The Bengaluru – based food ordering and delivery platform, Swiggy, has acqui-hired another Bengaluru – based food ordering and delivery platform, 48East to bridge the gap between the food delivery demand from its customers and its current food delivery service levels. 48East was founded by hospitality industry veterans, Joseph Cherian and Nabhojit Ghosh in 2016. So far, 48 East had raised US $ 750,000 in seed round of funding from Al Dhaheri Capital and ACPL Exports. Joseph Cherian and Nabhojit Ghosh will join Swiggy’s C level executives as a part of this acquisition deal. Read more on Acquisitions
“As COO of Swiggy’s New Supply business line, Cherian’s expertise in the food infrastructure space will further strengthen company’s focus on solving the gaps in consumer supply through various strategic initiatives. This includes the recently launched Swiggy Access, where the company brings a variety of food to consumers by enabling plug-and-play expansion for restaurant partners in different areas”, Swiggy said in a statement.
“With their deep understanding of the food space and an impressive track record of delivering a great consumer experience, the 48East team will equip Swiggy with additional capabilities. We are excited to work with them towards our vision of changing the way India eats”, Sriharsha Majety, CEO of Swiggy said.
Swiggy was founded in 2015 and has so far raised US $1.56 billion through equity investments from VC firms and angel investors in five rounds of series funding (i.e., upto Series E round of funding). Its main investors include Accel Partners, Innoven and SAIF Partners.
The other food tech startups to get funded this year (2017) include the food tech startup, Authenticook, which raised Rs. 1.45 crores in Pre Series round of funding from Booking.com during June, this year. The food tech startup, Wegan Foods, secured an undisclosed amount of seed funding from UAE’s princess, Sheikha Arwa Al Qassimi, during June, this year. The food tech startup, Ketchupp, raised Rs. 3 crores in seed round of funding from India Quotients during January, this year. The foodtech startup, EazyDiner, secured an undisclosed amount of seed funding from the cricketer, Yuvraj Singh, during June, this year. The food tech startup, Box8, secured US $1 million (Rs. 6.5 crores) in Series C round of funding from Trifecta Capital, during May, this year. The food tech startup, Fassos, secured US $6.3 million (Rs. 41 crores) in Series D round of funding from Lightbox Ventures II, Lightbox Expansion Fund, Sequoia Capital India, RuNet South Asia and RB Investments during April, this year. The food tech startup, HolaChef Hospitality Pvt Ltd. secured US $3 million (Rs. 19.5 crores) in Series B round of funding from Kalaari Capital and SIDBI Venture Capital during April, this year (2017) just to name a few. Read more on Startup News