In our times, India is experiencing a digital revolution at a rapid pace. Earlier, we would rush into the market to buy small and oversized items. Ordering food through online websites, applications, or websites has become a fashion trend in today’s time.
Most people who return home from work think about getting ready-to-eat food at home, and this happens predominantly to women who return home from work. By launching an online food delivery company, SWIGGY, the three friends caused a lot of panic in India’s food industries.
Nandan Reddy and Sriharsha Majety, the founders of a home-grown startup, Swiggy, grew up in a digital economy. As early as their school days, they showed signs of their extraordinary abilities. The two entrepreneurs realized that there was an urgent need for India’s cities to have more restaurants but found it difficult for restaurants to establish themselves. So they started by building a food delivery app – which helped restaurants find new customers and improved their own food delivery service as well. They launched the app in October 2014 and began servicing 12 cities before growing into 40 cities across nine states in India with over 10k restaurant partners delivering food from 800+ restaurant partners.
In 2016, two years after it was founded, Swiggy raised a Series B round of $12 million from Norwest Venture Partners (NVP) and Accel Partners. In May 2017, Swiggy raised $80 million in a Series C round led by DST Global and existing investors NVP and Accel Partners. In 2018 it has also announced plans for expansion outside India, with Singapore as its first market. However, in June 2018 Singaporean regulators rejected its application for an operating license as a food delivery service provider.
Today, Swiggy boasts of a network of more than 100 delivery personnel who bring food from restaurants directly to customers. It’s currently worth $950 million and was acquired by China’s largest online food ordering platform, Meituan-Dianping in June 2018. The company claims that it has clocked over USD 500 million in gross sales in under 3 years. In India’s hyper-competitive food delivery market, which is projected to reach USD 2 billion in revenues by 2021, it ranks as one of India’s most well-funded startups with a total disclosed funding round exceeding $280 million (including Softbank’s Vision Fund) and an estimated valuation above $2 billion. Swiggy success story proves that anything is possible if you put your heart and soul into it.
What’s more, Sriharsha Majety had just returned from Silicon Valley when he and his friend, Nandan Reddy had conceived the idea of launching a food delivery app in Bangalore. Not only did he turn his life around through entrepreneurship – He went on to become the youngest Indian CEO of a tech company when he was appointed at age 29 as CEO of Swiggy.
How did Swiggy reach these numbers?
Rahul Jaimini co-founded Swiggy in 2012. The idea began as a way for delivery services in India but soon turned into a global startup story and delivery service that carries happiness from street food restaurants to your doorstep. All thanks to Swiggy’s loyal customers and talented team members.
Swiggy connects restaurants with hungry customers through delivery agents who bring people together. The company’s mission is to provide everyone across the country – whether they’re looking for Indian or western cuisine – with the choice of having food delivered right to their doorsteps. By being more convenient than standing in line or waiting at a restaurant, more people get access to quality food when they need it most.
A 100% belief in the vision
Swiggy’s success is a team effort. None of us would have been able to do this if we didn’t believe in our vision. The emotional connection between food, commerce, and people has not changed. But the way people want to order their food has indeed changed radically and that was something we had already been betting on from day one, said Burman. Like any startup in the world, Swiggy is also a part of a continuous experiment, with constant feedback and insights from customers guiding them along the way. One may wonder what got the founders through all these trials and tribulations. It’s just about giving back happiness into people’s lives, isn’t it?
Steps were taken to make this happen
This post is dedicated to all the aspiring startup entrepreneurs out there. From setting up their first store in 2009, their 2nd store in 2010, and their 3rd store in 2011, these are just a few of the milestones they have achieved.
They have also partnered with some of India’s leading brands like Times Food, Domino’s Pizza, and Uber Eats. They also launched their online store in January 2017 and had a great response to it. This has made them one of India’s most famous success stories in business.
Swiggy was one of India’s top 10 startups in 2016 and also has been selected as one of Forbes Asia’s Best Under a Billion Companies. They are also part of Y Combinator, an American seed accelerator firm. For someone who has only been working in entrepreneurship for a few years, they have done well and seem to be just getting started.
If you are wondering how you can make a startup, their story is a great one to look at. You will be able to see that if you work hard and want something badly enough, it is not impossible for you to. However, it does take quite a bit of time and effort so don’t start one unless it is something that means a lot to you. Just like Rahul Jain says hard work beats talent, in every startup success story!
Swiggy has had a roaring success with the rising demands of tech-savvy millennial entrepreneurs. Swiggy’s Startup Story, Food Delivering Brand came into existence with a promise of delivering happiness and convenience to customers. They were successful in providing on their promise from day one. The company was started by Mohit, who is passionate about entrepreneurship and innovation. He took lessons learned from past experiences and applied them to starting a company that became an innovator in the food delivery space within India. This venture has enjoyed some excellent achievements within its initial years, proving its viability as a market leader in this competitive business space at an international level.
The company is a success story for many of its employees who had become entrepreneurs on their own and were working with several other companies at that time. The formula behind their success has been working hard with a promise of delivering happiness and convenience to customers and are constantly expanding in new areas. The food delivery services in India have come a long way since they started as a conceptual model at IIT Bombay in 2011. Success Story of Swiggy Fast forward six years and Swiggy has taken over the Indian market as a leading player in the food delivery industry.
Swiggy expanded internationally by opening operations in Malaysia, Singapore, and Indonesia but eventually pulled out of these markets citing unfavorable regulatory conditions.
Despite challenges faced along the way, any good entrepreneur would know that failure only makes success sweeter.
Swiggy’s Culture and Values
At Swiggy, we put our customers first and try to deliver happiness right to their doorstep. While we often refer to ourselves as a technology company that takes on food delivery jobs, this is not the complete picture. For us, it’s never been about what we can do for business; it has always been about what businesses can do for the people. Our mission is to make the best food ordering experience in your city and connecting you with great local restaurants near you. We work with over 50% of restaurants in our city and have been helping customers find their favorite foods since 2014. We have 300+ staff that are passionate about delighting every customer with warm service every time they interact with us, one order at a time.
The Three Swiggy Giants, founders of Swiggy
Founded in Bangalore, Swiggy is the product of the creative efforts of three tech experts – Sriharsha Majety, Laxmi Nandan Reddy, and Rahul Jaimini.
He is the co-founder and CEO of Swiggy. He earned a BE in Electrical and Electronics Engineering as well as an M.Sc. in Physics from BITS Pilani in 2008. Sri Harsha has also completed the CFA Institute’s level II program. The next year, in 2011, he finished his MBA in Finance at IIM, Calcutta. He has recently got his job here as a recruitment coordinator. He also contributed to the London office of Nomura International’s rates trading division. In 2013, he helped co-found Bundl Technologies Pvt. Ltd., which is how Swiggy got started.
Lakshmi Nandan Reddy
The founder of Swiggy, like his business partner Majety, graduated from BITS Pilani. He earned his M.Sc. from that institution in 2010. He was the in-charge of all social media efforts at Source Pilani. In Hyderabad, he helped co-found the eatery Zurna. Then he joined Majety in founding Bundl Technologies, which later became the foundation for Swiggy.
Another engineer, Rahul Jaimini, completes this impressive trio’s third dimension. He graduated from IIT Kharagpur in 2010 with a dual degree in engineering and computer science. At the time Majety and Nandan contacted him to work on creating the great Swiggy application, he was a software engineer at Myntra.
How does the company earn?
Founded in 2012, food-delivery startup Swiggy has over 150 operational cities and has delivered over 2 million orders. By delivering happiness through delicious, affordable food, Swiggy is revolutionizing the way people eat. The company earned its first revenue only five months after launch. To fund their rapid growth, the founders ran a month-long campaign on AngelList which was sponsored by Google Ventures and Sherpalo Ventures.
Mission and Vision
It was no surprise when just a year after its inception, the food delivery app had acquired over 30,000 restaurant partners and serviced 1.4 million hungry people in more than 27 cities across India.
Swiggy’s vision is to redefine the way we think about ordering from a restaurant by changing the concept of restaurants into de-facto kitchens where customers can order food from.
They aim to be India’s favorite discovery platform and personal concierge, delivering a delightful experience as they become an integral part of everyday life. Its mission is – Deliver happiness, every day. and they are doing so by being an integrated service provider in all aspects of food ordering which ranges from customer engagement, logistics, order management, and customer care.
One of the biggest success stories in business is Swiggy’s. They provide consumers with unprecedented convenience. Swiggy is a food delivery service, so why wait? Even I am feeling the hunger pangs after so much hard work! Don’t hold back your desires, Swiggy Karo!