phenomenal success in Bangalore. We’re really excited about expanding with them through Access kitchens in other cities…,” Vasudev Adigas COO Biju Thomas said.

Swiggy Access is an initiative by the company to bring quality food closer to consumers while enabling business expansion for its restaurant partners, Swiggy said in a statement.

Founded in 2014, Swiggy is a leading food delivery platform with over 40,000 restaurant partners spread across 27 cities.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

China’s Tencent looks to invest in Swiggy, says report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Chinese conglomerate Tencent is likely to be one of the biggest investors for Indian online food delivery service Swiggy, which is looking to raise $500-700 million, reported The Economic Times.

Swiggy has already held discussions with a host of investors and Tencent is keen on contributing a significant portion of the investment, ET reported on Tuesday.

The company is also in talks with existing investors like Naspers and SoftBank, the report said, adding that it is not clear if SoftBank may participate in the fundraise now or invest later.

“The funding size under discussion is around $650 million, with Naspers looking to invest $200-250 million. However, the talks are yet to take definite shape and will take another 3-4 weeks to crystallise,” a person familiar with the development told the paper.

An investment of such scale could value Swiggy at $2.5-3 billion, the report added.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

FSSAI proposes 3 year imprisonment, Rs 5 lakh fine on food aggregators for sub-standard food

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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With an increasing number of people ordering food online, India’s food regulator, the Food Safety and Standards Authority of India (FSSAI), recently asked food business operators listed on ecommerce food delivery platforms to display their licence numbers.

Earlier in February, 2018, FSSAI had operationalised guidelines for ecommerce food business operators (FBOs).

Despite these guidelines, the authority has received several complaints with respect to sub-standard food being delivered through these platforms.

To cater to this, the food regulator directed ecommerce food-service platforms to initiate immediate action and delist the defaulting food businesses.

Close to ten platforms including Swiggy, Zomato, UberEats, Faasos have also been asked to submit an action report with details.

Taking this issue seriously and to follow up on the action taken by ecommerce food delivery platforms, sources tell CNBC-TV18 that the FSSAI is planning a large scale audit of these firms in September.

This audit will be an assessment of their information technology systems and review their enrolling, listing procedures.

The FSSAI will also do a status check on if the FBOs or delivery platforms are compliant with regulations. Those defaulting FBOs or platforms on these procedures will be penalised or will face imprisonment.

CNBC-TV18 learned that imprisonment up to three years or penalties up to Rs five lakh will be imposed on offenders.

A recent review conducted by the FSSAI found that 30-40 percent of the FBOs listed on ecommerce food service platforms had not displayed their licenses as yet. Remains to be seen how developments in this space shape up.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Swiggy in talks to raise funds of up to $500 million, says report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Food delivery App Swiggy has initiated talks to raise around $500 million from existing and new investors, reported The Economic Times.

The move that will raise the firm’s valuation to around $ 2.5 billion comes as the firm burns cash in its attempt to grab more market share, according to people aware of the development, ET reported on Friday.

The report also stated that this will be the firm’s third fund raising venture this year in its attempt to take on rival Zomato.

According to the report, it had raised $210 million last June enabling it to become the fastest entrant to the Unicorn Club.

While no direct comment came from the startup, the report said that Swiggy held talks with a host of new investors including SoftBank, growth equity firm General Atlantic and a couple of Chinese hedge funds for the new round.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Swiggy confirms on-demand delivery platform Scootsy’s buyout

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian online food ordering and delivery platform Swiggy on Thursday confirmed it has acquired Mumbai-based on-demand delivery platform Scootsy in an all-cash deal which is likely to be to the tune of Rs 50 crore.

With this acquisition, Swiggy will strengthen Scootsy’s curated restaurant network and help the brand expand to newer cities on the back of its operational excellence and backend strength, the company said in a statement.

Scootsy, an intra-city online service founded in 2015, will continue to operate as an independent app post the acquisition.

“Scootsy enjoys loyalty from both its restaurant partners and the consumer. With a shared belief of providing a superior user experience, its addition will extend the convenience and reliability that Swiggy is synonymous with,” said Sriharsha Majety, CEO, Swiggy.

The acquisition, said the company, will extend the breadth and selection of Swiggy’s existing network of 40,000 restaurants by adding more curated restaurants to it.

“We are excited to become a part of India’s largest food ordering and delivery platform,” said Sandeep Das, CEO, Scootsy, adding that its users will benefit from Swiggy’s operational excellence and deep understanding of the ecosystem.

Swiggy in June raised $210 million in a Series G funding from South Africa’s Cape Town-based Internet company Naspers and Hong Kong-based Internet investment firm DST Global.

So far, Swiggy has raised over $460 million, after $100 million investment in February and about $80 million in May 2017.

Founded in 2014, Swiggy delivers food across 15 Indian cities with over 35,000 restaurant partners and 40,000 delivery executives.

It is currently operational in cities such as New Delhi, Gurugram, Mumbai, Pune, Kolkata, Bengaluru, Hyderabad and Chennai.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Swiggy rolls out paid subscription service Swiggy Super, says report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Online based food delivery firm Swiggy has launched its very own paid subscription service named Swiggy Super, marking its foray into the subscription based service, reported ET Tech.

As per the report, Swiggy Super will offer users unlimited free deliveries irrespective of the distance or time of day. In addition it will also ensure that members will not have to pay surge fee.

The program has been rolled out for over 2 lakh users across seven cities in the country though a formal launch may take a while. The monthly subscription will cost anywhere between Rs 99 to Rs 149, and can be availed as a three month subscription plan, the report said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Swiggy to extend its service to medicines, grocery, says report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Swiggy which dominates India’s online food delivery market may soon diversify its operations to other categories as well, reported The Economic Times quoting sources.

As part of its diversification plan, the firm will start delivery of other categories such as medicines and grocery, the report said, adding that through this initiative the firm will look to extending its service across the entire hyperlocal delivery market.

“Swiggy is launching a concierge-like service and will enable buying and delivery of products from any store in the city including pharmacies, electronics, groceries and even flower and gift shops…It will also feature a customer-to-customer pick-up and drop service,” people aware of the development was quoted as saying in the report.

The new plan is expected to be launched by October-November across NCR, Bengaluru and Mumbai, the daily said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India’s unicorn startups: These investors backed Flipkart, Swiggy in early days

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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There are around 250 startups around the world which are called unicorn startups. India is home to 12 such startups as of date, including the 2019 entries in the club such as BigBasket and Delhivery.

A unicorn startup is the one which is privately-held and valued at $1 billion or more.

Since last year, many popular startups such as Swiggy and PolicyBazaar, have entered the unicorn club. There is no dearth of funds for these unicorns as all these startups have gained scale and are raising huge amount of capital by attracting investors’ interest.

But who identified them first?

For instance, ecommerce portal Flipkart, India’s biggest unicorn startup by valuation, got its early stage capital from US-based venture capital firm Accel Partners. The venture capital firm had invested around $1 million in Flipkart way back in 2009.

Paytm, India’s second-most valued startup, was backed by SAIF Partners in 2008 when no one had even heard about Paytm.

Accel Partners and SAIF Partners were also the early investors behind food-tech startup – Swiggy, a recent addition to India’s unicorn club. They had together invested $2 million in 2015 and three years later, Swiggy is valued at more than $1 billion.

Here is a complete list of investors which were able to catch the Indian unicorns at an early stage.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

PolicyBazaar becomes the third startup to enter the unicorn club in 2018

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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ETech Aces Marketing and Consulting Pvt. Ltd., which operates online insurance selling platform – PolicyBazaar.com and a lending platform – PaisaBazaar.com, has recently made its entry to the ‘unicorn club’ of India’s tech startups. A unicorn is a privately-held startup valued at $1 billion or more.

PolicyBazaar raised about $200 million of capital in a fresh round of funding led by Softbank Vision Fund. According to various media reports the capital infusion has valued PolicyBazaar at $1 billion. The entry of PolicyBazaar on the list of Unicorns comes just one day after online food delivery startup Swiggy also attained the Unicorn status.

Swiggy has raised around $210 million in a fresh round of funding from South African technology conglomerate Naspers and DST Global. The deal valued Swiggy above $1 billion.

There have been three entries in the club so far in the year 2018. Apart from PolicyBazaar and Swiggy, Paytm Ecommerce also became a Unicorn in April 2018 when it raised around $400 million from Softbank and Chinese ecommerce major Alibaba at an estimated valuation of little less than $2 billion.

Ad-tech startup InMobi was the first Indian startup to become a Unicorn in the year 2010. Since then, there have been more than 15 startups reaching the $1 billion valuation mark.

However, most of these startups have managed to withstand their ‘Unicorn’ but few of them lost the plot which resulted into valuation cuts in their subsequent funding rounds, thus, lost the unicorn status.

For instance, data analytics startup MuSigma which became Unicorn in 2013, is currently valued at below $1 billion.

Similarly, ecommerce portal Snapdeal, which joined the Unicorn Club in 2014 along with another ecommerce major Flipkart, also lost its Unicorn status as it struggled to get a valuation of $1 billion during the talks of a merger with Flipkart.

Online classifieds startup, Quikr was also recently valued at $0.88 million when its investor AB Kinnevik cut their estimate of Quikr’s valuation by 12 percent.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Swiggy raises additional $210 million funding led by Naspers, DST Global

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian online food delivery service provider Swiggy said on Thursday it raised another $210 million in its biggest ever funding, led by South African internet and entertainment group Naspers Ltd and Hong Kong-based internet investment group DST Global.

Existing shareholder Meituan-Dianping, a China-based provider of on-demand online services, and new investor Coatue Management also participated in the Series G funding.

Swiggy, which was founded in 2014 and has 35,000 restaurant partners and 40,000 delivery executives across 15 cities, would use the funds to ramp up its supply chain network and double its technology headcount, the company said.

Swiggy has so far raised $465 million in seven rounds of funding.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow