Achi news desk-
Indian food delivery app Swiggy is coming soon with its IPO. The company has received the approval of the shareholders. The company plans to raise around Rs 10 thousand crore through an IPO. Just before this, American asset management company ‘Baron Cattle’ had revised Swiggy’s market valuation.
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Today at Mega Empire we will be talking about food delivery app Swiggy…
This is from 2013. Two friends Nandan Reddy and Sriharsh Majeti wanted to do some business of their own. The two of them started a startup called ‘Bundle’ for a shipping and handling service. Whose job was it to organize the courier and shipping market. This company could not run for long and had to be closed after only one year.
Nandan Reddy and Sriharsha Majety were college friends. Majeti left his job in London and came to India to start a new business. After that both of them together started the bundle.
Both of them had studied from BITS Pilani. There he thought of starting. Although after leaving college, Majeti did a job in London for about 3 years, but the plan of starting his own business was still running in his mind at that time. In such a situation, Majeti left his job and returned to the country.
Swiggy opened after initially closing
Even after the flop of ‘Bundle’, Nandan and Majeti did not give up and planned to start something new. Both were looking for something new when they met IIT graduate Rahul Jaimini. Rahul was working at e-commerce site Myntra. Nandan and Majeti told him about their starting plan. Rahul also joined them and the three started searching for new ideas.
After brainstorming and a lot of research, the three saw that the food delivery service in India was very disorganized. He saw an option to do something better in this area. In this way Nandan and Majeti along with Rahul launched Swiggy.
Swiggy was started under Bundle Technologies Private Limited. Which was changed to Swiggy Private Limited in 2023. The company wanted its name to be associated with business.
Started from Bengaluru
Swiggy was started from Koramangala, Bengaluru. The founders started the company with a few distribution partners and about 25 restaurants. They targeted such restaurants that provided quality food to the customers but did not have the home delivery facility. Swiggy started delivering by connecting these restaurants with itself.
Swiggy was not available on the app then. So, people used to go to their website and choose their favorite restaurant and order food. People started liking the service of Swiggy and because of this the company started getting recognition.
The company launched its own app in the early months of 2015. With the help of the app, ordering food became easier for the customer. Meanwhile, the company made many offers to the customers to strengthen its grip. Because of which the name Swiggy reached the tongue of common people. People started advising each other to order food from Swiggy. At that time, the food delivery app Swiggy maintained the trust of the people and made every effort to provide the best service to the customers.
20 thousand restaurants were added in 3 years
In April 2016, Swiggy decided to reduce costs and strengthen its logistics network. Invest in engineering, automation, data science, machine learning and personalization to better understand customer needs and operate the company. By December 2017, more than 20,000 restaurants had joined Swiggy and the company was doing a business of Rs 40 lakh every month.
Swiggy is the best startup in the food category
Within two years of its launch, Swiggy became India’s top food startup in 2016. Forbes Asia ranked the company among the top companies worth under a billion. In 2017, the company received funding of Rs 600 crore from global venture capital and private equity firm DST Global. In 2018, the company wanted to launch Swiggy in Singapore as well, but it did not get permission from the government there.
India’s fastest unicorn
Swiggy is the fastest growing unicorn company in India. The company took less than 4 years to reach the unicorn level. The company, which was started in 2014, had become a company with a valuation of Rs 10 thousand crore by 2018. Today there are a total of 67 unicorns in India. In these Swiggy and Dream-11 are included in the top Indian unicorn companies.
Swiggy’s market share of 43%.
Today Swiggy has a 43% market share in the Indian food delivery market. In 2019, the company delivered an average of 14 lakh orders every day. Currently, Swiggy operates in around 580 cities across India. At the same time, around 2 lakh restaurants are associated with it. The revenue of the company in 2023 was more than Rs 8 thousand crores.
1000 workers made redundant due to Covid
Swiggy had fired more than 1000 employees during Covid in 2020. According to media reports, in January this year also the company has dismissed around 400 employees. Swiggy was in profit for the first time in 2023, yet the company decided to reduce its costs.
related to arguments
The company has been heavily involved in controversy. The company has been the subject of controversy many times due to its marketing. The company’s egg billboard during Holi 2023 was widely criticised. The advert had a picture of eggs with colors on the billboard and three lines written on it. In this, ‘Correct’ was ticked next to omelette and sunny side up. While ‘wrong’ is ticked in front of ‘on someone’s head’. It was written below – ‘Don’t play badly’. After that the demand to boycott Swiggy also started to rise.
This ad in Delhi-NCR was heavily criticized. Many people had tweeted writing ‘Hinduphobic Swiggy’. Soon after the criticism, Swiggy removed this ad from everywhere.
188 pizzas were ordered every minute in the World Cup final
The company had released data at the end of 2023, where many interesting facts were revealed. like-
- For the New Year celebrations, 4 lakh 30 thousand biryani and 83 thousand noodles were ordered.
- This year, on Valentine’s Day, orders were received for 271 cakes every minute.
- During the final World Cup match on 19 November, an average of 188 pizzas were ordered every minute.
- Last year, Indians ordered 2.5 biryani every second.
- During Durga Puja, 77 lakh rasgullas were ordered on Swiggy.
- A user from Mumbai placed an order worth Rs 42.3 lakh in a year.
