development occurs at a time when
Swiggy in talks with US based asset manager Invesco and another $10 billion to raise $500-$600 million at a valuation, ET exclusively reported Tuesday.
Phani Kishan,
newly advanced cofounder, will take over the reins of the business unit as chief executive officer of Sup Daily, Swiggy founder Sriharsha Majeti wrote in an email to employees.
Shared as a blogpost on the company’s website. Kishan was promoted from the company’s vice president of strategy and investment to cofounder in July this year.
Super Daily cofounders Puneet Kumar, Shreyas Nagdawane and Rohit Jain are now exiting the company. Kishan, who was part of the board of Super Daily since its acquisition by Swiggy in 2018, had been working with the team for the past few months. In July 2019, Swiggy
$100 million invested in the delivery company.
“In the last three years, the business has grown by leaps and bounds. Super Daily currently serves ~500,000 customers on a monthly basis and orders ~200,000 daily across six cities,” Magetti wrote in the email. “The category has immense potential and we are looking at a number of structures that best set it up for long-term success.”
He added that Super Daily will reflect the structure of food delivery, Instamart and private brand businesses, and will work more closely to unlock its potential. “This will help Super with the unfair advantages that Swiggy has and speed up its journey.”
Also read tech news of the day
Two months after arch rival Zomato became a public company, Swiggy is in talks to raise $500-600 million from a group of investors led by US asset manager Invesco.
read now
In the daily essentials category, Swiggy competes with the likes of the following bigbasketApart from new entrants like BB Daily, Reliance geomart Which is operating this service in select cities like Bangalore and Chennai.
subscription-based hyperlocal grocery delivery Forum milk basket –
Now part of Reliance Group There is also a contender in space. ET had reported in August that two senior RIL executives had joined the company’s board, while co-founder Anant Goel had resigned. The Mukesh Ambani-led company has not yet made any official statement on this.