Swiggy, the foodtech start-up, has delivered over 500 million orders a year, surpassing its 2020 target of delivering 360 million orders a year,
The food ordering and delivery start-up, which was last valued at $3.3 billion, has set a new target of having 100 million consumers transacting 15 times a month on its platform in the next 10-15 years.
“We are at serious scale right now, delivering over half-a-billion orders a year, with a presence in 500-plus cities pan-India, 1.4-lakh restaurant partners and a fleet of over 2.1 lakh delivery partners. We will have half-a-million delivery executives in 18 months and at the same time a network of thousands of kitchen locations or ‘Pods’, with each Pod catering to 8-10 food brands, which will bring Swiggy within 10 minutes of 99 per cent of our customers,” Sriharsha Majety, co-founder and CEO, Swiggy, said in his keynote address to a huge audience at its first tech conference Gigabytes, a hyperlocal innovation summit, in Bengaluru on Friday.
Swiggy has invested heavily in building kitchen infrastructure across the country to solve hyperlocal supply gaps in the food market.
Calling out the market opportunity that Swiggy is looking to tap, Majety said: “All of India has 2 lakh restaurants, compared to 3 lakh restaurants in Beijing alone. In India, 10-15 meals per month are eaten outside the home, of which 50-60 per cent is delivery. Compare this with other geographies such as the US, China or South-East Asia, where people eat outside food more than 50 times a month, as the supply ecosystem supports demand for high quality, affordable food options in these markets. Once the ecosystem catches up in India over the next 10-15 years, Indians will eat 40-50 meals per month outside, of which 70-80 per cent will be delivery. That’s the opportunity we are looking to address. We will work with partners to provide high quality food at Rs 120–Rs 130 a meal.”
Swiggy has rolled out many new services such as Swiggy Stores and Swiggy Go that go beyond its core offering of food ordering and delivery, taking on the likes of Grofers, BigBasket, Amazon Now and even Dunzo. Plans are on to roll out many more offerings that will allow Swiggy to position itself as a one-stop delivery app that solves for customer convenience.
Stating that Swiggy is poised to be the third largest employer in India after the Indian Railways and the Armed Forces very soon, Majety said, “We want to be the ‘Kings of Convenience.”