Swiggy Food Delivery

Disruptive food-tech start-up that has

revolutionized the food delivery space in
India

MarketLine Case Study

Report Code: ML00030-031

Published: June 2019
Swiggy Food Delivery: A disruptive food-tech start-up that has revolutionized the food delivery space in India
Published: June 2019 ML00030-031 Case Studies

1. Overview

1.1. Catalyst
Swiggy, an online food ordering and delivery start-up, has recently claimed a coveted place among the top food aggregators
in India. Despite fierce competition, and a challenging market scenario, Swiggy has made a mark through its operational
excellence and highly customer-focused approach.

1.2. Summary
Swiggy has become one of the leading food aggregators in India, and a "unicorn" in a competitive and challenging market.
Swiggy has achieved strong value and volume growth, with a network of 55,000 restaurant partners across 60 Indian cities.
Despite rising operating costs, revenues have grown exponentially and the company has garnered around $1.5bn in funding,
making it one of the highest-funded food tech start-ups in the country.
Swiggy has identified and fulfilled an underserved need for convenience and variety among urban Indian foodies. The
company differentiates itself from its competitors through its data-driven and customer-centric approach. Additionally,
through its technological expertise, timely order execution, and strong customer service, Swiggy has managed to gain a
strong following within the country.
In order to emulate the success of Swiggy, potential players must tap into the demand for hyperlocal services that provide
convenience and time savings to consumers, whilst also ensuring that a high quality of service is provided, aiming to use this
to convey a sense of good value for money to customers. Utilizing cutting-edge technologies to improve service delivery and
adopting a cost-optimized business model that focuses on customer retention is also an effective way of standing out within
the competitive market.

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Swiggy Food Delivery: A disruptive food-tech start-up that has revolutionized the food delivery space in India
Published: June 2019 ML00030-031 Case Studies

Table of Contents
1. OVERVIEW 1

1.1. Catalyst 1

1.2. Summary 1

2. SWIGGY HAS EMERGED AS ONE OF THE TOP ONLINE FOOD DELIVERY SERVICES IN INDIA 1

2.1. Swiggy was launched to fill a void in the take-away market 1

2.2. Swiggy stood out in the crowded food-tech space with its customer-centric service 2

2.3. Since its inception, Swiggy has raised over $1.45bn through multiple rounds of investment
funding 3

3. SWIGGY HAS FOCUSED ON CUSTOMER SERVICE AND INNOVATION 4

3.1. Urbanization and lifestyle changes drive demand for more convenience and novelty 4

3.2. Indian consumers are willing to pay for hyperlocal services that save them time and effort
4

3.3. Rising demand for take-away food and a growing ecosystem of connected devices foster a
fertile environment for online delivery apps 5

3.4. Swiggy controls the end-to-end customer experience, right from order placement to delivery
6

3.5. Swiggy continues to lead the market through innovation 7

3.6. Swiggy adopted a cost-effective customer acquisition strategy 8

4. CATERING TO MULTIPLE CONSUMER DEMANDS HAS BEEN CRUCIAL TO SWIGGY’S SUCCESS 9

4.1. Service providers need to ensure that the quality of their core service remains consistent 9

4.2. Investing in hyperlocal delivery services is becoming critical 9

4.3. Business model needs to shift from discounts to cost-effective customer acquisition and
servicing 10

5. APPENDIX 11

5.1. Sources 11

5.2. Further reading 11

6. ASK THE ANALYST 12

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Swiggy Food Delivery: A disruptive food-tech start-up that has revolutionized the food delivery space in India
Published: June 2019 ML00030-031 Case Studies

7. ABOUT MARKETLINE 12

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Swiggy Food Delivery: A disruptive food-tech start-up that has revolutionized the food delivery space in India
Published: June 2019 ML00030-031 Case Studies

List of Figures

Figure 1: Swiggy operates through a smartphone application 1

Figure 2: India: orders per month by top four online food delivery start-ups (millions), June and
September 2018 2
Figure 3: Swiggy’s #OneHourMore campaign 5

Figure 4: Live tracking makes deliveries hassle free for customers 6

Figure 5: Swiggy Pop now generates thousands of orders a day 7

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Swiggy Food Delivery: A disruptive food-tech start-up that has revolutionized the food delivery space in India
Published: June 2019 ML00030-031 Case Studies

2. Swiggy has emerged as one of the top online

food delivery services in India
Swiggy was launched in India in 2014 to cater to the growing demand for a dependable food delivery service and target the
increasing number of urban foodies. The company has since grown significantly, with a presence in more than 60 cities across
the country, a network of 55,000 restaurant partners, and a fleet of over 120,000 delivery drivers. In its December 2018
series H funding, Swiggy's valuation surged fivefold to $3.3bn, catapulting it into the exclusive club of "unicorns", reflecting
the confidence that Swiggy's business model inspires among investors.

2.1. Swiggy was launched to fill a void in the take-away market

Bundl Technologies, a technology start-up funded by venture capital, was founded in 2014 in the South Indian city of
Bengaluru by three entrepreneurs: Rahul Jaimini, Sriharsha Majety, and Nandan Reddy. The trio spotted a void in the Indian
restaurant sector – the lack of a dependable food delivery service – and took it upon themselves to "change the way that
India eats". This led to the birth of Swiggy, an online hyperlocal food ordering and delivery platform targeting urban foodies.
Swiggy operates through a smartphone app and website that allow customers to order food from registered restaurants in
their proximity, and track deliveries as they are being fulfilled by the company's in-house fleet of delivery drivers or "Hunger
Saviors." The dedicated delivery fleet is critical for fulfilling the promise of timely deliveries, live delivery tracking, and no
minimum spend for food orders. The company constantly endeavors to expand its restaurant partner network in order to
ensure an adequate choice of cuisines for customers.
At the heart of the smartphone app is an algorithm that matches consumer demand in an area with the supply capacity of
nearby restaurants that are registered with Swiggy. Swiggy's proprietary algorithm co-ordinates consumers, restaurant
partners and delivery drivers to ensure that deliveries arrive within a reasonable time frame, while real-time data analytics
help the company to manage the dynamics influencing the delivery process.

Figure 1: Swiggy operates through a smartphone application

© MarketLine
Source: www.swiggy.com

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Swiggy Food Delivery: A disruptive food-tech start-up that has revolutionized the food delivery space in India
Published: June 2019 ML00030-031 Case Studies

2.2. Swiggy stood out in the crowded food-tech space with its
customer-centric service
When Swiggy entered the market in 2014, Indian e-commerce was booming and investors were pouring capital into food-
tech firms such as Zomato, TinyOwl, and Foodpanda. As is the case with most start-ups, these companies overlooked
profitability in the initial years to focus on gaining more consumers. While most start-ups merely connected customers to
eateries, and utilized the restaurant's delivery fleet or third-party logistics providers for deliveries, Swiggy created a
dedicated delivery fleet to maintain control over the entire customer delivery experience. When investment funding waned
in 2016, start-ups such as Dazo, SpoonJoy, and Yumist, which had bled cash by heavily discounting restaurant partners and
customers, either shut shop or were acquired by larger rivals. Bigger companies such as Zomato chose to streamline costs
through massive layoffs.
Swiggy weathered the storm by boosting the cost-efficiency of its delivery network and diversifying revenue streams. In
addition to the 15–25% commission collected from restaurant partners for generating leads and providing delivery services,
Swiggy began charging 4–7% for prioritizing specific restaurants on its app. The company also introduced a flat delivery fee
from customers for low-value orders and a surcharge for peak demand periods, including festive occasions.
Swiggy's order volumes surged on the back of the user-friendly app and highly customer-centric service. Revenues grew over
600% in FY2017, against a 50% increase in net losses, and tripled in FY2018 against a twofold increase in net losses.
Subsequently, Swiggy has emerged as one of the top on-demand food delivery services in India, with a presence in more than
60 cities across the country, a network of 55,000 restaurant partners, and a fleet of over 120,000 delivery drivers. Despite
fierce price competition from the likes of Zomato, UberEATS, and Foodpanda, Swiggy has earned a place for itself through
high customer satisfaction and retention.

Figure 2: India: orders per month by top four online food delivery start-ups (millions), June and September
2018

Swiggy Zomato FoodPanda UberEats

21.0
20.0

14.0

10.5

4.0

1.2 1.0 1.5

June 2018 September 2018

© MarketLine
Source: Economic Times, June 2018, Economic Times, October 2018

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Swiggy Food Delivery: A disruptive food-tech start-up that has revolutionized the food delivery space in India
Published: June 2019 ML00030-031 Case Studies

2.3. Since its inception, Swiggy has raised over $1.45bn through
multiple rounds of investment funding
Since its inception, Swiggy has raised multiple rounds of funding to finance its app development, the expansion of its delivery
fleet and restaurant-partner network, and innovative ventures including Swiggy Pop, Swiggy Access, and Swiggy Schedule.
The funding rounds also bankrolled strategic acquisitions such as that of gourmet food start-up 48East in 2017, and on-
demand delivery firm Scootsy in 2018. In December 2018, the company raised $1bn in its series H funding round led by
existing investor Naspers. This marked the single largest funding round for the Indian food-tech sector, reflecting the
confidence that Swiggy's business model inspires among investors.
With the series H funding, Swiggy's valuation surged fivefold to $3.3bn, catapulting it into the exclusive club of "unicorns",
which refers to privately held start-ups with a valuation of over $1bn, and making it the fifth most valuable start-up in India.
Notably, Swiggy's top rival, Zomato is the only other "unicorn" in the food-tech sector. Swiggy is employing the series H
funding to develop its app further, incorporating it with machine learning capabilities. Subsequently, the company acquired
artificial intelligence start-up Kint.io in 2019.

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Swiggy Food Delivery: A disruptive food-tech start-up that has revolutionized the food delivery space in India
Published: June 2019 ML00030-031 Case Studies

3. Swiggy has focused on customer service and

innovation
In order to gain an edge over its competitors, Swiggy has homed in on developing its customer service and innovation
capabilities, which has resonated well with Indian consumers. The company has also identified the key trends and demands
of consumers within the market, such as rapidly changing lifestyles which have given way to a greater need for convenience
and a willingness to pay for services which save both time and effort. Swiggy’s innovation across multiple segments of its
business, both in terms of technology and its service offerings, and its leveraging of online platforms such as Facebook,
Instagram, Twitter, and YouTube to connect with net- and tech-savvy consumers.

3.1. Urbanization and lifestyle changes drive demand for more

convenience and novelty
Most Indians prefer to have their meals prepared at home, with 67% of consumers saying that cooking a meal from scratch
at home is their preferred approach when thinking about meal times according to Global Data’s 2018 Q3 global consumer
survey. However, due to their hectic lifestyles, consumers are growing wary of spending time in the kitchen. Also, many
young working individuals and couples have not picked up the culinary skills that are traditionally passed on from generation
to generation. Moreover, with changing lifestyles, and rising disposable incomes and living standards, dining out is no longer
just for special occasions. Rapid urbanization, and the proliferation of eateries offering a diverse array of cuisines and dishes,
is stimulating food adventurism and experimentation among consumers. These consumers may be keen to recreate
sophisticated restaurant-quality dishes they have seen or sampled, but lack the means or expertise to undertake such
recipes.

3.2. Indian consumers are willing to pay for hyperlocal services

that save them time and effort
In a bid to balance their hectic personal, professional, and social schedules, urban consumers are willing to pay for services
that can enable them to reduce the time and effort required for mundane tasks. Opportunities abound for service providers
who can identify and step in to address these underserved needs, particularly for on-demand services that can manage
mundane or stressful tasks for customers, and thereby spare them from extra labor, travel, or time expenditure. Service
providers with the capability for reliable execution with quality and exceptional customer service at reasonable prices are
poised to benefit the most from this trend.
The key to success lies in convincing customers about the value the service provides in terms of improving the quality of their
lives. Swiggy's ad campaigns including "Order on Swiggy and do whatever you please" in 2018 and "OneHourMore" in 2019
encourage consumers to avoid cooking and order from Swiggy so that they can use the extra time to connect with loved ones
or pets, have fun, or learn something new.

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Swiggy Food Delivery: A disruptive food-tech start-up that has revolutionized the food delivery space in India
Published: June 2019 ML00030-031 Case Studies

Figure 3: Swiggy’s #OneHourMore campaign

© MarketLine
Source: www.swiggy.com

3.3. Rising demand for take-away food and a growing ecosystem

of connected devices foster a fertile environment for online
delivery apps
Indian consumers are not prone to dining out often due to cost or time constraints related to traffic congestion, poor roads,
bad weather, short lunch breaks, or long commute times. Single working-class individuals often struggle to order meals in
affordable single portions, while professionals working long hours or late shifts may face problems in finding a restaurant
open at a convenient time. Unsurprisingly, consumers are increasingly ordering out, with the total food take-away market in
India poised to reach $4.3bn by 2022. However, as delivery is not their core function, most restaurants lack the logistical
setup to handle large delivery volumes, long delivery distances, or round-the-clock demand, and thereby are unable to offer
a consistent delivery service to customers. Moreover, consumers have to contend with a limited menu when ordering from a
single restaurant.
At the same time, the falling costs of smartphones and data contracts have given rise to a plethora of mobile apps that are
reshaping every service segment from bill payments and shopping to booking cabs. It was only a matter of time before
foodservice apps ventured into the space. Through its app technology and its in-house delivery fleet, Swiggy is able to
provide a host of convenience features such as a single window for a variety of eateries/cuisines/dishes, live tracking,
doorstep delivery, customized orders, and orders of any value. Foodservice operators also benefit in terms of gaining more
orders or customers without being constrained by the lack of space or staff, particularly as Swiggy's commission can be lower
than the cost of serving a customer on the premises.

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Swiggy Food Delivery: A disruptive food-tech start-up that has revolutionized the food delivery space in India
Published: June 2019 ML00030-031 Case Studies

Figure 4: Live tracking makes deliveries hassle free for customers

© MarketLine
Source: Swiggy Twitter

3.4. Swiggy controls the end-to-end customer experience, right

from order placement to delivery
As food delivery is a time-sensitive and service-oriented business, Swiggy focuses on shrinking its delivery times and elevating
its customer service standards. In order to optimize the end-to-end customer experience, the company works on refining its
app to elevate the ordering experience and managing its delivery fleet to elevate the delivery experience. As a data-driven
company, Swiggy achieves this objective by leveraging customer engagement metrics. The in-house analytics platform –
Swiggylytics – captures real-time and non-real-time data, and provides insights into plugging gaps and improving different
types of deliveries.
As consumers can lose patience with slow apps, Swiggy's app is designed to deliver a hassle-free ordering experience with a
responsive and user-friendly interface. The app is designed to be uncluttered and to allow both left-handed and right-handed
users to navigate easily, besides exploring the entire menu with vertical swipes.
Swiggy's algorithm uses Google Maps and GPS technologies, supplemented by historic and real-time data, to estimate
delivery times. The algorithm factors in traffic conditions, restaurant-readiness, and other delays in assigning delivery drivers,
time taken getting both to and from the restaurant, and food preparation time. Swiggylytics aids the company in efficiently
managing deliveries even during times of high order volumes. The live tracking feature keeps customers in the loop about the
progress of their food order. Timely deliveries have enabled Swiggy to achieve high customer satisfaction and retention, with
repeat customers contributing about 80% of overall orders.

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Swiggy Food Delivery: A disruptive food-tech start-up that has revolutionized the food delivery space in India
Published: June 2019 ML00030-031 Case Studies

3.5. Swiggy continues to lead the market through innovation

Food aggregators such as Swiggy and rival Tomato stand out through their ongoing efforts to augment their business models
and develop innovative service offerings that can deliver more value to consumers and contribute to the topline. Swiggy uses
its customer analytics to identify underserved customer’s needs and develop solutions to fill these gaps such as making
deliveries available from 7AM to 2AM to serve early risers and late diners. Besides bringing in more revenues for Swiggy and
its restaurant partners, these disruptive service offerings are keeping the brand fresh, and appeal to consumers who find it
exciting to try new experiences.
For instance, Swiggy realized that in many areas, customers did not have access to some of its leading restaurant partners. So
in 2017 the company unveiled Swiggy Access, a cloud kitchen concept in which the company sets up ready-to-occupy
kitchens with basic amenities in areas where its restaurant partners do not operate. These partners can utilize the plug-and-
play Access kitchens without any rent or deposit, and offer their signature dishes exclusively for deliveries, while Swiggy
loops back consumer feedback analytics to aid them in refining their menus.
Through Swiggy Pop, the company addresses the difficulty that single consumers face when ordering meals for themselves,
namely purchasing single portions without disproportionately high delivery fees, and the hassle of compiling various dishes
to make up a complete meal. Similarly, Swiggy Pop curates single-serve meals with multiple dishes from restaurants near the
customer, and delivers them without any packaging or delivery fees. In 2018, the company unveiled Swiggy Scheduled, a
service that allows consumers to preorder food from some partners between two and 48 hours in advance without paying
delivery charges. Besides these Swiggy also rolled out the Swiggy Super6 loyalty program in 2018, offering customers
unlimited deliveries without delivery charges or surcharges and with some freebies for a subscription fee. The company
continues to test the waters with new service offerings such as Swiggy FoodCourt, Swiggy Café, Swiggy Express, and Swiggy
Dash.

Figure 5: Swiggy Pop now generates thousands of orders a day

© MarketLine
Source: bytes.swiggy.com

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Swiggy Food Delivery: A disruptive food-tech start-up that has revolutionized the food delivery space in India
Published: June 2019 ML00030-031 Case Studies

3.6. Swiggy adopted a cost-effective customer acquisition

strategy
Swiggy leverages online platforms such as Facebook, Instagram, Twitter, and YouTube to connect with these net- and tech-
savvy consumers. The company uses regular posts, contests and digital campaigns such as #DiwaliGharAayi ("The Diwali
festival has come home") to stimulate conversations keep consumers engaged on these channels. Swiggy also adds a
personal touch by responding promptly to customer complaints and reviews on these channels. Swiggy was one of the
earliest Indian brands to adopt Instagram Stories ads, which spurred app installments at a low cost per installment.
Swiggy employs a data-driven approach to cost-effectively reach the target audience of its mobile app: Millennials, net savvy
youths, business park employees, shopping enthusiasts, and affluent households. Accordingly, ads were run at optimum
locations using high-precision location mapping, and during peak hours of consumer mobile usage. Cinemagraphs – visuals
incorporating moving video elements into still photographs – were made for smartphone screen formats to drive user
conversions. Swiggy partnered with Emojifi to create customized emoticons called "Swiggy Foodiemojis" to make the brand a
part of daily mobile chats among Millennials.
Subsequently, Swiggy adopted integrated campaigns, complementing digital ads with TV commercials, print ads, and outdoor
hoardings. The company partnered with bloggers and influencers such as Google Local Guides to recommend eateries to
customers. In order to address a mass audience, Swiggy rolled out its first TV commercials in 2018 showcasing humorous
scenarios that encourage non-users to try out the Swiggy service. This was followed by ads revolving around the highly
popular Indian Premier League cricket competition to encourage food orders during the matches, and the "Order on Swiggy
and do whatever you please" ads to boost orders from households who are mostly non-users or irregular users.

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Swiggy Food Delivery: A disruptive food-tech start-up that has revolutionized the food delivery space in India
Published: June 2019 ML00030-031 Case Studies

4. Catering to multiple consumer demands has

been crucial to Swiggy’s success
Swiggy is leveraging customer data to develop a more granular understanding of the target market, and use the resulting
insights into current and future needs for developing and refining its service offerings. It also maintains a tight control over
the technology and logistics aspects of the food delivery business, enabling it to control the end-to-end customer experience.
Additionally, by integrating offline marketing campaigns with the latest digital advertising tools, Swiggy had also made itself a
brand that is relevant to young people. Optimizing customer acquisition costs and focusing on customer retention through
improved and more personalized service offerings is another technique companies can utilize to emulate the success of
Swiggy.

4.1. Service providers need to ensure that the quality of their core
service remains consistent
While being quite price-sensitive, Indians consumers are demanding more quality and value for their money from service
providers. For on-demand service providers the challenge lies in delivering a high quality of service repeatedly for every time
and for every customer, and thereby making the client habituated to choosing the same provider each time the need arises.
For food aggregators such as Swiggy, the challenge lies in ensuring the quality of its restaurant partners and its own delivery
team. Recent media reports of substandard food quality from restaurants and food tampering by delivery drivers prompted
the Food Safety and Standards Authority of India (FSSAI) in December 2018 to issue guidelines to ensure greater
transparency, safety, and quality of food delivery start-ups. The regulator stipulated that food aggregators can source food
only from FSSAI-licensed establishments, which forced food-tech firms to delist thousands of restaurants.
Swiggy's success in the challenging market is attributed to a great extent to its strong execution, ensuring prompt deliveries
by leveraging its technological expertise and maintaining tight control over its logistics. The ability to track delivery
concurrently can aid consumers in feeling more empowered and thereby more patient with the delivery. However, in the
event of delays or issues with the delivery, the app allows customers to contact the delivery driver or customer service.
Swiggy's efforts to swiftly respond to customer complaints on online and offline channels establish the brand in the minds of
urban consumers and encourage them to turn to the app when hunger calls.

4.2. Investing in hyperlocal delivery services is becoming critical

A significant section of consumers has grown reliant on products and services that provide convenience and time-savings.
Tech-savvy urban Millennials who crave instant gratification have spawned a host of hyperlocal ecommerce businesses that
efficiently match a particular consumer need with the nearest supplier, and expedite delivery of the product or service. The
penetration of smartphones, high-speed internet connections, and location-based technologies is fostering a fertile
environment for digital on-demand services that deliver everything from food and furniture to home-utility services right to
the customer's doorstep.
Besides offering a personalized touch through a user-friendly and interactive interface, hyperlocal services can make
consumers feel more empowered as they have access to information about where the product or service is being sourced
from, and how long it will take to reach them, and thereby allowing them to make a more informed choice from a list of
vendors, and track their deliveries concurrently. Hyperlocal businesses such as Swiggy can play a key role in facilitating a
seamless offline-and-online shopping experience by aiding consumers in quickly locating the product or service they want,
and simultaneously providing vendors with more data about what customers want.

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Swiggy Food Delivery: A disruptive food-tech start-up that has revolutionized the food delivery space in India
Published: June 2019 ML00030-031 Case Studies

Hyperlocal delivery is thereby quickly becoming a value-added service that retailers and service vendors can no longer ignore
in developed and emerging markets with high smartphone usage and strong internet connectivity. Given the complexities of
developing a hyperlocal delivery model with accurate location mapping and route optimization technologies, and a sizable
trained delivery fleet, vendors can partner with service providers. Leading hyperlocal businesses are adopting machine
learning, big data analytics, the Internet of Things, and other advanced technologies to continually streamline the time and
cost of deliveries. Owing to the rising wage costs and infrastructure challenges, robots and drones are expected to replace
human delivery drivers in the long run.

4.3. Business model needs to shift from discounts to cost-

effective customer acquisition and servicing
In the initial days, most food delivery start-ups adopt a business model that relies on heavy discounting to quickly scale up
their customers. Top food aggregators are also engaged in a price war, with Zomato recently introducing a zero-commission
business model for registered eateries to compete with Swiggy’s commission-based model. Such discounting practices are
driving up operational costs, as a result of which these food-techs have a high spend of up to $20m per month. However, this
hard discounting practice can be sustained only as long as funding continues. However, consumers can be fickle, switching
quickly between services that offer them a better bargain, which entails low brand loyalty.
The onus is on food-tech firms to optimize their customer and partner acquisition costs, and shift their focus to customer
retention. This calls for brands to create a meaningful relationship with consumers through high service standards and
personalized offerings. Loyal customers can be leveraged into brand ambassadors who can attract new customers through
word-of-mouth publicity.
Swiggy's remarkable growth in the fiercely competitive food aggregator market can be traced to its investment into
automation, data sciences, engineering, and personalization technologies. Data analytics provide Swiggy with a better
understanding of the culinary and consumption behavior of Indian consumers. App features such as live tracking of deliveries
have become a key differentiating factor for the company. Its engineers are working on incorporating voice functions as well
as local languages into the user interface to enable more consumers to use the app. In addition, the company is leveraging
machine learning and artificial intelligence to augment its core technology and develop the next-generation platform for on-
demand hyperlocal delivery.
Additionally, Swiggy is investing in its logistics arm, expanding its delivery fleet to over 120,000 drivers, which gives the
company a leading edge over the plethora of food-tech start-ups that are mushrooming every year.

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Swiggy Food Delivery: A disruptive food-tech start-up that has revolutionized the food delivery space in India
Published: June 2019 ML00030-031 Case Studies

5. Appendix

5.1. Sources
ET Rise (2018) "Swiggy scores a 232% surge in revenue in FY18 at Rs 442 crore, inches closer to Zomato's FY18 revenue ,"
https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/swiggy-scores-a-232-surge-in-revenue-in-fy18-at-rs-
442-crore-inchescloser-to-zomatos-fy18-revenue/articleshow/66406476.cms, October 2018
Live Mint (2018) "Swiggy revenue trebles, but loss doubles too in 2017-18,"
https://www.livemint.com/Companies/cjK3T36vZl1easaVBMXVNN/ Swiggy-revenue-trebles-but-loss-doubles-too-in-
201718.html, October 2018
Money Control (2018) "Swiggy FY18 net loss widens to Rs 397 crore; revenues triple,"
https://www.moneycontrol.com/news/business/startup/ swiggy-parent-bundl-techs-fy18-net-loss-widens-to-rs-397-crore-
revenues-triple-3100311.html, October 2018
Office Chai (2017) "Swiggy's Revenues Rise 6.5 Times In 2017, Losses up Only 1.5 Times,"
https://officechai.com/startups/swiggys-revenue-loss2017/, November 2017
Times of India (2018) "Swiggy FY18 losses double as Zomato, Uber, Ola boost operations,"
http://timesofindia.indiatimes.com/articleshow/
66410285.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst, October 2018
Tofler (2016) "Swiggy FY 14-15 Revenue at INR 11.6 Lacs, Losses at INR 2.1 Crores," https://www.tofler.in/blog/indian-start-
up-financialsreports-revenue-loss/swiggy-fy-14-15-revenue-at-inr-11-6-lacs-losses-at-inr-2-1-crores-tofler-curiosityisgood/,
January 2016
Economic Times (2017) "Swiggy acquihires 48East team, adds to senior leadership,"
https://economictimes.indiatimes.com/smallbiz/startups/newsbuzz/swiggy-acquihires-48east-team-adds-to-senior-
leadership/articleshow/62050029.cms, December 2017
Economic Times (2018) "Swiggy raises mega $1 billion round, valuation swells to $3.3 billion,"
https://economictimes.indiatimes.com/smallbiz/startups/newsbuzz/swiggy-raises-mega-1-billion-round-valuation-swells-to-
3-3-billion/articleshow/67175947.cms, December 2018
Economic Times (2018) "Zomato claims to have hit market leadership with 21 million monthly order run
rate,"https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/zomato-claims-to-have-hit-market-leadership-
with-21-million-monthlyorder-run-rate/articleshow/66090080.cms, October 2018
Economic Times (2018) "Zomato doubles monthly online order volume to 10.5 million in 3 months, Swiggy scales 14
million,"https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/zomato-doubles-monthly-online-order-
volume-to-10-5-million-in-3-months-swiggy-scales-14-million/articleshow/64738254.cms, June 2018

5.2. Further reading

MarketLine Industry Profile: India- Foodservice
MarketLine Country Analysis Report: India, In-depth PESTLE Insights
MarketLine Thematic Analysis: The Future of Foodservice: Big opportunities and potential disasters ahead for the restaurant
and food industry

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Swiggy Food Delivery: A disruptive food-tech start-up that has revolutionized the food delivery space in India
Published: June 2019 ML00030-031 Case Studies

6. Ask the analyst

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team can be contacted at ReachUs@MarketLine.com.

7. About MarketLine
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