Table of Contents
Swiggy-success-story- Bio, facts, Net worth, Owner Information, Tie up restaurants, Income, How they start-up, Rating, Reviews.
Rahul Jain, Nandan Reddy, and Sriharsha Majety decided to launch a meal delivery business. Since India didn't yet have any meal delivery services, they saw a chance to close that market gap. The business took off after they began delivering food to their classmates from nearby restaurants. Today, with more than 50,000 restaurant partners, Swiggy stands as the largest meal delivery business in India. Utilizing their combined resources, they launched Swiggy with a meager Rs. 10,000.
The co-founder of Swiggy, the biggest food delivery business in India, is Sriharsha Majety. He holds an MBA from IIM-Calcutta and a degree in electrical engineering from Birla Institute of Technology and Science, Pilani. He spent three years leading the technical team at an IT company before founding Swiggy. There, they created the company's first mobile application.
In Bangalore, Karnataka, India, Majety was born. His mother was a stay-at-home mom, and his father worked for the government. He has two older brothers. One of the biggest ethnic groupings in India is the Telugu-speaking minority, where Majety's family hails from. Majety developed an early interest in technology. With the aid of his father, he constructed a computer from the ground up while he was in the fifth grade.
He led the robotics team at his high school as captain. He continued his education at one of India's top engineering colleges, Birla Institute of Technology and Science, Pilani, where he studied electrical engineering.
Majety worked at the biggest e-commerce company in India after graduating. He worked on the group that developed the initial mobile application. To pursue an MBA at IIM-Calcutta, he quit his employment. Along with Rahul Jain and Nandan Reddy, Majety co-founded Swiggy. The business began as a food delivery service for Bangalore restaurants.
Majety credits Swiggy's emphasis on data and technology for a large portion of its success. He claims, "We've always been a very tech- and data-driven company." "We use data to inform our decisions, from where to open our next location to which restaurant to partner with."
Swiggy came in at number twelve on Forbes' list of the World's Most Innovative Companies for 2019. The business is valued at more than $15 billion and has turned a profit since 2018. Majety believes that Swiggy will keep expanding in the future. He states, "I believe we have a very strong business model." "We are in a strong position to take a sizable chunk of the Indian meal delivery market."
Nandan Reddy, a former student of BITS Pilani, was born in Hyderabad, India. Reddy was raised in an entrepreneurial family. His father launched an import-export corporation, while his grandpa established a prosperous construction enterprise. Reddy developed an early interest in business. He launched a little business selling stationery products when he was in the fifth grade. He worked as his father's intern while he was in high school.
Reddy continued to the Indian Institute of Technology Madras (IIT Madras) to study computer science. He was employed as a software engineer with Infosys, one of the biggest providers of IT services in India, following his graduation. To obtain an MBA, he quit Infosys in 2009. Nandan Reddy and Sriharsha co-founded Bundl before launching Swiggy.
He was born in India's Jaipur. Both of Jain's parents work as doctors. His mother is an ophthalmologist, while his father practices pediatrics. Two older sisters belong to Jain. Jain has an early interest in technology. With the aid of his father, he constructed a computer from the ground up while he was in the fifth grade.
He led the robotics team at his high school as captain. He continued his education at one of India's top engineering colleges, IIT Madras, where he studied electrical engineering. Jain was employed by Microsoft in Redmond, Washington, as a software engineer upon graduation. He quit his job at Microsoft to get an MBA.
Jain, Reddy, and Majety co-founded Swiggy. The business began as a food delivery service for Bangalore restaurants.
Swiggy's success has been largely attributed to its technological platform. The business can supply food fast and effectively because it has developed an advanced logistics system. Additionally, Swiggy uses data to enhance its delivery routes and match customers with the appropriate eateries.
Currently, Swiggy operates in more than 500 Indian cities and has a network of more than 100,000 delivery partners. With the help of investors like Naspers, DST Global, and Meituan-Dianping, the company has raised over $800 million.
Along with further funding from Norwest Venture Partners, Accel and SAIF Partners invested $2 million in Swiggy in 2015. It raised $15 million the next year from both new and old investors, including Harmony Partners and Bessemer Venture Partners.
Naspers oversaw a $80 million investment round for Swiggy in 2017. Swiggy’s valuation was approximately $3.3 billion in September 2018 and approximately $3.6 billion in April 2020.
At a $5.5 billion valuation, SoftBank, Prosus, and other investors contributed $1.25 billion to Swiggy’s fundraising in July 2021.
Swiggy’s valuation reached $10.7 billion in January 2022 following a $700 million fundraising effort spearheaded by US asset management Invesco.
Swiggy’s valuation was lowered by Invesco from $10.7 billion in March 2023 to $8 billion, and then to $5.5 billion in May 2023.
About their successful life:
Bundl is an e-commerce platform that Sriharsha Majety and Nandan Reddy created in 2011 to make courier services and shipping throughout India easier. In 2014, Bundl stopped operations and changed its name to join the meal delivery industry. Several well-known startups, like Foodpanda (later bought by Ola Cabs), TinyOwl (later acquired by Zomato), and Ola Cafe (since closed), were having difficulties at the time, and the food delivery industry was in disarray. In August 2014, Majety and Reddy launched Swiggy by approaching Rahul Jaimini, who had previously worked for Myntra.
"The Bowl Company" is the name of the cloud kitchen business that Swiggy launched in January 2017. Swiggy launched Swiggy Access, a kitchen incubator, in November 2017 to provide its restaurant partners with access to a network of fully functional kitchens. According to a TechCrunch story, more than 1,000 Swiggy Access kitchens were up and running by 2019.
Under the moniker Swiggy Stores, Swiggy entered the general product delivery market in the beginning of 2019 by sourcing goods from nearby retailers. Swiggy Go, a fast pickup/dropoff service, was introduced in September 2019 that enables users to send document or parcel delivery. It changed the name of Swiggy Go to Swiggy Genie in April 2020. It started providing doorstep delivery of alcohol in the states of Jharkhand, West Bengal, and Odisha during the COVID-19 pandemic.
Swiggy let go of 1,100 workers in May 2020 due to the COVID-19 outbreak. Over three-quarters of its cloud kitchens were shut down as a result of the pandemic.
Swiggy launched Instamart, a speedy grocery delivery service, in August 2020 through a network of hidden businesses. In early 2021, the company closed its Swiggy locations and rebranded as Instamart.
As a component of a share-swap arrangement, it sold Kitchens@ Swiggy Access kitchens in 2023.