Swiggy, a major player in the food tech space, recently earned itself Unicorn status (a tag given to startups that surpass a $1b valuation) after raising $100m from Naspers and Meituan Dianping earlier this year. With this round complete, Swiggy intends on utilising its $466m backing to expand into key emerging markets.
Industry sources say that Swiggy is the lead food delivery application catering to over 14 million orders each month, followed only by Zomato which processed 10.5 million orders despite having operations in both India and the UAE. Smaller competitors such as Uber-eats and FoodPanda each service 7.5 and 1.2 million orders respectively.
Zomato being the closest rival took almost double the time Swiggy did to reach the Unicorn Club. Since its founding in 2014, Swiggy has made a mark for itself in the food tech space and in January this year it raised an additional $100m in Series F funding. Catching market analysts off guard, this was shortly after a 65-fold increase in losses reported by the Livemint in 2016. Now with users in 15 cities nationwide, and over 35,000 restaurant partners, supported by 40,000 delivery executives, Swiggy has demonstrated an ability to consolidate its growth effectively.
Having fully optimised its first-mover advantage, Swiggy is now faced with fierce competition from Zomato, which recently increased its order volumes by 90% in the short space of three months.
Although its early days in the race of foodtech giants, the battle ahead is surely one to watch!