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Swiggy, the Indian food delivery service, has made its much anticipated moved into general deliveries today after it announced its new ‘stores’ product.
The move has been speculated since as early as 2017, but recent developments have taken the company closer towards the expansion. Last September, Swiggy picked up delivery service SuprDaily in an acquisition while the company went on to raise a $1 billion funding round in December. That round was led by Naspers, it put Swiggy’s valuation to $3.3 billion and saw Tencent, the Chinese internet giant behind WeChat among others, join as an investor.
Money - Bank - Check - Expertise - Team
Money in the bank? Check. Expertise on the team? Check. Swiggy now seems positioned to make this major move.
Stores will be available within the core Swiggy app, and it will cover fruit and Vegetables, kiranas and supermarkets, florists, health supplements, medicine, baby care products and more.
Company - Rollout - One - Gurgaon - Partnerships
But the company is moving slowly first out. The initial rollout is a phased one that’s happening in Gurgaon, where it has racked up partnerships with retailers that will cover 3,500 stores in the city. Deliveries are aimed at being an hour or less, and early partners include Le Marche, Guardian Pharmacy and Zappfresh.com, the company said.
This expansion raises Swiggy’s competitive edge with food delivery rivals FoodPanda (which is owned by Ola), Zomato and UberEats by giving consumers more reasons to turn to the Swiggy service. That’s a move that the company will hope can increase revenue and engagement at the expense of the competition, which now includes Amazon.
Move - Food - Deliveries - Strategy - Meituan
The move from food to general deliveries mirrors the strategy of Meituan, another Swiggy investor from China. Meituan generates the majority of its business from food but, while it has scaled impressively, it is not yet profitable. Still, it...
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