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Swiggy

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Swiggy Limited
Company type
Public
ISININE00H001014
Industry
Founded26 December 2013; 12 years ago (2013-12-26)[1]
Founders
  • Sriharsha Majety
  • Nandan Reddy
  • Rahul Jaimini
Headquarters
Bengaluru, Karnataka, India
Area served
700 cities (2025)
Key people
  • Sriharsha Majety (CEO)
  • Rohit Kapoor (CEO – Food)
  • Phani Kishan Addepalli (CEO – Instamart)
  • Rahul Bothra (CFO)
  • Madhusudhan Rao (CTO)
Services
RevenueIncrease ₹16,333 crore (US$1.7 billion) (2025)
Decrease ₹−1,910 crore (US$−200 million) (2025)
Decrease ₹−3,107 crore (US$−330 million) (2025)
OwnersProsus (25.4%)
SoftBank (7.6%)
Accel (5.4%)
Sriharsha Majety (4.9%)[2]
Number of employees
6,000 (2023)[3]
Subsidiaries
  • Dineout
Websiteswiggy.com
Footnotes / references
Financials as of 31 March 2025.[4]

Swiggy Limited is an Indian online food ordering and delivery company, headquartered in Bengaluru. As of 2025, it operates food delivery services in more than 700 Indian cities,[5] and quick-commerce services under the name Instamart in 100 cities.[6] The company was incorporated in 2013.

Swiggy competes primarily with Zomato in food delivery.[7] In quick-commerce, Instamart ranks behind competitors Blinkit and Zepto in terms of market share.[8][9]

History

[edit]

In 2013, Sriharsha Majety and Nandan Reddy designed an e-commerce website called Bundl to facilitate courier service and shipping within India.[10] Bundl was halted in 2014 and rebranded to enter the food delivery market.[11] Majety and Reddy approached Rahul Jaimini, formerly with Myntra, and launched Swiggy in August 2014.[12][10][11]

By 2015, Swiggy expanded its food delivery operations from just Bengaluru to eight Tier 1 cities across India.[13][14] At the time, the food delivery sector was in turmoil as several notable startups, such as Foodpanda (later acquired by Ola Cabs), TinyOwl (later acquired by Zomato) and Ola Cafe (later closed) were struggling.[10][11]

In January 2017, Swiggy started its cloud kitchen chain called "The Bowl Company".[15] In November 2017, Swiggy started a kitchen incubator business called Swiggy Access, opening a network of ready-to-occupy kitchens for its restaurant partners.[16] By 2019, over 1,000 Swiggy Access kitchens were operational, according to a TechCrunch report.[17]

In mid-2018, Swiggy was operational in 16 Indian cities,[18] which increased to 500 cities in 2019, matching the scale of rival Zomato.[19]

In early 2019, Swiggy expanded into general product deliveries under the name Swiggy Stores, sourcing items from local stores.[20][21][22] In September 2019, Swiggy launched Swiggy Go, a package delivery service.[23][24] In April 2020, it rebranded Swiggy Go as Swiggy Genie.[25] During the COVID-19 pandemic, it began doorstep delivery of alcohol in the states of Jharkhand, West Bengal and Odisha.[26][27]

In May 2020, Swiggy laid off 1,100 employees during the COVID-19 pandemic.[28] The pandemic also resulted in the shut down of more than three-fourths of its cloud kitchens.[29]

A Swiggy delivery partner swapping the battery of his electric scooter

In August 2020, Swiggy launched its instant grocery delivery service called Instamart using a network of dark stores.[30][31] In early 2021, the company closed Swiggy Stores and expanded its operations under Instamart.[32]

In 2022, Swiggy acquired the dining and table reservation platform Dineout from Times Internet in an all-stock deal valued at $120 million.[33]

In 2023, it sold Swiggy Access kitchens to Kitchens@ in a share-swap deal.[34]

In January 2024, Swiggy laid off 400 employees, or 6% of its workforce, ahead of IPO.[35][36]

In April 2024, Swiggy converted itself into a public limited company[37] and confidentially filed for an initial public offering.[38] Swiggy launched its initial public offering (IPO) in November 2024 at ₹390 per share, valuing the company at $11.3 billion.[39]

In December 2024, Swiggy launched an events and ticketing service called Scenes.[40] In May 2025, it shut down its same-day package delivery service Genie.[41]

References

[edit]
  1. ^ "Swiggy Limited" (PDF). Swiggy. Retrieved 30 November 2025.
  2. ^ "Swiggy - Pre-IPO shareholders' lock-in expiry to weigh on stock performance" (PDF). Business Standard. JM Financial. Retrieved 24 July 2025.
  3. ^ "Swiggy planning fresh layoffs; may cut 8-10% from 6000-strong workforce". Business Standard. 19 January 2023. Retrieved 27 February 2023.
  4. ^ "Shareholders' Letter Q4FY25" (PDF). Swiggy Limited. Retrieved 14 May 2025.
  5. ^ "Swiggy–Kearney Report Projects $125 Billion Food Market by 2030". Entrepreneur. Retrieved 7 May 2024.
  6. ^ Acharya, Disha (19 March 2025). "Is Swiggy Instamart's expansion to 100 cities a high-risk bet?". The Morning Context. Retrieved 30 November 2025.
  7. ^ Madhav Chanchani (17 March 2019). "Online food delivery wars are moving from India to Bharat". The Times of India. Retrieved 13 August 2019.
  8. ^ "India - Internet Sector Research Report (16 June 2025)" (PDF). JM Financial. Retrieved 30 November 2025.
  9. ^ "Zepto surpasses Swiggy Instamart in daily orders, closes in on Blinkit". Financial Express. Retrieved 30 November 2025.
  10. ^ a b c "How Swiggy Became India's Fastest Unicorn". Livemint. 27 June 2018. Retrieved 31 August 2019.
  11. ^ a b c "Swiggy Timeline: From a Bootstrapped Venture to India's Fastest Growing Unicorn (Infographic)". Entrepreneur. 23 December 2018. Retrieved 31 August 2019.
  12. ^ Kanth, K. Rajani. "A start-up by IIM, IIT grads to quickly deliver food from restaurants!". Rediff. Retrieved 27 February 2023.
  13. ^ "Bengaluru's food delivery start-up Swiggy expands operations to Pune". The Economic Times. 21 July 2015. Retrieved 2 April 2024.
  14. ^ "Online food ordering platform Swiggy raises $7 mn". Techcircle. 10 May 2016. Retrieved 2 April 2024.
  15. ^ "Swiggy sets up cloud kitchen 'The Bowl Company' in Bengaluru". The Times of India. 19 January 2017. Retrieved 27 February 2023.
  16. ^ "Swiggy launches ready-to-occupy kitchens 'Swiggy Access'". The Times of India. 14 November 2017. Retrieved 27 February 2023.
  17. ^ Singh, Manish (20 November 2019). "India's Swiggy bets big on cloud kitchens". TechCrunch. Retrieved 27 February 2023.
  18. ^ Bansal, Varsha (1 July 2019). "Food delivery fight grips small-town India". mint. Retrieved 2 April 2024.
  19. ^ "Swiggy now in 500 Indian cities, targets 100 more this year". mint. 7 October 2019. Retrieved 2 April 2024.
  20. ^ Jon Russell (February 2019). "India's Swiggy goes beyond food to offer product delivery from local stores". TechCrunch. Retrieved 13 August 2019.
  21. ^ Abhinav Singh (27 April 2019). "How food aggregator apps like Swiggy, Zomato, are trying innovative business methods". The Week. Retrieved 13 August 2019.
  22. ^ Deepti Chaudhary (15 March 2019). "Can Swiggy take more orders?". Fortune. Retrieved 13 August 2019.
  23. ^ "India's Swiggy has a new service that will deliver just about anything". TechCrunch. 4 September 2019. Retrieved 2 March 2020.
  24. ^ "Swiggy launches instant pick up and drop service 'Swiggy Go'". Livemint. 4 September 2019.
  25. ^ Singh, Jitendra (9 April 2020). "Swiggy expands grocery delivery service to more cities; rebrands Swiggy Go". Entrackr. Retrieved 25 January 2022.
  26. ^ "Swiggy starts home delivery of alcohol with new verification feature in Ranchi, plans to extend it to more cities soon". The Times of India. 21 May 2020. Retrieved 14 March 2023.
  27. ^ Bhalla, Kritti (24 April 2021). "Zomato Exits Alcohol Delivery Due To Cashburn Even As Swiggy Stays Put". Inc42. Retrieved 14 March 2023.
  28. ^ "Swiggy lays off 1,100 employees as Covid-19 derails Cloud kitchens". The Economic Times. 19 May 2020. Retrieved 20 May 2020.
  29. ^ "COVID forced us to shut three-fourths of cloud kitchens: Swiggy CEO". Business Today. 26 November 2021. Retrieved 27 February 2023.
  30. ^ Upadhyay, Harsh (10 August 2020). "Swiggy launches 45-min grocery and essentials delivery service via Instamart". Entrackr. Retrieved 15 November 2021.
  31. ^ Sil, Debarghya (11 August 2020). "Swiggy Launches InstaMart; Promises To Deliver Groceries Within 45 Minutes". Entrepreneur.
  32. ^ "Swiggy Ends Grocery Marketplace Experiment As Focus Turns To Dark Stores". Inc42 Media. 20 January 2021. Retrieved 15 November 2021.
  33. ^ "Swiggy buys Dineout from Times Internet in $120 million all-stock deal". The Economic Times. Retrieved 3 January 2023.
  34. ^ Bhushan, Kul (2 March 2023). "Swiggy sells Access Kitchens business to Kitchens@". Entrackr. Retrieved 2 March 2023.
  35. ^ "Swiggy to fire 400 employees in the fresh round of layoffs: Story in 5 points". India Today. Retrieved 9 March 2024.
  36. ^ Saha, Soumyajit (26 January 2024). "Swiggy to lay off 6% of workforce impacting 400 jobs ahead of IPO". The Economic Times.
  37. ^ "Swiggy converts to public limited company ahead of IPO". The Economic Times. 9 April 2024. Retrieved 7 May 2024.
  38. ^ C, Priyamvada (26 April 2024). "Swiggy makes confidential filing for IPO". Mint. Retrieved 7 May 2024.
  39. ^ "Swiggy IPO sees 3.6x subscription". The Times of India. 8 November 2024. Retrieved 15 November 2024.
  40. ^ Ranipeta, Shilpa (14 December 2024). "Swiggy launches 'Scenes' for live events, takes on Zomato's 'District'". CNBCTV18. Retrieved 9 February 2025.
  41. ^ "Swiggy shuts down hyperlocal delivery arm Genie". Moneycontrol. 5 May 2025. Retrieved 14 May 2025.
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