Swiggy
Swiggy initiates 2nd tranche of ESOP liquidity totalling $50 mn
This event will also see eligible employees from Dineout which Swiggy acquired last year participate.
Swiggy, which announced turning EBITDA positive in its food delivery business as of March successfully integrated Dineout and strengthened its position in Q-commerce with Instamart.
Swiggy acquires retail distribution company Lynk to enter retail market
Lynk will continue to operate as an independent business post the acquisition led by Co-founder and CEO, Shekhar Bhende, Swiggy said in a statement. The acquisition will help Swiggy’s entry into the huge retail market with a technology-led distribution platform.
Our food delivery business turns profitable, says Swiggy CEO
"Our teams are more in sync than ever with restaurant partners to improve their experience with Swiggy and create mutual wins. As a result, our restaurant net promoter score (NPS) has improved by over 100 per cent in the past 8 quarters," Sriharsha Majety mentioned. Last year, Swiggy acquired Dineout for around $120 million in an all-stock deal.
US-based Invesco further slashes Swiggy's valuation to $5.5 bn
According to regulatory filings with the US Security and Exchange Commission (SEC), Invesco valued Swiggy's shares at $3,305 (as of January 31, 2023) -- down from $4,759 in October 2022. In October last year, Invesco had already reduced the valuation of its holding in Swiggy to about $8 billion. Swiggy had reached a $10.7 billion valuation in a round led by Invesco in January last year.
Disbursed over Rs 31 cr in claims to delivery partners in FY22-23: Swiggy
They receive comprehensive insurance coverage, including accidental medical coverage, maternity leave, and income support during accident recovery. The company has been providing insurance to its delivery partners since 2015.
Swiggy begins charging Rs 2 'platform fee' per food order from users
The company told IANS that the additional charges are being levied only on food orders on the main platform and does not apply on Instamart users. "The platform fee is a nominal flat fee charged on food orders. This fee helps us operate and improve our platform and enhance app features to deliver a seamless app experience," a Swiggy spokesperson said in a statement.
Swiggy CTO moves on to start his entrepreneurial venture
In a statement to IANS, Swiggy said that Vaz will continue in his role till May and will be associated with the company for an extended period in an advisory role. "Madhusudan Rao will take over as CTO. Madhu has been with Swiggy for over four years and has decades of tech leadership experience with a proven track record of understanding what our customers need," the company said.
US-based investors significantly cut market valuation of BYJU's, Swiggy
New York-based investment firm BlackRock in a private assessment has slashed the valuation of edtech major BYJU's to $11.15 billion from its $22 billion valuation that the company keeps referring to, according to a report in The Arc, citing the filings. "BYJU's is India's most valued startup. If other investors follow BlackRock, it may translate into the first major downgrade of an Indian decacorn after Flipkart in 2016," the report said.
Online boom, or bane? Customer gripes also pile up against delivery boys
Prapthi posted a screenshot of the message on her Twitter handle while narrating her ordeal. "I'm sure that most women on here can relate to this. I got a grocery delivery from Swiggy Instamart on Tuesday night (June 14, 2022). The delivery guy sent me creepy messages on WhatsApp today (June 16, 2022). Not the first time, not the.
Food apps' defence: Physical, mental health of delivery partners our priority
Swiggy told IANS that it is enabling a consistent earning and upskilling opportunity for over 3,00,000 delivery executives across the country, apart from a healthy and safe work environment. This includes but is not limited to accident death cover, medical insurance, bereavement leave, mental wellness, and on-call doctor support.
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