Swiggy Launches “Pyng”: An AI-Powered Platform to Connect with Verified Professionals

• Pyng leverages the power of AI Assistants to provide personalized recommendations, answer queries in real-time, and offer support after consultation. 

Swiggy Ltd, (NSE: SWIGGY / BSE: 544285) Swiggy Ltd, India’s pioneering on-demand convenience platform today announced the launch of a new consumer app, Pyng—an AI-driven platform designed to simplify access to thousands of verified professionals across 100+ specializations.

Pyng marks Swiggy’s entry into the growing professional services market. Pyng is an online marketplace designed to address the increasing yet unmet demands of urban consumers who are often overwhelmed by endless online searches for reliable, skilled professionals. By leveraging advanced AI, a curated network of experts, and a customer-centric approach, Pyng aims to make access to verified professionals more efficient, and dependable. 

Speaking about Swiggy’s latest offering, Nandan Reddy, Co-founder and Head of Innovation at Swiggy, said,

As our lives become increasingly fast-paced, the demand for professional assistance—from tax planners and counsellors to yoga trainers—is growing across both personal and professional spheres. With Pyng, we’re offering a reliable, spam-free platform where users can connect with trusted experts. By curating demand for these specialized offerings, Pyng not only empowers individual providers but also brings structure to consumers' latent needs, connecting them with reliable experts who deliver real value.

Powered by AI, Pyng simplifies users' lives by enabling the quick and seamless discovery of verified professionals, all within a secure, spam-free environment. The platform also offers a money-back guarantee in case users do not find value in the service.

At the core of this experience is Pyng’s Smart AI Assistance, enabled through:

1. Pyng’s AI Search Assistant: Understands user queries and their nuances to recommend the most relevant professionals as per individual needs.
2. Professionals’ Personal AI Assistant: Enables users to explore a professional’s offerings, understands their specific needs, and suggests the most suitable ways to resolve them—without any obligation to book.

Pyng Android app screen

Pyng, which launched its seller app earlier this year, has been rapidly onboarding professionals. With over 1000+ professionals across 100+ specializations , Pyng aims to transform how consumers access professional advice by connecting them with a diverse range of specialists, including:

• Health & Wellness Experts – Fitness Trainers, Yoga Instructors, Nutritionists, Therapists, Pregnancy Coaches.
• Financial Advisors – Investment Consultants, Wealth Managers, Tax Planners.
• Astrologers & Spiritual Experts – Tarot Readers, Numerologists, Energy Healers.
• Event Planners & Entertainers – DJs, Emcees, Wedding and Party Planners.
• Travel & Lifestyle Experts – Trip Planners, Travel Advisors, Makeup Artists.
• Education & Skill Trainers – Music, Dance, and Art tutors, Career Advisors, and more.

Swiggy’s entry into the professional services market adds to the company’s mission to elevate the quality of life by offering unparalleled convenience. Pyng is currently live for users in Bengaluru.

The app is now available to consumers to download both on iOS and Android as Pyng Now.

Starbucks and Swiggy Celebrate the Launch of Starbucks 50th Store in Bengaluru

Starbucks and Swiggy Food Marketplace CEOs present at the launch of Starbucks first drive-thru outlet in South-India

Starbucks, a global coffeehouse, recently celebrated the launch of Starbucks 50th outlet in Bengaluru. The launch event of Starbucks first drive-thru store in the city was attended by the CEO of Starbucks, Sushant Dash and Rohit Kapoor, CEO of Swiggy Food Marketplace. The event celebrated the craftsmanship and commitment of the partnership to deliver top quality food and beverages to consumers across the country. Swiggy delivery partners were also present at the launch event.

Swiggy and Starbucks joined hands 8 years ago with only 6 outlets in Mumbai. The partnership has grown stronger over the years. The duo has collaborated and launched numerous customer-centric campaigns based on in-depth understanding of customer behavior, with the objective of enhancing consumer experience. Some of the marquee campaigns include 'Double the Love,' 'Friday Frappuccino,' and 'Items at 199.' Starbucks and Swiggy had also partnered to roll out the ‘Classics’ menu to roll out high-value meal items and combos tailored specifically for the Indian market.

Starbucks is proud to partner with Swiggy across 70 cities and 350+ outlets in India. To mark the milestone moment of the launch of the 50th Starbucks store in Bangalore Rohit Kapoor, CEO, Food Marketplace, Swiggy, joined 50 Swiggy delivery partners on a celebratory ride to the new store for a cup of Starbucks coffee. To make the occasion even more special, Sushant Dash, ceo, TATA Starbucks, personally brewed a signature Americano for Rohit, commemorating this remarkable journey and shared commitment to delivering great coffee experiences to customers across the country.

Commenting on the collaboration, Sushant Dash, CEO, Tata Starbucks, said, “Our 50th store in Bengaluru and first Drive-Thru in South India marks an exciting new chapter in our growth journey- one rooted in accessibility, innovation, and deep local relevance. At Starbucks, we use the specialty grade Arabica for every cup of coffee, serving the finest quality to every consumer. Swiggy has been a trusted partner in this journey, helping us deliver the Starbucks experience to customers wherever they are. As we expand across India, we remain committed to crafting new moments of connection, whether in-store or delivered to your doorstep.”

Speaking on the sidelines of the launch, Mr. Rohit Kapoor, CEO, Swiggy Food Marketplace, said, “Starbucks’ 50th store in Bengaluru is not just a milestone for their retail footprint, but also a marker of how far this partnership has come. From just a handful of stores in one city to now serving customers in 70 cities, Swiggy has been proud to partner with Starbucks every step of the way. Together, we’ve worked to make high-quality coffee and food experiences more accessible to millions of consumers across the country. As we scale further, we’re excited to keep pushing boundaries and delivering memorable experiences, one order at a time.”

Swiggy to Deliver Stunning Silver Jewellery in 10 Minutes, Partners With Mia by Tanishq

Mia by Tanishq, one of India’s trendiest precious fine jewellery brands, announces its collaboration with Swiggy Instamart, marking its entry into the burgeoning quick commerce space. Starting this week, Mia’s exquisite silver jewellery collection will be available on Swiggy Instamart in more than 35 cities, including Gurgaon, Delhi, Kolkata, Pune, Bengaluru, Chennai, Mumbai, and Hyderabad. The operations will be offering customers the convenience of doorstep delivery of silver jewellery in under 10 minutes.

This partnership leverages Swiggy Instamart’s position as a market leader in quick commerce, known for its exceptional communication and operational excellence, to enhance the e-commerce experience for consumers.

The collaboration aligns with Mia by Tanishq’s strategy to expand its omni-channel presence, reaching new customers through diverse sales channels. As part of this partnership, Mia will introduce a range of stunning silver jewellery catering to the growing demand for precious jewellery in the quick commerce market. Whether it’s a special occasion or a thoughtful gift, Mia's silver jewellery promises to bring a touch of elegance and good fortune, delivered swiftly and seamlessly.

Sampurna Rakshit, Marketing & E-commerce Head - Mia by Tanishq, shared her thought on the collaboration:

This is an effort at our end to prioritise our consumers convenience and be present wherever the users are. Owing to Mia’s exquisite design language coupled with our affordable pricing, we have always been India’s favourite gift of choice. As quick commerce transforms the way India shops, consumers are also looking for stylish jewellery gifting options from trusted brands. So we are thrilled to partner with Swiggy Instamart, who can get many more consumers to access and experience our brand at their fingertips.

This strategic collaboration highlights the growing trend in the Indian retail landscape, where quick commerce platforms are emerging as key touchpoints for consumers prioritizing convenience. It ensures that customers are well-informed about Mia’s beautiful collections and the ease with which they can access these offerings through Swiggy Instamart.

All the Details of Swiggy Limited’s IPO Opening on Nov. 06, 2024

• Price Band fixed at ₹ 371 per equity share to ₹ 390 per equity share of the face value of ₹ 1 each (“Equity Shares”) of Swiggy Limited (the “Company”)
• Anchor Investor Bidding Date – Tuesday, November 05, 2024
• Bid /Offer Opening Date – Wednesday, November 06, 2024, and Bid/ Offer Closing Date – Friday, November 08, 2024
• Bids can be made for a minimum of 38 Equity Shares and in multiples of 38 Equity Shares thereafter. 
• For further details, please also see price band advertisement published in Financial Express newspaper dated October 30, 2024 on page no 26.

Swiggy Limited, India's pioneering on-demand convenience platform (the “Company”), proposes to open its initial public offering (“Offer”) on Wednesday, November 06, 2024. Bid/ Offer Closing Date will be Friday, November 08, 2024. Anchor Investor Bidding Date is one Working Day prior to Bid/Offer Opening Date, that is, Tuesday, November 05, 2024.

The Price Band of the Offer has been fixed from ₹ 371 per Equity Share to ₹ 390 per Equity Share. Bids can be made for a minimum of 38 Equity Shares and in multiples of 38 Equity Shares thereafter.

The Offer comprises of a Fresh Issue of Equity Shares aggregating up to ₹ 44,990 million (the “Fresh Issue”) and an offer for sale of up to 175,087,863 equity shares (the “Offer for Sale”) by the Selling Shareholders.

The Offer includes a reservation of up to 750,000 equity shares of face value of ₹1 each, aggregating up to ₹[•] million, for subscription by eligible employees not exceeding 5% of our post-offer paid-up equity share capital (the “Employee Reservation Portion”). The Offer less the Employee Reservation Portion is hereinafter referred to as the Net Offer.

The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”).

This is an Offer in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations. This Offer is being made through the Book Building Process in compliance with Regulation 6(2) of the SEBI ICDR Regulations wherein not less than 75% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs” and such portion the “QIB Portion”) provided that our Company and Selling Shareholders, in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the price at which Equity Shares will be allocated to the Anchor Investors (“Anchor Investor Allocation Price”), in accordance with the SEBI ICDR Regulations. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (excluding the Anchor Investor Portion) (“Net QIB Portion”).

Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs (other than Anchor Investors) including Mutual Funds, subject to valid Bids being received at or above the Offer Price. If at least 75% of the Net Offer cannot be Allotted to QIBs, then the entire Bid Amount (as defined hereinafter) will be refunded forthwith.

However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs. Further, not more than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders (“NIBs”) of which (a) one third portion shall be reserved for NIBs with application size of more than ₹200,000 and up to ₹1,000,000; and (b) two-thirds of the portion shall be reserved for NIBs with application size of more than ₹1,000,000, provided that the unsubscribed portion in either of such sub-categories may be allocated to Bidders in other sub-category of the NIBs in accordance with SEBI ICDR Regulations, subject to valid Bids being received above the Offer Price and not more than 10% of the Net Offer shall be available for allocation to Retail Individual Bidders (“RIB”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price.

Further, Equity Shares will be allocated on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids being received from them at or above the Offer Price. All Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA accounts and UPI ID (in case of UPI Bidders (defined hereinafter) using the UPI Mechanism), in which case the corresponding Bid Amounts will be blocked by the SCSBs or under the UPI Mechanism, as applicable to participate in the Offer. Anchor Investors are not permitted to participate in the Anchor Investor Portion of the Offer through the ASBA process. For details, see “Offer Procedure” beginning on page 445 of the Red Herring Prospectus.

Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Citigroup Global Markets India Private Limited, BofA Securities India Limited, Jefferies India Private Limited, ICICI Securities Limited and Avendus Capital Private Limited are the book running lead managers (“Book Running Lead Managers” or “BRLMs”) to the Offer.

Terms used but not defined herein shall have the meaning assigned to such terms as defined in the RHP.

Swiggy Reduces IPO Valuation by 25%, BlackRock & CPPIB To Invest

Swiggy has reduced its IPO valuation to $11.3 billion, which is 25% lower than its initial target of $15 billion. This decision was influenced by market volatility and the underwhelming debut of Hyundai India.

Despite the cut, BlackRock and the Canada Pension Plan Investment Board (CPPIB) are set to invest in Swiggy's IPO, which is expected to be one of the largest stock offerings in India this year.

Swiggy's IPO is scheduled to open on November 6, 20242. The company plans to raise funds through a fresh issue of equity shares and an offer-for-sale of existing shares.

Swiggy's IPO is one of the largest public issues in India this year and is seen as a significant step for the company as it aims to achieve profitability and expand its services.

The food delivery company aims to raise around ₹11,300 crore through the IPO. This includes a fresh issue of equity shares worth ₹3,750 crore and an offer-for-sale (OFS) of up to ₹6,800 crore.

The proceeds from the upcoming IPO will be used for technology and cloud infrastructure, expanding its presence through its subsidiary Scootsy, branding, business promotion, and general corporate purposes.

Recently, Swiggy Instamart has introduced a "Shopping List" feature after receiving user feedback on X (formerly Twitter).

Swiggy To Provide Food Delivery Service on Indian Railways Starting 12 March

Starting March 12, Swiggy will deliver to passengers travelling via Bangalore, Bhubaneshwar, Visakhapatnam and Vijayawada

The service is likely to expand to over 50 stations in the coming weeks

Swiggy, India’s leading online food ordering and delivery platform, and the Indian Railway Catering and Tourism Corporation (IRCTC) have signed a Memorandum of understanding (MoU) to deliver pre-ordered food on trains. The MoU was exchanged between Mr Sanjay Kumar Jain, Chairman and Managing Director, IRCTC and Mr Rohit Kapoor, CEO, Swiggy Food Marketplace, in the presence of senior officials from both organisations.

As part of the MoU, Swiggy will deliver food from its extensive restaurant network to passengers on the Indian railways starting with Bangalore, Bhubaneshwar, Visakhapatnam and Vijayawada. The service is likely to expand to 59 additional city stations in the coming weeks.

Speaking about partnership, Mr Sanjay Kumar Jain, Chairman and Managing Director, IRCTC, said, “At IRCTC our focus has always been to explore new ways to make train journeys comfortable and convenient for the billions of passengers aboard the Indian railways every year. This partnership with Swiggy will bring more convenience and food options to our passengers, making their journeys more memorable.”

“Swiggy’s mission is to bring convenience to the lives of consumers. The Indian Railways are the lifeline of our nation, transporting more than 8 billion passengers annually. If during these rail journeys, which traverse across states and districts, one has the option to order meals to explore the culinary diversity of India, it would make the experience more convenient and enjoyable, and add to the overall vividness of the train travel,” said Mr Rohit Kapoor, CEO, Food Marketplace, Swiggy.

One of the challenges encountered by travellers during extended journeys is the paucity of diverse culinary options. Through this integration, passengers aboard designated trains now have the option to savour good-quality, warm meals delivered right to their seats, thereby transforming their travel into a convenient and delightful culinary experience.

"IRCTC and Swiggy collaboration is natural in several ways. Both the organisations have built a reputation of leveraging technology to improve consumer experience. Both have a pan-India presence. In the first phase, we are starting with deliveries on stations of Bengaluru, Vijayawada, Visakhapatnam and Bhubaneswar. We are hopeful of a buoyant response from passengers and restaurant operators on this route, which will hopefully lead to us providing services on more stations and on newer routes,” added Kapoor.

Passengers can avail pre-ordered food services via Swiggy by following the below steps:

• Input the PNR on the IRCTC app
• Select the preferred station for food delivery
• Browse through an extensive list of restaurants on Swiggy
• Choose a restaurant that is delivering at the specified location and time

The food delivered to passengers will be packed in insulated Swiggy bags to keep the meal warm and fresh. Swiggy’s delivery partner would reach the selected platform X mins before delivery, hand over the food to the customer and mark the food delivered. To ensure smooth operations, effective issue resolution and maximum comfort for the passengers, Swiggy’s support agents will be trained in resolution process, gratification & cancellation policies. The support agents will also be equipped to connect with restaurants and delivery partners based on the order status and the nature of the customer issue.

Swiggy Delivery Fleet Gets Gogoro's Smart Scooters and Battery Swapping Infrastructure

Gogoro and Swiggy Announce Electric Vehicle Partnership in India

• Swiggy, India’s leading on-demand convenience delivery platform to promote Gogoro
• Electric Smartscooters to last-mile delivery partners across the country

Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities, today announced a vehicle partnership with Swiggy, India’s leading on-demand convenience delivery platform.

“Accelerating the electric transformation of India’s hyperlocal fleets is a top priority for Gogoro and India’s national and city governments. Partnering with Swiggy, a leading player in the industry, to provide access to Gogoro Smartscooters and battery swapping is essential in successfully transforming India’s urban fleets to electric,” said Horace Luke, founder, and CEO of Gogoro. “Together, Swiggy and Gogoro will provide a seamless path for riders to adopt sustainable electric transportation and improve their business efficiency.”

"This partnership with Gogoro is another key step in our commitment to creating greener and cost-effective solutions for our delivery fleet," said Mihir Shah, Head of Operations at Swiggy. "We believe in providing our delivery partners with access to the latest innovations in sustainable transportation that reduce rider interruptions, improve earnings and make deliveries more efficient. Gogoro's battery swapping technology represents a new generation of electric refueling that has proven successful on a mass scale for last-mile delivery, and we look forward to working with them to transform hyperlocal deliveries to be more sustainable and efficient in India.”

In 2021, Swiggy announced its commitment to cover 8 lakh kilometers every day through EV deliveries. The company, which has been at the forefront of sustainable transportation since has been making significant strides in adopting electric vehicles for last-mile delivery through strategic partnerships with industry leaders such as Reliance BP Mobility Limited and Hero Lectro. This has enabled delivery partners to save up to 40% of the vehicle running cost, positively impacting their earnings.

In April, Swiggy's rival Zomato announced its partnership with Zypp Electric and Yulu's DeX EV, for inter-city and intra-city deliveries respectively.

Just two months back, the Maharashtra government had presented Gogoro with an offer letter to enter into a $1.5 Billion + worth of ‘Ultra Mega Project’ agreement to manufacture vehicles, smart battery packs and battery swap stations, and deploy an open and accessible battery swapping infrastructure in the State beginning in late 2023.

Last-mile delivery fleets require a sustainable solution that not only achieves the best alternative to internal combustion engine (ICE) vehicles but is well suited to the specific segment needs of the delivery industry. The Gogoro platform delivers the most sophisticated two-wheel battery swapping system that enables delivery operators to manage their fleets and deliveries more efficiently and sustainably.

Gogoro Battery Swapping

With more locations than gas stations in Taiwan’s cities, the Gogoro Network is a new generation of swappable battery refueling that is smart, safe, and continually optimizing itself to be dynamic and versatile for riders, businesses, and communities. The Gogoro Network supports nearly 550,000 riders and has more than 1.1 million smart batteries in circulation through its network of more than 12,000 battery-swapping stations at over 2,500 locations. Averaging 400,000 daily battery swaps and more than 480 million total battery swaps to date, Gogoro Network battery swapping has saved more than 670,000 tons of CO2 since it launched.

About Swiggy

Founded in 2014, Swiggy is India’s leading on-demand convenience platform with a vision to elevate the quality of life for the urban consumer by offering unparalleled convenience. It connects consumers to over 250,000 restaurant partners in hundreds of cities. Its quick commerce grocery service Instamart is present in over 25 cities. Swiggy’s latest addition, Dineout, offers users experiences in high-use categories like dining out and events in close to 25 cities across the country. Using innovative technology, Swiggy provides a hassle-free, fast, and reliable delivery experience. Every order delivered by Swiggy’s delivery executives, ensures a host of customer-centric features like lightning-fast delivery, no minimum order value, live order tracking, and 24/7 customer support. For more information, visit www.swiggy.com

About Gogoro

Founded in 2011 to rethink urban energy and inspire the world to move through cities in smarter and more sustainable ways, Gogoro leverages the power of innovation to change the way urban energy is distributed and consumed. Recognized and awarded by Frost & Sullivan as the “2023 Global Company of the Year for battery swapping for electric two-wheel vehicles”, Gogoro’s battery swapping and vehicle platforms offer a smart, proven, and sustainable long-term ecosystem for delivering a new approach to urban mobility. Gogoro has quickly become an innovation leader in vehicle design and electric propulsion, smart battery design, battery swapping, and advanced cloud services that utilize artificial intelligence to manage battery availability and safety. The challenge is massive, but the opportunity to disrupt the status quo, establish new standards, and achieve new levels of sustainable transportation growth in densely populated cities is even greater. For more information, visit https://www.gogoro.com/news and follow Gogoro on Twitter: @wearegogoro

Swiggy Partners WhizCo for In-App Influencer Activations to Drive Sales and Increase Restaurant Visibility

A man creating video content about food reviews Vectors by Vecteezy

Food deliver giant Swiggy is aiming to enhance the sales of partner restaurants in targeted cities through influencer/creator-generated content, while also promoting Swiggy's new feature that showcases short food review videos.

WhizCo, India’s leading Influencer Marketing and Creator Management agency recently announced its successful collaboration with Swiggy, India's leading food delivery app, for in-app influencer activations to drive sales and increase restaurant visibility.

As part of the campaign, WhizCo ropes in more than 200 content creators every month and helps create visually appealing and vividly descriptive content of the dishes at different restaurants on the Swiggy app. By leveraging the creativity and authenticity of local food enthusiasts and influencers, the campaign aims to provide users with a delightful and immersive experience of exploring the diverse culinary offerings available for delivery.

WhizCo's team of experts has worked diligently to overcome various challenges during the implementation phase. “The foremost challenge for our team was scouting nano and micro-influencers close to the partner restaurants and then ensuring that they could produce high-quality video content. Then, the team also worked on the post-production editing process of the videos produced by the creators and then crafted eye-catching food captions for the videos as well, which differentiated Swiggy's offerings in the users' minds. So we were there right from the very beginning to the end” said Aastha Goel, Co-Founder and Chief Operating Officer at WhizCo.

The campaign has resulted in increased discoverability of products on the Swiggy platform with a 10% uptick in restaurant visibility and 15% more orders so far and has also improved customer engagement and daily time spent on the app, as reported by Swiggy. Partner restaurants have also experienced a substantial increase in product impressions and long-term recall, resulting in enhanced new product discovery and order frequency. As a result, this partnership is also expected to expand to more restaurants and creators from remote areas in the near future as well.

Talking about the collaboration, Prerna Goel, Co-Founder and Chief Marketing Officer at WhizCo, said "The collaboration with Swiggy has been such a wonderful experience for us. Our team went above and beyond to ensure the success of the campaign”. "We are proud to have helped small-scale food creators expand their influencing careers and contributed to the increased footfall on the app and in partner restaurants. I’m glad that we were able to create a significant impact while also nurturing the growth of small food creators”, she added.

WhizCo is one of India’s leading influencer marketing and creator management agencies. With a network of more than 1,00,000 content creators across more than 15+ categories and 12+ languages, WhizCo has successfully completed various influencer marketing campaigns for more than 100 leading brands in the past. The agency has also plunged into the world of Live Commerce and AR Filters and is set to expand its services overseas very soon.

Swiggy Acquires Chennai-based Logistics Startup LYNK

Food delivery giant Swiggy has entered into a definitive agreement to acquire LYNK, a Chennai-based logistics platform for brand owners.

With a network of over 100,000 stores, LYNK is backed by Ramco Cements and its promoters – P.R. Venketrama Raja (Chairman of Ramco Systems) and his son Abinav Raja, also the Co-founder of LYNK.

Founded by Abinav Raja and Shekhar Bhende in 2016, LYNK had raised about $23 million altogether and nearly all from Ramco. Ramco Cements currently holds more than 49% stake in LYNK while the remaining is held by the startup's promoters.

LYNK counts Hindustan Unilever, ITC, Tata, Lakme, Pepsico, Britannia, RedBull, Mars and Dabur among its customers.

Food delivery unicorn Swiggy, last year, acquired restaurant tech platform Dineout from Times Internet and made a notable investment in bike taxi startup Rapido. While it's competitor Zomato had acquired groceries delivery firm Grofers (now Blinkit).

To Pilot the Cargo e-Bikes based Food Deliveries, Hero Lectro Cargo WINN and Swiggy are Partnering

Going Green: Hero Lectro WINN to be deployed with Swiggy to aid last-mile food delivery with Cargo E-bikes

New Delhi, 12th August 2021: Hero Lectro Cargo (HLC) and Swiggy, India’s leading on-demand delivery platform are partnering to pilot the deployment of cargo e-bikes for the use case of last-mile food delivery. Swiggy, which has already been planning to include EVs in its fleet, will be utilising Hero Lectro’s WINN – a purpose-built e-bike, in a bid to optimize efficiency, cost and reduce carbon footprint by going green.

Starting August, Swiggy in association with Fast Despatch Logistics (a leading last-mile delivery service provider) and A.S. Group (a familiar name in PBS [Public Bike sharing] space) is launching a pilot in Hyderabad with Hero Lectro WINN, wherein the delivery partners will be making the food deliveries on the cargo E-bikes. The initiative has been launched in line with Swiggy's larger commitment to increase the adoption of EVs in its delivery fleet.

This will also benefit the riders by increasing their earnings as a result of lower maintenance and vehicle running costs. Furthermore, it will also fulfill the larger objective of reducing carbon emissions. The pilot also comes at a time when the government has been pushing for e-mobility for cleaner and better-quality air.

 

This move, if successful is also expected to boost economic growth by offering employment to the aspiring youth of the country. According to a recent report published by global management consulting firm Boston Consulting Group (BCG), India’s gig economy is all set to triple in the next three-four years. This will also contribute at least 1.25% to the GDP in the long term, as per the report published in March 2021. Transportation and logistics is one of the sectors fueling this rise in the gig economy.

Hero Lectro Cargo is India’s first company to have forayed into creating a product that is truly purpose-built for the last-mile delivery in terms of utility, design & economics.

Hero Lectro Cargo

“Hero Lectro Cargo E-bikes are purpose-built which are economically and ergonomically more viable alternatives for the last-mile delivery and will help leading companies like Swiggy in their mission to make deliveries more sustainable. With the launch of this pilot, we are confident that it will enable greater adoption and use of e-mobility. The concept of Cargo E-bikes is only going to be more and more acceptable once the experience spreads since the host of benefits it offers actually comes at zero tradeoff.”, says Mr. Partha Choudhary, President and CEO, Hero Lectro Cargo.

Shivcharan Pulugurtha, SVP, Business Operations at Swiggy said, "At Swiggy, we are committed to facilitating last-mile delivery for all our customers in the most sustainable/environment-friendly way possible. Our association with Hero Lectro Cargo and Fast Despatch Logistics to pilot the use of electric vehicles (EVs) for the use case of food delivery reflects this commitment. Their affordable and purpose-built cargo bicycles will not only enable us to reduce our carbon footprint but will also help reduce the cost of delivery per km for our delivery partners. Nationally, by 2025, our aim is to cover deliveries spanning 8 lakh kilometers every day through EVs."

"Being one of the major last-mile delivery service providers in the UK, we have a dedicated plan to launch our services in India, and the tie-up between Swiggy and Hero Lectro Cargo will also provide an ecosystem for FDL to employ local people from Hyderabad. This will also boost employment at a time of pandemic crisis and provide jobs to the youth. In addition, we are trying to build an effective use case for Hero Lectro Cargo, to establish it as the viable alternative that could compete with the delivery rate of any two-wheeler available in the Indian market and accelerate the growth of acceptance of cargo E-bikes for delivery." – says Mr. Akhilesh Mishra, Country Head –Operations Fast Despatch Logistics.

Commenting on this development, Mr. Anshuman Singh, Founder & CEO of A.S. Group says, “This initiative is the largest of its kind in India with cargo E-bikes. I strongly believe this initiative will give the much-needed impetus to the Government’s push for EVs and expected cost benefits in the long run. We believe in the vision of Green delivery and are in the process to create dedicated infrastructure for charging to support the ecosystem. We hope that this would encourage more companies to make a switch to the EV fleet that will provide increased take-home income to delivery agents along with environmental benefits."

Hero Lectro Cargo (A Divison of Hero Lectro) offers reliable, affordable & sustainable solutions for transit needs. Hero Lectro Cargo e-bike offers a highly versatile and efficient way to transport packages, cargo, food, and more. In addition to the benefits of the electric cycle, these purpose-built vehicles are light engineered with higher cargo storage space that leads to higher productivity & lower cost of ownership at zero tradeoffs.

Founded in 2014, Swiggy is India’s leading on-demand delivery platform with a vision to elevate the quality of life for the urban consumer by offering unparalleled convenience. It connects consumers to over 1,50,000 restaurant partners and stores in over 500 cities. Using innovative technology, Swiggy provides a hassle-free, fast, and reliable delivery experience. Every order delivered by Swiggy’s dedicated fleet of delivery partners engaged on a principal-to-principal basis, ensures a host of customer-centric features like lightning-fast delivery, no minimum order value, live order tracking, and 24/7 customer support.

Food Delivery Platforms Struggle, Slow Recovery Compare To Pre-Lockdown

2020 was an interesting year for food delivery, both for aggregators (Zomato/Swiggy) and standalone brands (Pizza Hut/Dominos). Even as peak lockdowns shut restaurants, the dependence of many consumers on delivered food possibly increased. However, the larger theme has been that of a slowdown; the end-March to end-April lockdowns were the strictest, and its impact can be seen in plummeting reach of the two largest players.

(Source: KalaGato)

Open rates and monthly active users show recovery towards pre-lockdown levels, but…users who open apps don't count; paying customers do.

(Source: KalaGato)

(Source: KalaGato)

On this count, demand has not recovered much from April. Monthly Active Customers are the unique number of monthly customers transacting on a particular platform. To that extent the performance of Domino's has been most consistent (more on that later).

(Source: KalaGato)

This begs the question(s):

• Have a lot of people made a permanent adjustment to home-cooked food?
• Or is it an ongoing concern for safety?
• Or is a lower transacting population representative of lowered spending power/ disposable income?

All of the above perhaps…

For the sticky users who continue to transact, there hasn't been much change in how often or how much they order; the lockdown period saw frequency and value hold steady thanks in part to the outlets that remained open for takeaway:

(Source: KalaGato)

(Source: KalaGato)

The pandemic is a hiccup, not a show-stopper. According to a joint report by BCG & Google online food delivery in India as a percentage of total dineout stands at just 4%, far behind developed countries like the U.S. and U.K. (at around 9.5%), and China (13%). So plenty of room to grow with a much larger addressable market (albeit with lower spending power).

Platform Extensions / What Else can My Riders Deliver?

The uptick in usage towards the end of 2020 for aggregators like Zomato/Swiggy is likely coming from a focus on new categories like alcohol (gives 'Swiggy' a whole new meaning!), grocery (Swiggy Instamart moving into Amazon Fresh/BigBasket territory), and wellness products.

Cross-selling products and improving network utilization makes inherent sense. Two questions businesses ask themselves:

1. Why can't we keep our riders busy through the day and not just at meal times?
2. What else can we 'credibly' sell to our customers?

Being category agnostic clearly helps utilize scale. Uber did this with Uber Eats in 2015 and more recently bought out alcohol marketplace Drizly for $1.1bn to sweat its network more. (Read More).

Speed is a drug- even next day delivery is too late and in the post-pandemic world, hyperlocal offers more opportunities than just food & grocery. As with jokes, hyperlocal success is all in the 'delivery'! This is a space the delivery giants are stepping into (Swiggy Stores hosts products from small stores), while holding onto the food delivery business, which is somewhat less competitive now thanks to the 'exit' of players like FoodPanda and UberEats.

Building war chests

Aggregators are clearly building their war chests for this expansion (Source: Press reports):




Diversification away from food delivery was always on the anvil and perhaps a long time coming; the pandemic precipitated it.

As always, do share your thoughts / feedback and get in touch for data!

Ministry Joins Hands with Swiggy to take Street Food Vendors Online under PM SVANIDHI Scheme

• Programme Launched With a Pilot in 5 Cities- Ahmedabad, Chennai, Delhi, Indore, and Varanasi
• Pilot Program by on-Boarding 250 Vendors Across Five Cities
• Updated and Modified Version of PM SVANIDHI Dashboard Launched 
• To Benefit Over 50 Lakh Street Vendors

As a part of Prime Minister Street Vendor’s AtmaNibhar Nidhi (PM SVANidhi) Scheme, Ministry of Housing & Urban Affairs (MoHUA) has entered into an MoU with Swiggy, the leading food ordering and delivery platform in India, to onboard street food vendors on its ecommerce platform, giving them online access to thousands of consumers and help these vendors grow their businesses. The MoU was exchanged by, Joint Secretary Shri Sanjay Kumar andChief Financial Officer, Swiggy Shri Rahul Bothra, through webinar in the presence of Secretary, Ministry of Housing & Urban Affairs (MoHUA)Shri Durga Shanker Mishra, and officials of Swiggy and Ministry. Municipal Commissioners of Ahmedabad, Chennai, Delhi, Indore, and Varanasi also participated in the ceremony through video conferencing facility.

During the ongoing COVID-19 pandemic where physical distancing is the key to check it’s spread, this novel initiative aims to radically transform the business of Street Vendors across cities, by facilitating them to receive orders and serve customers using online mode of business. In a first of its kind initiative, MoHUA has coordinated with the key stakeholders including Municipal Corporations, fssai, Swiggy and GST officials to ensure that necessary prerequisites are completed for this initiative.

To begin with, MoHUA and Swiggy will run a pilot program by on-boarding 250 vendors across five cities namely – Ahmadabad, Chennai, Delhi, Indore, and Varanasi. The street vendors will be helped with PAN and FSSAI registration, training on technology/ partner app usage, menu digitization and pricing, hygiene and packaging best practices. Upon the successful completion of the pilot, MoHUA and Swiggy plan to expand this initiative across the country in phases. This partnership is seen as yet another move by MoHUA to empower street vendors with digital technology and facilitate greater income earning opportunities by being present on a popular ecommerce platform like Swiggy.

During the ceremony, Secretary, HUA also launched the updated and modified version of PM SVANidhi Dashboard, which facilitates users not only with better granular view of the Scheme’s performance but also with additional tools for comparisons.

The Ministry is implementing PM SVANidhi Scheme since June 01, 2020, for providing affordable working capital loan to street vendors to resume their livelihoods that have been adversely affected due to Covid-19 lockdown. This scheme targets to benefit over 50 lakh Street Vendors who had been vending on or before 24 March, 2020, in urban areas including those from surrounding peri-urban/ rural areas. Under the Scheme, the vendors can avail a working capital loan of up to Rs. 10,000, which is repayable in monthly instalments in the tenure of one year. On timely/ early repayment of the loan, an interest subsidy @ 7% per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer on quarterly basis. There will be no penalty on early repayment of loan. The scheme promotes digital transactions through cash-back incentives up to an amount of Rs. 1,200 per annum. The vendors can fulfill their aspiration of climbing up the economic ladder by availing the facility of enhanced credit limit on timely/ early repayment of loan.

As on October 4, 2020, over 20 lakh loan applications have been received under the PM SVANidhi Scheme. Out of these over 7.5 lakh loans have been sanctioned and over 2.4 lakh loans disbursed.

Swiggy Raises additional $43 Mn as Part of Ongoing Funding Round

Food ordering and delivery platform Swiggy on Monday said it 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 our services that offer unparalleled convenience to our consumers, we are humbled by the faith shown by our investors year-on-year and welcome the new investors on board," Swiggy Chief Financial Officer Rahul Bothra said.

The company's focus remains to execute its vision while building a sustainable path to profitability, he added. PTI AKT

Marico Ties up with Swiggy, Zomato to Deliver Goods During Lockdown

FMCG firm Marico on Friday said it has tied up with online food ordering platforms Swiggy and Zomato to deliver essential food items to consumers during the lockdown period.

Under this partnership, Swiggy and Zomato would deliver essential food items under the Marico portfolio which includes Saffola Oils, Saffola Plain Oats, Saffola Masala Oats and Coco Soul Virgin coconut oil, at doorsteps of the customers.

"Through this collaboration, in line with its commitment to provide safe and nutritious food, Marico Ltd aims to supply necessary food items to consumers without having them to step out of their homes, in these times of turmoil,” said a joint statement.

This service is available on Zomato in Delhi-NCR and Bengaluru. It will be activated in other cities such as Mumbai, Kolkata, Chandigarh and Ahmedabad from next week, it said.  

While Swiggy stores have started the delivery in Gurugram, the service in Delhi-NCR, Bengaluru and Mumbai will begin this weekend, it added.

"As one of India's leading consumer companies, we are working towards ensuring the availability and easy access of essential food items to consumers. In an effort towards this, we have partnered with Swiggy and Zomato to provide Saffola and Coco Soul products to individuals' doorstep in a safe manner,” Marico Chief Operating Officer- India Sales & Bangladesh Business Sanjay Mishra said.

Swiggy Chief Operating Officer Vivek Sunder said through this partnership , Swiggy will leverage and engage its extensive delivery fleet to ensure that essential products such as cooking oil and oats reach consumers quickly and in a safe manner.
 
On Thursday, ITC Foods announced its partnernship with Domino's Pizaa by launching “Domino's Essentials” to deliver groceries and packaged foods to customers during the lockdown period.

The government has imposed a 21-day nationwide lockdown till April 14 to stem the spread of coronavirus infections. PTI KRH.

McDonald’s India – North and East focuses on delivery, partners with Swiggy

With a focus on Delivery, McDonald’s India – North and East has partnered with Swiggy, one of India’s leading food delivery platforms. The partnership with Swiggy will allow McDonald’s to reach out to new customers, offering additional growth potential for its business. The service will be available through more than 125 McDonald’s restaurants in North and East India.

“We are excited to be available for customers on Swiggy and are committed to deliver a great experience every time they order from us,” said, Robert Hunghanfoo, Head, Connaught Plaza Restaurants Pvt. Ltd.

Delivery is one of the key growth drivers for McDonald’s, not only in India, but also globally. “Delivery provides us a way to both attract new customers and regain customers who have not ordered from us for a while. It also enables us to service and win over those customers who are seeking convenience in this increasingly fast paced world,” added Robert.

“We know our consumers love the convenience of getting their favorite dishes right at their doorstep. Through this partnership, we look forward to delighting our consumers in the North and East of India who can now order their McDonald’s menu favourites seamlessly through Swiggy,” said Srivats TS, VP Marketing at Swiggy.

With one of India’s leading food delivery platforms Swiggy on board, McDonald’s will offer increased accessibility and availability of McDelivery to its customers in North and East India. 

As a launch offer, customers on Swiggy can avail up to 30% off for a limited time period using the code: SWIGGYIT*. 

About McDonald’s India – North and East: McDonald’s restaurants in North and East India are operated by Connaught Plaza Restaurants Pvt. Ltd. McDonald’s is committed to deliver the highest quality restaurant experience to its customers in India and serves a variety of menu options made with quality ingredients sourced locally. McDonald’s serves millions of customers annually at its more than 150 restaurants across North and East India and provides direct employment to over 6,000 people. With a customer-centric approach, McDonald’s operates through a variety of formats and brand extensions including standalone restaurants, Drive-thru’s, 24/7 restaurants, McDelivery for customer convenience and experience. 

About Swiggy: Founded in 2014, Swiggy is India’s leading on-demand delivery platform with a vision to elevate the quality of life for the urban consumer by offering unparalleled convenience. It connects consumers to over 160,000 restaurant partners across 520+ cities. Using innovative technology, Swiggy provides a hassle-free, fast and reliable delivery experience. Every order delivered by Swiggy’s fleet of 2.5 lakh+ active delivery partners engaged on a principal to principal basis, the largest in India, ensures a host of customer-centric features like lightning fast delivery, no minimum order value, live order tracking, and 24/7 customer support.

Swiggy Introduces 'BrandWorks' to Co-Create Delivery Brands with Restaurants

Food ordering and delivery platform Swiggy on Wednesday announced the introduction of a new initiative 'BrandWorks', to co-create delivery brands with its restaurant partners.

These brands, co-created by the company's BrandWorks, are delivery brands that operate out of the restaurant partners' existing dine-in facilities. This is an asset-light low-investment model, Swiggy said in a statement.

This model can, therefore, scale rapidly and generate revenue for restaurants from day one with negligible capital investment -- a win-win for all stakeholders, it added.

"Having created over 1,000 Access kitchens for our restaurant partners, we are now meeting unmet consumer needs by co-creating delivery brands through our BrandWorks initiative," Swiggy New Supply CEO Vishal Bhatia said.

This is an important step in bridging supply gaps, creating consumer delight and offering restaurants unmatched growth opportunities through an innovative business model, he added.

"Our goal is to co-create hundreds of such brands with multiple restaurant partners across the country by the end of 2020," Bhatia said.

Swiggy currently has 100 such brands on its platform that were co-created with 95 restaurant partners across 13 cities, the company said.

Both models offered by Swiggy complement each other -- Swiggy Access facilitates easy expansion of restaurant brands across locations while BrandWorks helps restaurant partners expand their brand portfolio using existing kitchen space and culinary abilities, he added.

On being asked about the business model for BrandWorks, Bhatia told PTI, "It is a variablised commission model."

The idea is to co-create a brand using Swiggy's intelligence and insights and the brand ownership remains with the restaurant partners. It is through deep engagement and ongoing conversation with partners that these brands are created, he added.

In similar vein, Bercos Managing Partner Kabir Advani on the launch of their latest delivery brand 'House of Chow' said, "Food delivery is a big part of the restaurant business today and it is crucial for us restaurateurs to tap into this demand to grow our businesses."

By co-creating "our new delivery brand -- House of Chow -- our consumer base has grown without diluting our parent brand and the asset-light model eliminates risks of extending our brand portfolio. Truly a win-win proposition," he added.

The restaurant owners are also exploring extending these brands into dine-in formats as well, the statement said. PTI AKT

Swiggy to Acquire Uber Eats' India Business worth $330 Mn

Uber Eats, the food delivery business of cab hailing firm Uber, was launched nearly two years ago in India, however established local brands like Zomato and Swiggy have not allowed Uber to make its own space among the Indian customers and now, according to ET report, Uber's food delivery business 'UberEats' is all set make a tactical exit by selling its India business worth $330 million to its local rival Swiggy.

Uber is selling its food business of India in order to push down its losses and help the company go for IPO with targeted valuation.

The acquisition is likely to be a share swap i.e. -- Uber would pay with stocks rather than with cash -- giving Uber around 10% stake in Swiggy, which was last valued at $3.3 billion.

In March last year, Uber did exactly the same when its exited its transport and food delivery businesses by selling it to deal with Singapore-based Grab. Uber closed that deal in exchange for a 27.5% in Grab .

Touted as a major revenue generator for Uber,  Uber Eats was reported to be valued at over $20 billion and grossed $1.5 billion in sales in the first quarter of 2018 alone.

Expected to close by March, the acquisition -- if happens -- will be Swiggy's largest acquisition till date, and Uber's first divestment of its food business globally.

Uber's move to sell its business in one of Asian countries is in line with it's global strategy to cut down on losses as it prepares for a public offering (IPO) at a possible valuation of $120-150 billion.

Notably, Uber Eats had also held discussions with Zomato, but those talks fell through, said the ET report.

It may noteworthy that Swiggy's last fund-raise, which made it to valued at $3.3 billion, was led by Naspers including new backers Tencent and Coatue and Coatue is an investor in Uber too.

Coatue is a technology sector hedge fund that invests in public and private equity markets. It is led by Philippe Laffont, who founded the hedge fund after leaving Tiger Management in 1999.

This month, Swiggy acqui-hired Kint.io, a Bangalore-based
Artificial Intelligence (AI) startup, for an undisclosed amount. Kint.io, which was Swiggy's third acquisition, applies deep learning and computer vision for object recognition in video.

Swiggy May Raise Fresh $600 Mn from Existing Investor Naspers

India's biggest food ordering and delivery company, Swiggy, could raise a fresh round of funding close to $600 million or even more marking its biggest fundraise to date. The speculated funding will be born by Swiggy's existing investor and largest share holder Naspers of South Africa, reported Bloomberg today, citing people privy to the ongoing development at Naspers.

Naspers, which is planning to increase its stake in Swiggy, could also buy stakes from Swiggy's other existing investors such as Bessemer Venture Partners, said the report. Nasper has 22% stake in Swiggy, as of March 2018.

Besides Nasper, Tencent Holdings Ltd. can also participate in this possible fundraise of Swiggy. It is to be noted that Naspers owns a 31% controlling stake in Tencent.

If this funding falls through then this will be Swiggy's third round of funding within a year. The food delivery startup had last raised $210 million in June this year and funding round was led by Digital Sky Technologies and Naspers. Prior to this, Swiggy had raised $100 million again from Naspers, along with China's Meituan-Dianping.

This plausible fundraise report comes at time when just a few days back Swiggy's biggest India rival Zomato had raised a fresh capital of $210 million from Alibaba's payment affiliate Ant Financial.

Naspers, which also has shares in India's travel firm MakeMyTrip and classifieds business OLX, has targeted India for investments as the company seeks to repeat its Tencent and Flipkart success. Notably, the company made a $1.6 billion profit from the sale of its 11% stake in Indian e-commerce startup Flipkart to Walmart, earlier this year.

Swiggy, which currently valued at more than $2 billion, is also planning to enter hyperlocal delivery market with its upcoming service called 'Dash', through which it will deliver medicines and grocery.

Founded in 2014, by Sriharsha Majety, Nandan Reddy and Rahul Jaimini, Swiggy is one of the fastest entrants into the billion dollar club and raised a total of $465 million since it started.

EArlier this month, it was also reported that UberEATS, the food delivery unit of Uber, had held talks with Swiggy for possible acquisition of later, a few months ago. However, the acquisition could not materialize and now Swiggy is reportedly closing a fresh funding round from Chinese investor and WeChat owner Tencent.

Meanwhile, Zomato is building its own digital wallet to prevent its users going out of its ecosystem while making payments online.

[Top Image - AdageIndia.com]

UberEats Reportedly Held Talks with Swiggy for Acquisition

UberEATS, the food delivery unit of Uber, had held talks with Nasper-backed Indian food delivery startup, Swiggy, a few months ago, reported Axios. However, the acquisition could not materialize and now Swiggy is reportedly closing a fresh funding round from Chinese investor and WeChat owner Tencent.

An another report by Bloomberg has suggested that Uber is in early talks to buy UK-based food-delivery company Deliveroo for several billion dollars. Deliveroo is an Unicorn food delivery startup based out of London and is UK's biggest online food delivery firm valued at $1.1 billion.

In January this year, the Deliveroo was said to be entering Indian market though no substabtial development happened since then. The company was said to be in the process of hiring a country head along with setting up a full-fledged team in India.

It is to be noted that in this year, UberEats has made two acquisitions and both in the US. In May UberEats acquired Texas-based orderTalk, which offers online ordering software and call center solutions for the restaurant and hospitality industries. This was followed by acquisition of New York-based restaurant, Ando, that offers delivery services to its users.

In India, UberEats is said to be recording 50% month-on-month growth in May on the back of aggressive promotional pricing.

About Swiggy, the Bangalore-based food delivery startup Swiggy has reportedly been in talks with couple of investors including China's Tencent and Japan’s SoftBank, since November. This year alone, Swiggy has raise a handsome $310 million from two different rounds of $210 Mn in June and $100 Mn in February, which was led by Naspers and DST Global (June).

Notably, both Swiggy and Deliveroo have DST Global as a common investor. Deliveroo has raised a total of about $860 Mn in funding over six rounds with last funding came from a Series F round in September, 2017.

In August, Sriharsha Majety, CEO & co-founder of Swiggy, has said that the company is experimenting with few hyperlocal categories, which is among several new initiatives that the India’s largest online food ordering startup has planned for going beyond just food ordering and delivering.

[Top Image - UberEATS India@Twitter]

Swiggy CEO Confirms Company's Entry To Hyperlocal Delivery Space

Sriharsha Majety, CEO & co-founder of Swiggy, has said in an interview that the company is experimenting with few hyperlocal categories, which is among several new initiatives that the India’s largest online food ordering startup has planned for going beyond just food ordering and delivering.

“We’ve been closely observing our consumers’ lives and we feel that there are some unique capabilities that we have that can take a shot at solving more problems, even outside the realm of food. You’ll see us start making small forays into new areas,” said Majety in an interview.

This confirms a report we published in April this year, according to which Swiggy, in coming months, will launch new hyperlocal service called 'Dash', to deliver medicines and grocery.

Additionally, Swiggy is also working on a new loyalty program to retain its fleet of several thousands of delivery executives, said Majety.

Notably, since start of this year Hyperlocal delivery startups are grabbing investor eyeballs again with startups in this segment raising a total of $82.6 million in funding, in first half of 2018 - according YourStory research. In June, Bangalore-based hyperlocal delivery startup Dailyninja raised $3 Mn in a funding by Saama Capital.

According to market research firm, Ken Research in its latest publication on “India Hyperlocal Market Outlook to 2020 - Driven by Rising Startups Firms and Fluctuating Investments”, the India Hyperlocal market will grow at a considerable CAGR rate thus exceeding INR 2,306 crore by 2020

This year, Swiggy raised a total of $301 million in two rounds - $100 Mn from Naspers and China’s Meituan, in February; and, $210 million from Naspers and DST Global, in June. This made Swiggy to join elite club of Unicorns - aka startups with a valuation of $1 billion+ - and values Swiggy at roughly $1.3 billion, surpassing rival Zomato’s $1.1 billion valuation.

Founded in 2014, by Majety, Nandan Reddy and Rahul Jaimini, Swiggy is one of the fastest entrants into the unicorn club and raised a total of $465 million since it started.

According to Swiggy's latest regulatory filings, the company reported revenue of roughly Rs 133 crore, while losses widened to Rs 205 crore in the 2016-17 financial year.