Growth-hungry Swiggy looks beyond food, plans hyperlocal deliveries soon

BENGALURU: Swiggy, India’s largest online food delivery service, has planned several new initiatives over the coming months, including hyperlocal deliveries across sectors, co-founder and chief executive Sriharsha Majety said.

“We are experimenting with some such (hyperlocal) categories,” Majety said in an interview. “We’ve been closely observing our consumers’ lives and we feel that there are some unique capabilities that we have that can take a shot at solving more problems, even outside the realm of food. You’ll see us start making small forays into new areas.”

The startup will continue to prioritize growth over nearterm profitability, he added.

Majety, who founded Swiggy in 2014 with Nandan Reddy and Rahul Jaimini, did not rule out raising more funds in the near term from new investors, although he emphasized that the company is well-funded at the moment.

“If there’s an investor that we’d like to work with who can help us accelerate the vision that we have, we’re definitely going to go after it,” said Majety.

Swiggy recently raised $210 million, catapulting it into a select club of start-ups with a valuation of $1 billion or more.

It has raised about $465 million till date, and is easily the most well-funded food delivery start-up.

Swiggy, Majety said, is also working on a new loyalty programme to retain its fleet of several thousands of delivery staff.