Startup Diaries – Swiggy
So you want to eat your favorite food right at your home? Probably you might have searched on the internet especially in Amazon and Flipkart whether they deliver food items too at your doorsteps, from the famous restaurants in your neighborhoods.
If this case was some two or three years ago, you might have disappointed. Now, the scenario is completely different. For Swiggy hai na!
They are very few food tech startups in the country. Even in that, some closed their operations while Swiggy was in its initial stages. Because it’s the mismatch of supply and demand in the segment that made them shut the operations.
It was Nandan Reddy and Sriharsha Majesty, both BITS graduates, who were behind Swiggy. Before they ventured into the online food delivery business, they tested the waters with the logistics business. With changing focus and Rahul Jaimini onboard, they were completely into the food tech startup. And thus, Swiggy was rolled out by August 2014, with 25 delivery executives.
Swiggy has its base in Koramangala, an upscale neighborhood in Bengaluru. Now, it spread to eight cities and thousands of restaurants across the country. And it has over one million app downloads. Within a short span, the startup has seen exponential growth – a remarkable feat from bootstrapping to closing three rounds of funding (a total of $ 75.5 million).
Then, what’s the source of revenue for it? It collects a commission for restaurant lead generation as well as acting as their delivery partner. Besides, Swiggy collects a nominal amount from the consumers on orders below a certain value.
So what’s the secret of Swiggy for its rapid growth? They cannot take more than they can handle. Quality in service delivery is a benchmark they set for themselves. And in the next few years, they expect to grow it 1 million orders per day.
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