Swiggy is part of the illustrious unicorn club of companies
Swiggy is India’s fifth largest most valuable startup
Swiggy has left its competitors like Zomato far behind
The Online food ordering and delivery startup, Swiggy, is getting ready to enter into the groceries and medicines delivery market with ‘Swiggy Stores’. The aim is to start with medicines and then start with grocery delivery. This strategy is been used to strengthen the Bangalore-based company’s investment and revenue. Swiggy has ventured its way to the hyper-local delivery market and is swiftly grasping into the newer market.
Swiggy is one of the biggest and successful start-ups in India. The company was started by the minds of, BITS-Pilani alumni Sriharsha Majety and IIT-Kharagpur alumnus Nandan Reddy and Rahul Jaimini in 2014. Quitting his job at Myntra made the ambitious entrepreneur Reddy to give India a complete food ordering and delivery solution which helped him to take the market by the storm.
Valued at over $3.3 billion, Swiggy is part of the illustrious unicorn club of companies which are valued over $1 billion. It is also India’s fifth-largest most valuable startup. Recently Swiggy raised over $1 billion in investments, which is the largest ever funding acquired by any Indian food startup. Even after being a late player in the food delivery market, Swiggy has left its competitors like Zomato far behind.
After Swiggy was founded in 2014, in just about a year they raised $2 million from Accel Partners and SAIF partners during a particularly difficult time in the food delivery market. In mere months after these investments, Swiggy scooped up $16.5 million in funding from the Norwest ventures partners.
2016, proved to be another crucial year for Swiggy as Singapore based RB investments invested around $35 million in the company. An additional Rs 47 crores were further invested in Swiggy by its existing investors over the next few months.
In May 2017, Naspers invested $80 million in Swiggy, allowing them to grow exponentially. Naspers further invested $100 million in the very next year.
June 2018, also proved to be fruitful for Swiggy when it came to investments as $210 million were invested in the company by existing investors including Naspers. This deal also attracted some new investors like DST Global.
By 2018, the biggest ever funding of $1 billion was received by Swiggy from existing and new investors, namely Tencent holdings. This raised the value of the company to $3.3 billion.
Swiggy’s invade in the hyper-local delivery market has not only provided convenience to its users but it has also created new competition for other brands as well. Even after facing a firm competition from Zomato, Foodpanda, Uber Eats, JustEat; Swiggy introduced a new service ‘Swiggy Stores’ which will be accessible on the same app and will allow users to order things like groceries, medicines, vegetables, Kirana, meat, and other stuff.
Swiggy is has turned into a food delivery giant, since its spree in 2018. The Unicorn Club member, Billion dollar funding, new partnerships and products expansions helped Swiggy to get this status.
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