In a strategic move to enhance its culinary footprint, Bengaluru-based Swiggy has expanded its food delivery services to the picturesque Agatti island city in Lakshadweep. This expansion aligns with Swiggy’s vision to empower local culinary talents and provide an enriched experience for residents and visitors alike, as stated in a company release on Thursday (January 25).
This announcement coincides with reports from Inc42 that Swiggy is contemplating laying off approximately 6% of its total workforce, amounting to around 400 staff, as part of a broader corporate realignment strategy. Although the layoffs may impact various departments, the tech and customer support teams are expected to bear the brunt.
Swiggy proudly asserts itself as the first online food delivery platform to step into Lakshadweep, emphasizing its commitment to extending its services to diverse regions. Notably, deliveries on the island will be executed solely on bicycles, promoting sustainable and eco-friendly practices. To mark the occasion, Swiggy has introduced special launch discounts of 50%, up to INR 100, on first orders.
“We are excited to partner with local restaurants and support them in expanding their businesses, while also creating income opportunities for the local youth. In the future, we look forward to gradually deepening our presence in Lakshadweep,” stated Sidharth Bhakoo, National Business Head of Food Marketplace at Swiggy.
Founded in 2014 by Sriharsha Majety, Nandan Reddy, Phani Kishan Addepalli, and Rahul Jaimini, Swiggy has secured $3.6 Bn in funding to date. The company, gearing up for its highly anticipated IPO, declared its food delivery business profitable as of March 2023.
Despite corporate realignment and high-profile exits, Swiggy remains in the spotlight as it readies itself for what is expected to be the biggest IPO by an internet company, with an estimated issue size of $1 Bn (INR 8,300 Cr), set to take place in mid-2024.
