Swiggy Wiki

Swiggy Wiki

Published On:Sunday 22-Dec-2019

Swiggy Wiki is about Swiggy an online food ordering and delivery company started in year 2014 in the Garden City of Bangalore. In 5 years time swiggy has grown to be the Indian’s biggest and most valued and trusted food delivery company. Swiggy has presence in more than 110 cities in India as of August 2019 and it is still growing. Swiggy has more than 7000000 apps installation and is a house hold name today.

In 2019 swiggy forayed into different delivery based business models to built the company more robust and increase their top lines using their same logistics and resources. Swiggy has started swiggy stores which does general product deliveries. Swiggy also launched swiggy go which is a quick pickup and drop services for any product like laundry, parcels etc.

Swiggy entered late in the food delivery scene. Which was already saturated and over crowded in 2014. With likes of foodpanda, tiny owl and zomato already dominating the market. In 2014 the food delivery market was still unorganized and even though new players were coming in the market it was not a profitable market. In-fact zomato scrapped its expansion plans during this period. But in less than four years time swiggy wiki like a dark horse swiggy came up riding fast from behind and over took all the players in the market to reach 1 billion valuation and become one of India’s most loved unicorn. Flipkart, another unicorn loved by India took 6 years to reach the milestone of becoming a unicorn. This gave a spur to zomato who also has been burning millions and trying to catch up with swiggy which reached a different league all-together.
In July 2018 swiggy wiki raised $210 millions at a valuation of $1.3 billion.

Swiggy is only one of the only technology startups that continues to thrive from the hyper funding wave of 2014-2015. In this wave it was expected that many successful startups and at-least half a dozen unicorns would be born. But swiggy wiki was the only one unicorn from this wave. Swiggy surpassed many of more matured and older competitors like zomato and also young and funding heavy companies like tinyowl.

Story of the swiggy founders by Swiggy Wiki:-

Sriharsha(harsha) majety the first founder and ceo came from a family of entrepreneur. In his own words he describes his entrepreneurship background ‘Entrepreneurship was always in my blood. My father runs a restaurant in Vijayawada, and plans to invest in the hospitality sector and my mother is a doctor by profession and has her own clinic. She is also planning to start her own chain of beauty parlours. Seeing my family members being in charge, and taking control of what they do was an inspiration from early years.”

He studied at BITS Pilani which he says also shaped his entrepreneurship abilities as he got to.meet a lot of people from different background and cultures. Harsha loved to travel which is another attribute he says helped him develop as an entrepreneur as he got exposed to global thinking and one very interesting anecdote from these journeys. He went to a lot of backpacking trips across southeast Asia and Europe. On one of these backpacking trips one of his guides helped him to prepare for failures and downtrend in startups with calm and patience. On one of his trips to Portugal where they had decided to cycle across the country. But harsha was not prepared for weather conditions and strenuous requirements of the trip. On the verge of giving up harsha was advised by his guide and host to do a simple thing that will help up cope up or at-least reduce the pressure of the trip – he said that on stretches which are uphill he can simply hitch a ride and when going downhill he can cycle. With this simple strategy harsha reduced the trips stress by more than 50% and realized that using the same strategy in life will give the same benefits. He realized that it was fine to take a pause and break when faced with a major uphill task and focus more on long term strategy and ignore short term failures.

After these incidents harsha learned to focus more on long term goals and overlook and overcome short-term failure. As harsha says “I think I have tried to apply the Zen approach in life to the extent possible and this has been immensely helpful in gaining some composure. That whole trip was about three months of cycling which was about 4,000 km by myself from Portugal to Turkey.”

One of the reasons Harsha took gap after college was his stubbornness. And this stubbornness has shaped him as an entrepreneur as per Swiggy Wiki.

When he got an opportunity to work in London as an investment banker his love for travelling nudged him on and he joined there. He loved London but didn’t find the banking job exciting. But here he figured that he needed to find something he was passionate about and so he decided to leave the job mid way and made his mind to come back to India. He dint have any plan when he came back to India but one thing he was sure about was that next thing he will take up will be for very long term.

Harsha know the founder of Redbus, phanindra sama. When phanindra had discussed his venture plans in 2006 with Harsha he found his idea and business plans to be far-fetched but when he came back and saw the strong growth the redbus gained he got highly inspired and started exploring ideas of startup with nandan reddy as per swiggy wiki.

Harsha and Nandan saw potential in the unorganized logistics and shipping sector in the booming eCommerce industry with flipkart, amazon, e-bay on phenomenol rise. They wanted to build a startup that was not just a pure software company or not just a pure offline company. They started Bundl in August 2013 in Bangalore. At that time most of online SMB were nascent to the online logistics. They were selling online but facing difficulties in shipping and dint have clear knowledge of the field.

But Bundl didnt work out. According to swiggy wiki The market dynamics changed with major players managing their shipping themselves which shrunk the market and SMB preferred to use trusted platforms of flipkart or amazon for shipping instead of new player. Another major reason Bundl failed was they did not have a technical co-founder. They reached out to many friends but no one was ready to take the plunge and eventually they moved ahead with using a 3rd party vendor to build their product.

Though Bundl failed one learning they got out of that was that logitics company were not good at technology. With this knowledge they started looking at opportunities were technology and logictics could be amalgamated. Ola and Uber were making waves a this time allowing people to make things work at a push of button. Harsha and Nandan saw another opportunity in hyperlocal Delivery and thus was born Swiggy.

While Nandan was already part of the Swiggy team – Harsha and Nandan needed another technical co founder. Their strongest learning from Bundl was that technical co-founder is absolutely required. They had to shut down Bundl due to delay in getting their technical platfrom ready. But at this point of time with a failed companies story as history no one was willing to join them and they didnt want to hire part-time employee or even full time employee with out technical guidance. They patiently hunted for a co-founder who would be as strongly involved in the startup as they both were. Finally their patience paid off as Rahul Jaimin, a developer joined them through a friends referal accoding to swiggy wiki.

Rahul’s entry into the system was filled with road blocks, First getting Rahul excited about the project took numerous meetings and discussions. Then he had to serve his notice period after that some personal issues came in Rahul’s life. But Rahul was a fighter and overcame everything and finally joined and rocked Swiggy wiki.

So from the 3 Rahul’s role was clearly defined as techical co-founder. But Harsha and Nandan did not have any clear division of roles. Speaking of his relationships with both, Nandan and Rahul, he says, “There is no right answer to whether or not starting with a friend is a good idea. I guess, knowing Nandan helped me because it helped us work with each other. Of course, we have our differences, but that is okay. Even with Rahul, I think we had a common tendency of being grounded, and going after what we wanted in life.” Both agree that difference of the opinion is going to be there between 2 individuals but a stong balance is needed for betterment of the company. The key will be to bring a ferocity in the team yet keep it calm. The understandng between co-founders is the most important thing. As told to swiggy wiki.

Harsha believes that 2 to 4 is a good number of co-founder to build a big business. Building a unicorn would be a huge uphill task for a single individual. One of the most important skills that a CEO must have acordingly to Harsha is story-telling. CEO needs to inspire team members everyday, convince investors and stakeholders to believe in their dream or simply energize the team it is storytelling that helps him achieve this. Another characteristic a CEO needs is to be resourceful. Being resourceful is a necessity be it to run a lean startup or network or build relationships. Eventually, having the right mix of traits with a great team is what makes a successful entrepreneur.

Investment History of Swiggy as per Swiggy Wiki:-

By 2015 Swiggy started to be in limelights and attracting invetments. The first investment was from Accel and SAIF partners of $2 Millions. Norwest Venture Partners also invested a good amount along with them. In 2016 Swiggy got another huge round of funding from its current and new investors, Bessemers Venture Partners and Harmony Partners were a couple of now investors. Swiggy got total of about $15 million from these funding round. Next Year in 2017 the amount got bigger with Naspers investing $80 million in Swiggy. BY 2018 the tap had turned to flow with investment funding of more then $100 million from china based meituan-Dianping and Naspers. After this the investments were consistent and Swiggy became a unicorn by end of 2018/early 2019 with a valuation of over $1 billion. All this information is validated by swiggy wiki.

Total Investment funding rounds as per Swiggy Wiki:-

Funding Date Funding TypeAmountLead Investors 
Dec 20, 2018Series H$1BillionProsus & Naspers
Jun 21, 2018Series G$210MillionDST Global, Prosus & Naspers
Feb 8, 2018Series F$100MillionProsus & Naspers
May 30, 2017Series E$80MillionProsus & Naspers
Jan 1, 2017Debt Financing$5Million
Sep 19, 2016Series D$15MillionBessemer Venture Partners
May 10, 2016Series C$7Million
Jan 18, 2016Series C$35Million
Jun 4, 2015Series B$16.5MillionNorwest Venture Partners
Apr 3, 2015Series A$2MillionAccel, SAIF Partners

Acquisitions by Swiggy as per Swiggy Wiki:-

Once Swiggy started getting fundings it went on a acquisition spree to strenthen it in areas where they were not strong. The first acquisition by Swiggy wiki was in year 2017 when it acquitred 48east, a Bengaluru-based gourmet Asian food start-up headed by Joseph Cherian and Nabhojit Ghosh. Cherian then went on to head Swiggy’s new supply business as its chief operating officer. Harsha Said “With their deep understanding of the food space and an impressive track record of delivering a great consumer experience, the 48East team will equip Swiggy with additional capabilities. We are excited to work with them towards our vision of changing the way India eats,”

Then in 2018 Swiggy acquired Scootsy, a food and fashion delivery service in an all cash deal of nearly $8 Million. For Swiggy the deal added value through Scootsy’s premium customer base, which it was looking to tap into for other delivery categories. It also added heft to Swiggy’s network of 40,000 restaurants as per swiggy wiki.

Then in Sep 2018 Swiggy, acquired a micro milk delivery start-up in Mumbai called SuprDaily. This was also all cash deal. This was a step by Swiggy towards its long term vision to transfrom from a company that allowed customers to order food online from restaurants into a concierce company.

In 2019 Swiggy forayed in the deep technology space through an AI start-up Kint.io. This move would boost its computer vision technology and elevate consumer experience. Kint.io was founded in 2014 by Pavithra Solai Jawahar and Jagannathan Veeraraghavan both of whom joined Swiggy after the acquisiition. Same year Swiggy also invested INR 32 cr. In mumbai based ready-to-eat food brand Fingerlix as per Swiggy wiki.

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