SAIF Partners and Accel Partners have invested $2 Million in Bengaluru-based Swiggy, an on-demand food ordering start-up out of Bengaluru offering speedy deliveries from neighbourhood restaurants.
Swiggy started operations in August 2014 in the Koramangala neighbourhood of Bangalore and has been growing at a very fast pace since. Using a fleet of delivery personnel equipped with smartphones and an apppowered by routing algorithms, Swiggy is creating an efficient logistics solution for food deliveries. This ensures that Swiggy provides customers with timely deliveries and real-time tracking of their order status. Additionally, curated menus, visual guides and a careful selection of popular restaurants ensures a novel food discovery experience for customers.
Online food delivery has been growing exponentially over the past few years, and Swiggy is betting on their timely deliveriesand superior service levels to dominate the market.
According to Mr. Sriharsha Majety, Co-Founder and CEO at Swiggy, “We have established ourselves as a superior food delivery service in Bangalore, and our repeat percentages and engagement levels are off the charts. We are delighted to have SAIF and Accel onboard as investment partners. We will use the funds to hire aggressively and expand across multiple geographies within the next few months.”
“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.
Anand Daniel, Partner, Accel Partners commented, “Getting high quality food delivered expeditiously is a huge problem in India. We tracked this space closely and found the Swiggy team doing a fantastic job in filling this need. We are excited to partner with them.”