Swiggy, a foodtech startup, based out of Bengaluru, has, reportedly, acquired subscription-based daily consumable goods delivery startup Supr Daily in 2018. However, there is no official confirmation about the acquisition at the time, cited Inc42.
According to a media report, the company is now investing $100 million in its micro-delivery vertical which is said to be doing more than 1 lakh daily deliveries in six cities including Bengaluru, Mumbai and Delhi-NCR.
While, Swiggy was founded by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini in 2014. The company claims to have over 2 Lakh delivery partners and more than 1 Lakh restaurant partners spread across 200+ Indian cities.
Supr Daily, a Mumbai-based subscription brand was founded in 2015 by Puneet Kumar and Shreyas Nagdawane. It is a subscription brand that delivers daily consumable goods such as milk, bread, eggs, coconut water etc. to its users every morning.
Post acquisition, Shreyas Nagdawane and Puneet Kumar, are said to be leading Swiggy’s microdelivery vertical.
Swiggy has been diversifying its revenue channels by reducing discounts and bringing in more repeat orders as well as entering new verticals such as Swiggy Pop, Swiggy Daily, Swiggy Super, Swiggy Stores.
According to Swiggy, till now it has raised a total of $1.26 billion in funding. Some of the existing investors in the company include Naspers, DST Global, Accel Partners and Saif Partners.
Furthermore, Morgan Stanley further has estimated the online food and grocery segment to become the fastest-growing segments in India, expanding at a CAGR of 141% by 2020 and contributing $15 Bn or 12.5% of overall online retail sales.