Growth-hungry Swiggy looks beyond online food ordering
Swiggy will launch new initiatives including hyperlocal delivery and loyalty program, says CEO Sriharsha Majety
Bengaluru: Swiggy, India’s largest online food ordering and delivery startup, has planned several new initiatives over the coming months, including hyperlocal deliveries across sectors, co-founder and chief executive Sriharsha Majety said.
“We are experimenting with some such (hyperlocal) categories,” Majety said in an interview. “We’ve been closely observing our consumers’ lives and we feel that there are some unique capabilities that we have that can take a shot at solving more problems, even outside the realm of food. You’ll see us start making small forays into new areas.” The startup will continue to prioritize growth over near-term profitability, he added.
Majety, who founded Swiggy in 2014 with Nandan Reddy and Rahul Jaimini, did not rule out raising more funds in the near term from new investors, although he emphasized that the company is well-funded at the moment. “If there’s an investor that we’d like to work with who can help us accelerate the vision that we have, we’re definitely going to go after it,” said Majety.
Swiggy recently raised $210 million, catapulting it into a select club of startups with a valuation of $1 billion or more. It has raised about $465 million till date, and is easily the most well-funded food-tech startup.
Swiggy, Majety said, is also working on a new loyalty program to retain its fleet of several thousands of delivery staff.
“There is always work being done around a loyalty programme for the delivery executives, where we are giving a host of benefits to people who keep doing a good job for Swiggy, come in every day, work hard, etc. There is an incentive that also comes with the loyalty programme,” said Majety.
Over the past year, Swiggy has also outpaced peers in terms of sheer growth, with orders have grown over 4 times since last August, while revenue has also grown roughly four times during that period.
According to its latest regulatory filings, Swiggy reported revenue of roughly Rs 133 crore, while losses widened to Rs 205 crore in the 2016-17 financial year.
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