Food delivery startup Swiggy to invest $700 million in its quick commerce business, Instamart, according to TNN report. “At our current growth trajectory, Instamart is set to reach an annualised GMV run rate of $1 billion in the next three quarters. With our food delivery business trending at a $3 billion annualised GMV run rate,…
Swiggy has elevated Phani Kishan Addepalli, VP – Strategy & Investments, as the new Co-Founder of the company, Sriharsha Majety, CEO, wrote in a blog post. Kishan joined Swiggy in 2015 as General Manager – Strategy, Analytics, CX & New Initiatives. Prior to Swiggy, Kishan had a stint with global companies like The Boston Consulting Group, ITC…
Food delivery platform Swiggy has secured $800 million in funding at $5 billion valuation. The investment was received from Think Investments, Falcon Edge, Carmignac, Amansa Capital, and Goldman Sachs, among others. “The fundraise was oversubscribed due to the strong recovery following pandemic-induced disruption,” said Sriharsha Majety in an email sent to employees. “The fundraise gives…
Just days after Zomato announced its decision to lay off employees, food delivery unicorn Swiggy also said that it is laying off 1,100 employees across functions over the next few days. In a blog written by Sriharsha Majety, Co-Founder and Chief Executive Officer, the company said, it will be laying off 1,100 employees across grades…
Swiggy, an online food ordering platform announced it has raised $113 million funding led by existing investor Prosus Ventures, formerly known as Naspers Ventures. Post this funding, Swiggy’s valuation stands at nearly $3.6 billion. Other existing investors such as Hadley Harbour Master Investments and Chinese local services platform Meituan, also participated in the round, as…
Swiggy, India’s food delivery unicorn, has seen rapid expansion since it started. The company, founded by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini in August 2014, was a late entrant as compared to Food Panda ( now owned by Ola), and Zomato, but has taken over the market and has emerged as the leading brand…
Online food delivery startup Swiggy has raised $1 billion in a fresh round of funding led by South African multinational internet and media group Naspers, with the entry of new investors like China’s Tencent, Hillhouse Capital, and Wellington Management. Avendus Capital was the financial advisor to the transaction. According to sources, with this new round of funding…