Bengaluru start-up Swiggy raises $2 mn from SAIF, Accel Partners

The firm takes orders online and delivers food from select restaurants in Bengaluru

Bengaluru-based Swiggy, an on-demand food ordering start-up, has raised $2 million from venture capital funds — SAIF Partners and Accel Partners — to fund its expansion. Founded by alumni of BITS Pilani, IIT Kharagpur and IIM-C, Swiggy claims to offer speedy deliveries from neighbourhood restaurants in Bengaluru. With a fleet of delivery personnel with smartphones and an app powered by routing algorithms, Swiggy is creating a logistics solution for food deliveries. This helps the firm provide timely deliveries to its customers and real-time tracking of their order status.

Online food delivery has been growing exponentially over the past few years, and Swiggy is betting on their timely deliveries and superior service levels to dominate the market.

“We are delighted to have SAIF and Accel on board as investment partners. We will use the funds to hire aggressively and expand across multiple geographies within the next few months,” said Sriharsha Majety, Co-Founder and CEO, Swiggy. Additionally, curated menus, visual guides and a careful selection of popular restaurants helps us to ensure a novel food discovery experience for customers, he said in a statement.

The eight month old Swiggy was started by three partners -- Sriharsha Majety (BITS Pilani and IIM-C alumnus, previously an investment banker), Nandan Reddy (BITS Pilani alumnus, previously a consultant and operations head in startups) and Rahul Jaimini (IIT Kharagpur alumnus, previously a developer in Myntra.com).