Bangalore: A Bangalore based online, offline food ordering and delivery startup Swiggy.com has raised Rs.12 crore from the private equity firm SAIF Partners and venture capital firm Accel Partners. The company will use the raised funds to expand its business expansion across multiple geographies and to hire talents.
Founded in August 2014 in the Koramangala in Bangalore by Sriharsha Majety, Nandan Reddy and Rahul Jaimini, alumni of Birla Institute of Technology & Science Pilani, IIT Kharagpur and IIM-C respectively, Swiggy.com is operated by Parent company Bundl Technologies Private Limited. Some of the students, system administrators at tech firms use smart phone and apps to track their orders in real time.
To offer logistics solutions for food deliveries, the startup partners with several restaurants. In addition, the company has its own force to take orders from restaurants and deliver the food to the customers. Swiggy operates across 11 areas in Bangalore and it partneerd over 300 restaurants with a daily delivery rate of 1000.
Talking about the development, Sri Harsha Majety, Co-Founder & CEO, Swiggy says “People are so busy with their hectic lifestyles that they do not have time to have a good healthy meal. We promise to deliver healthy food in about 35 minutes. Our main focus is on customers – never let our customers stay hungry”.
A private equity firm, SAIF Partners is a leading venture firm that provides growth stage capital for emerging firms in Asia. The VC firm manages over $4 billion and backed over 40 companies such as Make MyTrip, Urban Ladder, BookMyShow and many others.
Commenting on the funding round, Mukul Arora, Principal, SAIF Partners says, “Swiggy has a differentiated value proposition in a fast growing segment”.
The company is also planning to expand its operations in New Delhi, Mumbai, and Chennai by the end of this year.