Bengaluru based food-tech player Swiggy has partnered with commercial kitchens, NGOs and state governments to provide daily meal to thousands of underprivileged, daily wagers and stranded migrant labourers during the 21-day lockdown.
Having served over 2,50,000 meals so far, Swiggy is in the process of crowd sourcing funds from corporate and individuals in order to scale the initiative. The goal is to serve 5, 00,000 meals daily, Swiggy said in a statement.
On the ‘Hope, Not Hunger' initiative by the company, Swiggy CEO Sriharsha Majety said these are challenging times for the service industry including the food sector.
"There are restaurants that run the very real risk of shutting down permanently due to lack of business. Considering the nature of our business, we are in a unique place to contribute by making something as essential as food available to the needy while providing business opportunities for our restaurant and kitchen partners, so that we can together make it through to the other end of this crisis," he added.
The initiative was launched in Delhi and has been scaled to Mumbai, Bengaluru, Hyderabad, Gurugram, Chennai and Kolkata. The company said it plans to scale the initiative to other parts of the country.
Bengaluru based food-tech startup Swiggy has raised $112 million in Series I round of funding from Naspers.
Existing investors, including Beijing-based internet company Meituan-Dianping and Hadley Harbour Master Investments LP, also participated in the round, according to documents sourced from private investment tracking platform Paper.vc.
The company last raised Series H round of $1 billion from Prosus & Naspers in December 2018.
According to, Paper.vc the amount raised will be used for general business purposes of the company. With the latest round, Naspers’ ( which became the largest shareholder) holding in the company stood at 40.56 per cent while Hadley and Inspired Elite Investments’ stood at 1.09 per cent and 6.35 per cent respectively, the document showed.
MUST READ: How Swiggy Access has mastered the Dark Kitchens Business Model
The promoter’s — Sriharsha Majety, Nandan Reddy, and Rahul Jamini — shareholding on a fully diluted basis was 10.18 per cent while institutional investors held 89.82 per cent of the company.
Apart from the above investors, Swiggy counted DST Global, Bessemer Venture Partners, Norwest Venture Partners, Accel Partners, Saif Partners etc among its investors.
“With the current investment, Naspers continues to remain the largest shareholder in Swiggy, with a holding of 40.56 per cent on a fully diluted basis. This investment is part of Swiggy’s plan to raise up to $1 billion for its food delivery and cloud kitchens business. There have been reports of SoftBank looking to invest in Swiggy, but that has not happened yet,” shared Sonia Pradhan, Founder, Paper.vc.
Earlier this month, the food ordering and delivery aggregator has launched a new initiative 'BrandWorks' to co-create delivery brands with its restaurant partners. BrandWorks provides a different menu, images, packaging and pricing from the restaurant's usual menu.
The company’s move is aimed towards catering a gap in the food delivery requirement of particular areas.
QSR franchiseRunning a restaurant LTO is an easy way to create a short-term spike in sales. According to reports, restaurant LTO can boost sales by up to 20 per…
New outletThis milestone also brings the company’s presence in Bengaluru to 50 stores, reinforcing India’s position as a key market for the brand’s global…
New launchThe culinary sanctuary creates a haven to ‘gather, savour and belong’ over delectable Modern European and Mediterranean fare and craft cocktails
New outletMOAI introduces a menu centered on straightforward flavors, emphasizing ingredient integrity. The bar program aligns with this approach,…
Copyright © 2009 - 2025 Restaurant India.