Nandan Reddy Curated
CURATED BY :
Tell us something about your funding and expansion plans?
Our first round of funding was raised through two marquee investors and we are using the same to strengthen our team and develop our infrastructure, thereby consolidating our position as an efficient ordering platform. We're looking to double up on our tech team in the next few months.
Why did you choose Koramangala as your base?
In terms of supply, Koramangala has the highest density and the presence of several adopter startups was an added bonus. Thus, we believed it would be the ideal location, in terms of supply and demand both. Koramangala has a high number experimentative people who are always willing to try new services and products. For a new startup trying to understand consumer preferences and gain insight, Koramangala provides the perfect environment.
Who all are your competitors? How do you stand out?
Any service that allows a consumer to order food for delivery can be considered as our competitor. For example, Dominos, which is ubiquitous to any food-ordering portal like Foodpanda, Just Eat etc. Our USP is our own delivery fleet which ensures deliveries in quickest possible way. Also the minimum order limited has also been eliminated.
What is Swiggy's business model?
Our business model is fairly simple. We take a certain commission from our partner restaurants and we also levy a small delivery fee on consumers. Recently, we waived off the delivery fee for a limited period.
What is the concept of Swiggy?
At Swiggy, the aim is to make ordering food online, as hassle-free as possible. The entire process of ordering in, right from finding and picking a restaurant to the delivery of the food is simplified by our website. We offer a careful selection of handpicked restaurants. Also, we provide visual menus for each restaurant with our recommended dishes.
Tell us about Swiggy, and how has been the journey so far?
We were working on a courier aggregator startup called Bundl, which was a logistics marketplace for e-commerce companies. The product was meant for small and medium e-commerce establishments. We had 25 clients across Bengaluru. Though it solved a real problem, there was no significant growth due to the consolidation of e-commerce on a whole. Additionally, bigger players like Snapdeal and Amazon were offering similar advantages to their marketplace clients for free. We wanted to do something around urban logistics and we identified restaurants as the industry. With seed capital of Rs 10 Lakh, we launched within a month of conception with a few restaurants in Koramangala.