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Swiggy Acquires Mumbai-based on-demand Delivery Platform Scootsy

2Aug By Gauri SinghNo Comments

ACQUISITION

Swiggy Acquires Mumbai-based on-demand Delivery Platform Scootsy

The emerging foodtech platform Swiggy that is consistently in news for a long time, has now announced the acquisition of a Mumbai-based on-demand delivery firm known as Scootsy. The deal is a mostly-cash contract and this acquisition is worth about Rs 50 crore (under $8 million). This acquisition is expected to see Scootsy’s brand name being retained in Mumbai. However, it has not been clarified what the role of Scootsy’s founder team will be in the food delivery firm. It may happen that they join Swiggy’s management. Scootsy is an on-demand delivery firm in Mumbai which was founded in 2015. It has secured about Rs 25 crore as of now from Agnus Capital and Khattar Holdings. “The funding crunch has almost crippled Scootsy. The strength of riders has reduced impacting deliveries and the l...

After Zomato, Swiggy Launches its Subscription Program

31Jul By Gauri SinghNo Comments

BUSINESS

After Zomato, Swiggy Launches its Subscription Program

Soon after the foodtech platform Zomato started its subscription-driven playbook to bolster the food technology market, Swiggy also followed the same path and has now rolled out its first-ever membership program under the name ‘Swiggy Super’. The Bengaluru based food startup has forayed into the paid subscription-based offerings space in which the membership will provide the facility of reduced delivery fees on the platform for customers. Under this subscription, Swiggy Super will offer the customers unlimited free deliveries across all 35,000 restaurants listed on the platform, irrespective of the distance or time of day. Also, the program will ensure no surge fee (applicable during peak hours or rainy days) for the user and a quicker resolution mechanism through a dedicated custome...

Swiggy Pumped up to Expand Delivery Diversification Strategy

30Jul By Gauri SinghNo Comments

BUSINESS

Swiggy Pumped up to Expand Delivery Diversification Strategy

After all the expansion and growth plans of one of the biggest online food delivery platform Swiggy, the company is all geared up to expand its delivery diversification strategy. The firm is now planning to start deliveries for various different categories including medicines and grocery and now the company is all set to acquire a bigger portion of the delivery space by increasing the service across the entire hyperlocal delivery market. “Swiggy is launching a concierge-like service and will enable buying and delivery of products from any store in the city including pharmacies, electronics, groceries and even flower shops, gift shops,” a person familiar to the matter said. “It will also feature a customer-to-customer pick up and drop service. “Swiggy is expecting to grow this busines...

23Jun By Gauri SinghNo Comments

FUNDING

News of the Day: Funding News Of The Week (18th-23rd June)

This week was quite eventful in terms of funding activities. Few of the well-known firms raised a substantial amount of funds from different investors. So, here you can have a glimpse of the major funding activities that took place this week starting from 18th June 2018 to 23rd June 2018. The recap of funding for the week is as follows: 1) Swiggy Food Delivery Platform Swiggy sealed its much awaited $210 million funding with Russian billionaire Yuri Milner’s’ DST Global thereby finally making entry into the prestigious “Unicorn” club. The total capital of the company crossed $466 million followed by this round. Swiggy will be using the freshly raised capital in revamping its supply chain network and expanding to new markets. With an expected market valuation of $1.2 billion, ...

Swiggy Beats Zomato In Terms Of Market Valuation

22Jun By Gauri SinghNo Comments

BUSINESS

Swiggy Beats Zomato In Terms Of Market Valuation

The war between food delivery companies is at the peak from the past few days and is expected to continue for a longer time. The companies are continuing to bag in big capital flows with Swiggy being the recent one to join the league. According to the past news that we all know about Swiggy-Zomato war, with the investment of $210 million in its latest round of funding, Swiggy has reached the market valuation of $1.3 billion and has got the tag of Unicorn. Along with this, the big news is that company has exceeded Zomato in the market valuation of $1.1 billion after a $200 million funding round from Chinese online retailer Alibaba’s payment affiliate Ant Financial. Therefore, Swiggy is now leading the food delivery ecosystem. “With this investment, we will continue to widen Swiggy’s off...

Swiggy turns “Unicorn”, Raises $210 Mn from DST Global

21Jun By Lavina TolaniNo Comments

FUNDING

Swiggy turns “Unicorn”, Raises $210 Mn from DST Global

Food Delivery Platform Swiggy has sealed its much awaited $210 million funding with Russian billionaire Yuri Milner's' DST Global thereby finally making entry into the prestigious "Unicorn" club. The company has informed that the investment round also saw participation from hedge fund Coatue and existing backer Meituan Dianping, with a total capital crossing $466 million including this round. Swiggy will be using the freshly raised capital in revamping its supply chain network and expanding to new markets. With an expected market valuation of $1.2 billion, the food delivery startup is ready to beef a war with Ant Financial-backed Zomato and new rivals like Ubereats and Ola-owned Foodpanda. Sriharsha Majety, CEO of Swiggy, in a statement, said, We’re thrilled to have grown the onl...

Zomato vs Swiggy- The Much Heated ‘Unicorn’ Battle over $2.5 Bn Worth Foodtech Industry

20Jun By Lavina TolaniNo Comments

ANALYSIS

Zomato vs Swiggy- The Much Heated ‘Unicorn’ Battle over $2.5 Bn Worth Foodtech Industry

It's just been three months when Food Delivery Platform Zomato raised $200 Mn from Ant Financials and now it is gearing to raise fresh $200 Mn from Alibaba. Interestingly, Zomato's arch-rival Swiggy is too nearing to acquire unicorn status as it is reportedly raising $200 million from Yuri Milner’s DST Global. While Swiggy has declined to reveal any information regarding its proposed funding, Zomato too has chosen to remain tightlipped. However, one thing is confirmed that with players eyeing a big chunk of the pie, the Indian food tech industry is surely going to witness a heated battle in the times ahead. This year has been really eventful for food tech where in March, Swiggy raised $100 million from Naspers, while Zomato raised $200 million from Ant Financials in February. Whil...

Food Delivery Platform Swiggy Expands Service in Lucknow

13Jun By Lavina TolaniNo Comments

News

Food Delivery Platform Swiggy Expands Service in Lucknow

Swiggy, the popular food ordering and delivery platform in India has announced the expansion of its service to Lucknow, the 15th city where the company will go onboard in the country. The company has tied up with over more than 220 restaurants and will be serving in areas such as Gomti Nagar, Indira Nagar, Mahanagar, Nishatganj, Hazratganj, Aliganj, Nirala Nagar and Khurram Nagar by end of this month. Confirming its launch in the city of Nawabs, Srivats T.S., Vice President-Marketing at Swiggy said, Lucknow has a mix of different cuisines and influences woven into its culinary tradition, and we are excited to serve here. Our App has witnessed thousands of downloads for the app in Lucknow even before our launch. This not only shows that food ordering and delivery has become an integr...

Zomato’s Chief Business Officer Mukund Kulashekharan Calls a Quit

5Jun By Lavina TolaniNo Comments

News

Zomato’s Chief Business Officer Mukund Kulashekharan Calls a Quit

Online Restaurant Search and Food Delivery Platform, Zomato's chief business officer Mukund Kulashekharan has resigned from the post after a three-year stint, a report in a financial daily stated. Kulashekhran is expected to join local marketplace UrbanClap and is currently in talks to head certain verticals at the on-demand services platform, cited ET according to the people familiar with the matter. Mukund had first joined Zomato in 2015 and was promoted to the post of the chief business officer. Before that, he was serving as a global business head in online catering firm. Mukund is an alumnus of the Tuck School of Business at Dartmouth and has done computer science engineering from National Institute of Technology, Tiruchirapalli. Apart from Mukund, Zomato has witnessed man...

SoftBank Is In Talks With Zomato Over A Possible Investment

17May By Lavina TolaniNo Comments

BUSINESS

SoftBank Is In Talks With Zomato Over A Possible Investment

The Japanese Internet Conglomerate, SoftBank Group Corp is reportedly in talks over a possible investment in food delivery and online restaurant company Zomato as told by sources familiar with the matter. The possibility of Softbank's future investment in Zomato has been speculating in the market since six months back when the Japanese giant first held conversations exploring a possible funding of up to $200-250 million in Bengaluru-based Swiggy. "SoftBank which has already backed Flipkart now eyes to make a niche for itself in the food delivery market said one of the sources. The development comes as SoftBank is reportedly yet to decide on selling its more than 20% stake in Flipkart to US retailer Walmart. The Report says that SoftBank is currently discussing business metrics across...

Food Delivery Startup Swiggy Is Eyeing to Raise $250 Mn

15May By Lavina TolaniNo Comments

News

Food Delivery Startup Swiggy Is Eyeing to Raise $250 Mn

Online Food Delivery Startup Swiggy is eyeing to raise $250 million instead of $150-200 Mn as speculated earlier. This development has come into play at a time when the Bengaluru headquartered company is seeing intense investor interest that would help the firm to amp up its valuation and raise more money. Major Technology giants such as Japanese Agglomerate SoftBank, Chinese Firm Tencent, DST Global and Alibaba are currently in talks with Swiggy though, an official confirmation has not emerged until now. Earlier in February this year, the Food Startup had earlier raised a $100 (Rs 640 crore) million in a Series F round, one of its largest round so far led by Naspers. According to some sources reported by Techcircle, a person familiar with the matter said, "The only factor which i...

After FoodPanda, Ola Wants to Acquire More Food Delivery Startups

10Apr By Sheldan RungasamyNo Comments

News

After FoodPanda, Ola Wants to Acquire More Food Delivery Startups

Ola is reportedly considering setting up an independent food-tech company after acquiring food ordering app Foodpanda in December and began negotiations to acquire additional private food firms. Ola has already held talks with Freshmenu officials and another firm operating in the same market segment, according to three anonymous sources close to Ola. As of yet, no definitive decision has been taken on the matter. Ola is also ready to raise the capital of Foodpanda later in the course of the year especially since food-tech competitors are raising huge sums of funding. The anonymous sources also revealed that Ola is adopting a strategy similar to that of Flipkart as they see the prospects of a vertical integration in the food-tech market. Ola generates revenues from several outlets ...