In the major cities of the country many techies are working till late night in the offices and coming back to home preparing the food is the main problem, even if they want home delivery they need to order minimum amount should be fulfilled to deliver the food, often some restaurants will not provide home delivery, to overcome this problem the Nandan Reddy, Sriharsha Majety, and Rahul Jaimini came up with an idea and make it successful that is Swiggy.
The two techies Nandan Reddy, Sriharsha Majety alumni’s of the BITS Pilani, they came up with an idea to build the delivery management platform, they developed it and launched with a name called ‘Bundl’ in the year 2013, they shut down their start-up in the year June 2014.
While working on the ‘Bundl’ they came to know the power of the hyper local delivery, they did brainstorming to which we can hyper-local delivery that will make the business and make it useful for the people.At the point of brainstorming time, they meet the Rahul Jaimin who is the alumnus of the IIT-Kharagpur working as a developer in Myntra and the fixed to start the Start-up with the name Swiggy.
It is the new food ordering and Delivery Company based out of Bangalore started operations in August 2014 from Koramangala, Bangalore’s start-up hub. The best thing about Swiggy to be more success full is there is no minimum order policy. It has its own tracking system, delivery boys, and mobile phones to fast reach the customers based on the location.
They start-up made good returns and made a big change in the delivery of the food to the customers, they followed some basic principles to be a success, to deliver the food to the customer in time, no minimum order policy. Within 8 months of the start-up, they got funding from 2 ventures ( Accel Partners and SAIF Partners) $ 2 Million, after that rest is the history. Currently, it’s operating in the eight cities in the country and making 188866 app downloads (Recent Data 2018).
The growth is 20-25% every month to month that means it is developing rapidly with a good speed, 5000 restaurants tied with Swiggy and 3000 delivery boys, the net worth of the company is Rs 3,86,34,590 with a turnover of Rs 7,41,702 (2016). They are coming with many Gift coupons, and discounts to reach the customers, the main strength is the repeated customers ordering the food regularly due to the best service was given by the Swiggy.
The online food delivery market is growing 15% quarter-on-quarter in terms of daily food orders.To be Successful in the service industry we need to give the best service to the customers. The size of the Indian restaurant industry will be worth $30 billion in 2020 and is growing at a very fast pace.
Competitors & Market Share:
In India currently, there are 65 food tech companies operating in the country. The main competitors are the Zomato and Food Panda which is given good healthy competition among themselves to give the best service to the customers. In India, food and beverages industry is strengthening at a good pace.
Tinyowl is another online food ordering platform which is also developing in the good phase. Many Mnc’s are entering in the food start-up recently Ola and Uber also enter in the food industry. Swiggy is making almost 35-38% of market share in the food order and delivery market, and Zomato with the 25-30% share.
The swiggy team came up with an initiative called Swiggy Access last year in the November 2017, which gives the opportunity to restaurant partners to open the Kitchens in the neighborhood, currently, they are not operating while the competitor Zomato also planning to start the same thing.