“We will use the funds to hire aggressively and expand across multiple geographies within the next few months,” said Sriharsha Majety, Co-founder and CEO at Swiggy.
Swiggy was founded in August 2014 by Sriharsha Majety, Nandan Reddy and Rahul Jaimini. Swiggy is a food ordering platform that is using a fleet of delivery personnel equipped with smartphones and an app powered by routing algorithms. The firm claims it offers customers timely deliveries along with real-time tracking of their order status. Additionally, it provides curated menus, visual guides and a careful selection of popular restaurants.
“We are very excited to partner with Swiggy and rapidly expand the differentiated value proposition of great service and customer experience that they deliver in a fast growing segment,” said Mukul Arora, Principal, SAIF Partners.
As per estimates, the tech-based food services market in India is valued at over US$14 billion. Swiggy is the latest entrant into the highly-competitive digital food ordering space in India. There are around 20 digital food ordering ventures in India. With over US$100 million cash in hand and with 12,000 restaurant partnerships in 200 cities, Rocket Internet-backed foodpanda is leading the pack. Other players include Faaso’s, TinyOwl, SpoonJoy, TravelKhana, Hola Chef, and Bite Club.