Swiggy to start delivering medicines, groceries to boost company volume
Bengaluru-based food delivery start-up Swiggy is reportedly planning to enter the hyperlocal segment starting with medicine and grocery deliveries. The hyperlocal service will be called "Dash" and could be launched as a pilot in select cities over the next few months. The expansion aims at optimizing Swiggy's costs and its 30,000-strong workforce during the lean hours (2 pm-6 pm).
Swiggy might raise $200 million to become a unicorn
This comes right after it was reported that Naspers-backed Swiggy is in talks with Hong Kong-based VC firm DST Global and New York-based technology hedge fund Coatue Management for an investment of $200 million. If this materializes, the start-up's valuation can cross $1 billion and it will enter the unicorn club along with rival Zomato.
Swiggy has received over $255 million in funding so far
Founded in August 2014, Swiggy is currently functional in over 11 cities including Delhi, Mumbai, Pune, Hyderabad, Kolkata, Bengaluru, Chennai, Ahmedabad, Jaipur, and Chandigarh. According to reports, it gets nearly 7 million orders every month from over 35,000 restaurant partners. Notably, the food delivery start-up has risen over $255 million in funding so far.
Swiggy has come a long way since its inception
Far from how the platform originally was, Swiggy has since launched a host of advanced features and services. These include cloud kitchen, new supply chain, Swiggy Access, long-distance deliveries, and Swiggy Scheduled that allows users to plan and order their meals in advance. It has acqui-hired gourmet food start-up 48East, and also partnered with ICICI Bank and Flipkart-owned PhonePe for hassle-free digital payments solutions.
India's hyperlocal segment set to touch $345 million by 2020
In FY17, Swiggy saw a record 500% increase in revenues. The start-up claims to have set an industry benchmark of a 35-minute average delivery time. Notably, India's hyperlocal segment could touch $345 million by 2020.
