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Swiggy to Lay off 1,100 employees, will give 3 months salary

18May By PriyankaNo Comments

News

Swiggy to Lay off 1,100 employees, will give 3 months salary

Food ordering and delivery platform Swiggy said it is laying off 1,100 employees across grades and functions in cities and the head office over the next few days due to the impact of coronavirus pandemic on its business, including cloud kitchens. In an email to all employees, SwiggyCo-founder & CEO Sriharsha Majety said, "Today is one of the saddest days for Swiggy as we have to go through an unfortunate downsizing exercise."COVID-19 has hit the company with a huge blow of uncertainty, forcing it to look even harder at its cost base and preparedness for the road ahead, he added. Giving the reasons for the laying off of 1,100 employees, Majety shared the management outlook and key business decisions that were reasons for this decision. The core food delivery business has been ...

6Apr By PriyankaNo Comments

FUNDING

Swiggy Raises USD 43 mn as part of ongoing funding round

Food ordering and delivery platform Swiggy has raised an additional amount of USD 43 million (over Rs 325 crore) as part of its ongoing Series-I funding round. The size of the round now stands at USD 156 million. In February 2020, Swiggy raised USD 113 million (over Rs 805 crore) in the funding round led by existing investor Prosus N.V. along with participation from Meituan Dianping and Wellington Management Company. Along with existing investor Tencent, new investors Ark Impact, Korea Investment Partners, Samsung Ventures and Mirae Asset Capital Markets have participated in the latest fund raise, Swiggy said in a statement. "Swiggy has built a sustainable food delivery business over the years while solving various customer pain points. As we continue to strengthen and expand ...

Zomato acquires Uber Eats India Operation

21Jan By NitishNo Comments

ACQUISITION

Zomato acquires Uber Eats India Operation

Zomato has acquired the Indian business of Uber Eats in an all-stock deal that will give Uber 9.99 percent stake in the Indian food delivery and restaurant discovery platform. Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective Tuesday, a statement said. "India remains an exceptionally important market to Uber and we will continue to invest in growing our local Rides business, which is already the clear category leader. We have been very impressed by Zomato's ability to grow rapidly in a capital-efficient manner and we wish them continued success," Dara Khosrowshahi, CEO of Uber, said in the statement. In a regulatory filing to BSE, Info Edge (India) a shareholder in Zomato sa...

Zomato Raises USD 150 mn from Existing Investor Ant Financial

10Jan By PriyankaNo Comments

FUNDING

Zomato Raises USD 150 mn from Existing Investor Ant Financial

New Delhi, Jan 10, 2019: India based Online restaurant guide and food ordering platform Zomato has raised USD 150 million (over Rs 1,065 crore) from existing investor Ant Financial as part of a larger funding round. According to a regulatory filing by Info Edge India, which is also an existing shareholder in Zomato, this transaction is at a pre-money valuation of USD 3 billion. The investment is part of a larger funding round of up to USD 600 million, announced by Zomato Founder and CEO Deepinder Goyal in December. "We have raised USD 150 million from Ant Financial as a part of a larger round. Ant Financial has been a steadfast partner in our journey towards achieving market leadership in on-demand food delivery in India, and dining out globally," a Zomato spokesperson said in a ...

Swiggy Launched App for homestyle meal Swiggy Daily

3Jun By AnkitaNo Comments

News

Swiggy Launched App for homestyle meal Swiggy Daily

India's Food ordering and delivery startup Swiggy launched 'Swiggy Daily', an app for everyday homestyle meals prepared by home chefs, tiffin service providers and organised vendors. Swiggy Daily will allow users to schedule their meals in advance or opt for a daily, weekly or monthly subscription, Swiggy said in a statement. Founded in 2014, Swiggy connects consumers to over 1,00,000 restaurant partners across over 175 cities. Commenting on the development, Swiggy CEO Sriharsha Majety said, with a mix of organised vendors and home chefs, Swiggy Daily will cater to the latent demand for homestyle meals that are an affordable, long-term solution for daily food needs. The service that has been launched in Gurugram will be expanded to Bengaluru and Mumbai in the coming months, t...

22Mar By PriyankaNo Comments

INDIA

Zomato introduces tamper-proof packaging in 10 Indian cities

New Delhi: India's leading online food ordering platform Zomato has pushed tamper-proof packaging in 10 Indian cities to add an extra layer of safety for food deliveries. The safety seals are made from a single material polymer and are completely reusable and recyclable. The company would also launch biodegradable versions of packaging, Zomato said in a statement. "This packaging will be 100% tamper proof once the food is sealed by the restaurant, the packet can only be opened by cutting off the top-end strip," it added. In the first phase, this packaging is introduced in 10 cities Delhi NCR, Mumbai, Bengaluru, Hyderabad, Kolkata, Pune, Jaipur, Chandigarh, Nagpur and Vadodara it said in a statement. Subsequently, it would be introduced in over 180 cities where Zomato's online ...

22Dec By Gauri SinghNo Comments

FUNDING

Top 5 Funding of the Week (17th Dec – 22nd Dec)

Funding is a very important part of a business and when an entrepreneur starts a business, the major source of expenditure for him is the funding he receives. This week, we saw the food delivery giant raising a huge amount of funds. So, let's dig into the details and have a look on the top five funding activities of the week. Swiggy India’s largest food delivery company Swiggy has reportedly raised an amount of $1 billion in a fresh funding round. The round was led by existing backer, South African media giant Naspers. Along with this, the new investors that participated in the round included China’s Tencent and hedge funds Hillhouse Capital and Wellington Management. With this new roun...

Food Delivery Giant Swiggy Raises $1 Billion from Naspers

20Dec By Gauri SinghNo Comments

FUNDING

Food Delivery Giant Swiggy Raises $1 Billion from Naspers

India’s largest food delivery company Swiggy has reportedly raised an amount of $1 billion in a fresh funding round. The round was led by existing backer, South African media giant Naspers. Along with this, the new investors that participated in the round included China’s Tencent and hedge funds Hillhouse Capital and Wellington Management. With this new round, the valuation of the five-year-old Bengaluru-based startup has increased to $3.3 billion. The company has seen its valuation swell by close to 5 times this year. It was valued at $1.3 billion in June this year and $700 million in February. The recent round also includes a secondary share sale by some of Swiggy’s early investors. Along with further pushing into the food delivery business, the company will also use the fund...

Swiggy to Enter Educational Institutes through ‘Launchpad’

13Dec By Gauri SinghNo Comments

BUSINESS

Swiggy to Enter Educational Institutes through ‘Launchpad’

The food delivery major Swiggy is planning and piloting a programme to launch operations in university towns. This programme will be known as Launchpad. Launchpad will bring onboard students, typically those in the third year of a four-year graduation degree, as the campus Swiggy CEO in each university or college town to leadSwiggy’s operations in the campus. The company at present is running pilots for the Launchpad in universities including Birla Institute ofTechnology and Science (BITS) Hyderabad, Lovely Professional University in Punjab and Chitkara University, also in Punjab. Swiggy is currently operational in 50 cities and is looking to roll-out the initiative in a full-fledged manner on 400 campuses over starting January. The campus CEOs will be supervised by Swiggy's exec...

Swiggy FY18 Revenue Surges 232% Moving Closer to Zomato

29Oct By Gauri SinghNo Comments

BUSINESS

Swiggy FY18 Revenue Surges 232% Moving Closer to Zomato

Food delivery company Swiggy saw a revenue surge in FY18, with operating revenues more than trebling to Rs 442 crore from Rs 133 crore last year. The company has been growing more and more with time and became a unicorn expanding its geographic footprint across the country. Starting from seven cities in March 2017, Swiggy has expanded its operations to 12 cities now. Also, the order volumes increased more than three times during the period. Order volumes doubled in the last four months alone. Swiggy ended September with more than 21 million orders in absolute terms. The company is now inching closer to Zomato which is the largest food delivery company in the market right now. Swiggy earned Rs 1.11 for every one rupee it lost in FY18. Swiggy's losses, however, are far deeper than Zoma...

Swiggy Expands its Services to Eight New Cities

21Sep By Gauri SinghNo Comments

BUSINESS

Swiggy Expands its Services to Eight New Cities

The food delivery platform Swiggy which is the rival of Zomato is gearing up for the competition. The company has launched its services in eight new cities as it strengthens presence across the country. The new cities where Swiggy has rolled out its services include Dehradun, Puducherry, Mysore, Vijayawada, Nashik, Guwahati, Kanpur and Ludhiana. It has been stated that the company has partnered with over 1,200 restaurants in these cities. "Expanding to these eight new markets is very important to us,” Swiggy COO Vivek Sunder said. He also stated that over the years, Swiggy has played an important role in making food ordering and delivery more convenient, reliable and accessible for consumers across the country. The company was founded in 2014 and claims to have over 40,000 restaura...

Swiggy Launches ‘Swiggy Packaging Assist’ for Packaging Solutions

4Sep By Gauri SinghNo Comments

BUSINESS

Swiggy Launches ‘Swiggy Packaging Assist’ for Packaging Solutions

The food delivery major Swiggy has announced the launch of a marketplace program called ‘Swiggy Packaging Assist’ for restaurant partners. This marketplace is basically launched for allowing packaging solutions to restaurants on its platform as it looks to diversify its play in the food technology sector. The program will offer restaurants the access to a variety of packing solutions for their menu needs with about 30 products, to begin with. It will also connect restaurants with vendors of these materials. Also, it would offer eco-friendly and food grade certified materials including leakproof, sturdy, stackable, eco-friendly and heat insulant packaging materials. Apart from this, the vendors on Swiggy Packaging Assist will offer discounts of up to 5% to restaurants opting for these...