Food delivery major Swiggy crossed 5 million order mark last month. This is a significant upside for the food delivery company that was delivering 3.5 to 4 million orders a month during August to October period this year.
“Currently, Swiggy is clocking about 1,80,000 orders a day,” say two sources aware of the matter. They also outlined that Hyderabad has caught up very fast and become biggest market.
Email sent to Swiggy for confirming monthly volume remains unanswered until the report was filed.
Swiggy’s rival Zomato had reached the 3 million orders mark, and claimed to have narrowed the gap with the competitor in August this year. At present, the Gurugram-based company does about 3.5 million deliveries, indicate sources.
“After Bengaluru, Hyderabad contributes maximum orders for Swiggy,” adds one of the two sources. Importantly, the Naspers-backed company had achieved 1 million monthly order mark in April last year.
Going with the aforementioned numbers, Swiggy seems to be ahead with Zomato by a decent margin.
Till date, the company has raised $156 million. In May this year, Swiggy raised $80 million in Series E funding led by Naspers. The startup raised the funds at a valuation of $400 million. Whereas its competitor Zomato has raised about $223 million in total funding.
Recently, Swiggy had acqui-hired gourmet food startup 48East to broaden its senior leadership.
The food-tech space in India is currently on a rise. According to the Kotak Institutional Equities, the food delivery and takeaway market is set to grow to $29 billion by 2021 with the number of orders going up to 51 million on a monthly basis. There is enough potential to grow in this segment.
After having a slowdown in the space for over 18-20 months, food delivery appears to have recovered. Observers and experts in the space say that the segment is going to be really big in coming years, and this is why heavyweights like Flipkart and Alibaba are eyeing to ramp-up their stake by investing in Swiggy and Zomato.