In a bid to rationalise costs, Swiggy sells cloud kitchen business

Swiggy started the Access platform between 2017 and 2019 with an investment of Rs 175 crore; announcements were made to infuse an additional 75 crore by March 2020, pandemic derailed expansion plans

Online food delivery platform Swiggy announced that it has sold its cloud kitchen business, Swiggy Access to Kitchen@, The Financial Express reported. The transaction has been carried out in a share swap deal. The decision has been taken to bring down costs. Earlier, Swiggy had fired 380 employees in a similar cost rationalisation exercise. Companies across the board have been taking similar steps as the market conditions have turned tough, the report said.

"The growth rate for food delivery has slowed down versus our projections (along with many peer companies globally). This meant we needed to revisit