Sriharsha Majety – The Swiggy Founder
Hey Readers! As all, you must be aware that startups started collaborating with food ordering restaurants. In recent years, many online food ordering apps have entered the market but a few of them has got successful. One of these famous apps is our topic for this article which is Swiggy. Are you reading this article while waiting for your online food order? But, have you ever thought about the person who has provided you the facility to sit back at home and order and delivering your meal at your doorsteps? If not, then be with us till the end of our article regarding “Sriharsha Majety – The Swiggy Founder” and know the reason behind this startup idea while having your meal at the same time.
So, let just start by knowing about the Swiggy Founder.
About Sriharsha Majety – Swiggy Founder
Sriharsha Majety was born in 1988 in Bangalore, Karnataka, India. Sriharsha Majety is the CEO and the Swiggy Founder. Majety is a former Co-Founder and Chief Executive Officer of Bundl and worked as an Associate at Nomura International. He has been graduated with B.E. in Electrical and Electronics and an M.Sc. degree in Physics from the Birla Institute of Technology and Science, Pilani.
Coming from a family of businessmen, Sriharsha Majety had consistently been inspired to begin his own organization. Post graduating as a specialist from BITS-Pilani. Later, he got his MBA from IIM-Calcutta. After a concise spell as a speculation investor in London, Majety got back to India to seek after energy once more. Sriharsha Majety’s love for making a trip had taken him on hiking journeys across Southeast Asia and Europe.
“Growth is about learning and evolving with the different variables and moving parts.” – Sriharsha Majety
Origin and History of Swiggy
Back in 2014, the idea of online food requesting was basically unimportant and this called for requests on the lookout. At that point enter the food ordering and a conveyance startup: SWIGGY.
The Swiggy Founder and CEO Sriharsha majety along with co-founder Nandan Reddy framed this food ordering application idea in 2014. But, Swiggy can be called a second entrepreneurial venture of both partners. Both the founders are alumni of BITS, Pilani and after few years of interning together, they planned to introduce their joint business. The bundle is a logistics aggregator company whose business was going fine but both the founders are not happy doing this and then realized that they can explore the food industry of India.
Rise of Swiggy after Bundle fall
A day before independence day, 14th August 2014 was the date of establishment for Swiggy. It was a dream project turned into reality by Sriharhsa and Reddy. Swiggy was India’s first online food ordering and delivering platform. Rahul Jaimini was appointed as the coder for the development of websites and apps for smartphones and later he was also recognized as the co-founder of Swiggy.
At starting, the Swiggy office was set up in a small space in Koramangala, Bangalore and the startup started off with limitations. The opening setup of food delivery was decided at a single neighborhood with collaboration with 25 restaurants and six delivery executives.
Since its initial setup, the company has grown unbeatably with 25% month-on-month growth. Now, Swiggy has a major existence in every house. Swiggy is the default name to order food online in India. Into its 7th year, the company has expanded to over 15 Indian cities including metro cities like Delhi, Mumbai, Bangalore and, Chennai. The company has a tied-up with almost 8, 00,000 restaurants across India.
Fundings and Acquisitions of Swiggy
After the kick-off in 2014, Swiggy’s Funding and Acquisition roadmap is phenomenal. By starting in 2014, the company began attracting external investments by the end of 2015. The opening external funding raised by Swiggy was worth $2 million from Accel and SAIF Partners along with an additional raise from the Northwest Venture Partners.
In 2016, the company managed to raise funds with a total value of $15 million from existing investors and also from some new ones. Few of the new investors included Bessemer venture and Harmony Partners.
Furthur in 2017, Swiggy was in a position nowhere close to looking back. The second big investment was valued at $80 million, which was raised by Naspers Limited, in a funding round. Naspers Limited is a South African-based multi-national consumer Internet company. In February 2019, Swiggy started acquiring small startups, and firstly Bengaluru-based AI startup Kint.io was acquired.
In 2020, Swiggy raised funding worth $43 million which drastically raised the company’s value in the market, taking it to $3.6 billion. Yay! The company has a market valuation of $3.6 Billion. The company raised $800 million in Series J round funding from Goldman Sachs and Falcon Edge Capital, which raised Swiggy’s market value by $4.9 billion.
Vision and Busniess Model of Swiggy
Both Swiggy founders have a very clear vision for the company. Their aim is to raise the quality of life and experience of urban consumers by offering the convenience of ordering food at home. The company has a view to expand Swiggy in over 300 cities and to all major urban cities of India and to provide door-to-door services.
With a focus to deliver the food within 40 minutes after order, Swiggy’s business model is purely based upon on-demand hyper-local food delivery business operation. Swiggy has used innovative technology to connect the gap between restaurants and foodies. Are you a foodie too?
Swiggy Partnerships
Swiggy has joined with Burger King to give conveyance services. It has additionally cooperated with Google Local Guide to work with client reviews, and with Sodexo to empower clients for paying through feast cards. Swiggy has collaborated with Indifi Technologies to work with a financing program for accomplice restaurants. Swiggy dispatched a computerized wallet, Swiggy Money, in an organization with ICICI Bank.
Conclusion
Really, Swiggy is an ideal illustration of a powerful beginning up. The brand began with conveying food around there and now spreading across India. It has been a one-of-a-kind mix of business strategies, advertising systems, and online media methodologies which has changed the business in only 7 years of its beginning.
Hopefully, you also have some colleges or friends who can start a company, just like our Swiggy Founder and his mates in our article “Sriharsha Majety -The Swiggy Founder”. Do comment if you got motivated from this startup story.
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