Swiggy acqui-hires start-up 48East to strengthen its new supply business
Bengaluru: Online food delivery start-up Swiggy (Bundl Technologies Pvt. Ltd) Wednesday said it has acqui-hired Bengaluru-based gourmet Asian food start-up 48East. With this, Swiggy plans to further strengthen its new supply business line, which was unveiled in November.
Some start-ups acqui-hire talent or employees of a company rather than acquiring it along with its products and assets.
Swiggy’s new supply vertical which was launched in November will look at collaborating with restaurant partners to plug gaps on the supply side of Swiggy’s marketplace.
48East is a restaurant chain founded by Joseph Cherian and Nabhojit Ghosh. Cherian will now head Swiggy’s new supply business as its chief operating officer, the company added.
“With their deep understanding of the food space and an impressive track record of delivering a great consumer experience, the 48East team will equip Swiggy with additional capabilities. We are excited to work with them towards our vision of changing the way India eats,” Sriharsha Majety, chief executive officer of Swiggy said in a statement.
The acquisition comes just a month after Swiggy launched Access kitchens in Bengaluru under the new supply vertical. Access kitchens helps restaurants to set up cloud kitchens in neighbourhoods where they don’t already operate. Cloud kitchens are kitched spaces leased out by Swiggy.
The company has plans to set up more Swiggy Access kitchens in Bengaluru and other metro cities in the next six months.
Swiggy had announced a series of top managerial level change in the past couple of months as it pushes hard to compete with rivals like UberEats, Zomato, Faasos among others. Last week, Swiggy had appointed Vishal Bhatia as chief executive officer for its new supply vertical. It also hired Rahul Bothra as its first chief financial officer in September.
- Supreme Court rejects Essar’s plea against Hazira port expansion
- HDFC Property Fund aims to raise $500 million from overseas investors
- Essar Oil seeks loans from traders as banks fear Russian links
- CoLive raises Rs12 crore from SAR Group and others
- Cybercrimes cost firms $600 billion last year: McAfee report