Swiggy evolved from a Bengaluru food-delivery startup founded by Sriharsha Majety, Nandan Reddy and Rahul Jaimini into a publicly listed food-delivery and quick-commerce company.
Discover how Sriharsha Majety, Nandan Reddy and Rahul Jaimini built Swiggy from a failed logistics startup into one of India’s leading food delivery and quick-commerce companies.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy
Quick Facts
| Founders | Sriharsha Majety, Nandan Reddy, Rahul Jaimini |
| Education | Sriharsha Majety – BE (EEE) and MSc Physics, BITS Pilani; MBA, IIM Calcutta; Nandan Reddy – MSc, BITS Pilani; Rahul Jaimini – Computer Science, IIT Kharagpur |
| Prior Ventures | Majety and Reddy – Co-Founders, Bundl Technologies (logistics, 2011–2014); Jaimini – Software Engineer, Myntra |
| Role | Co-Founder, Managing Director and Group CEO, Swiggy (Sriharsha Majety) |
| Founded | 2014 |
| Sector | Food Delivery / Quick Commerce |
Introduction
Before Swiggy existed, Sriharsha Majety and Nandan Reddy, close friends from their BITS Pilani days, had already tried and failed once. Their first venture, Bundl Technologies, aimed to solve logistics for e-commerce businesses, but the market opportunity proved too limited to sustain the company. (SeedToScale) Rather than give up, the duo brought in IIT Kharagpur graduate Rahul Jaimini as a technical co-founder and pivoted toward a different problem entirely: getting food delivered reliably in India’s cities. Swiggy launched in Bengaluru in August 2014, and eleven years later, the company completed one of India’s largest consumer-tech IPOs. (Wikipedia; Medianama)
The Swiggy Story
Before Swiggy, Majety worked briefly as an investment banker in London before returning to India, drawing inspiration for entrepreneurship from a backpacking trip that took him overland from Portugal to Kazakhstan. (buildd) Reddy, meanwhile, had run a restaurant in Hyderabad called Zurna before joining Majety on Bundl, giving him early exposure to the food business itself. (StartupTimes)
After Bundl wound down in 2014, the founders noticed how Ola and Uber were using mobile technology to transform urban mobility, and they saw a similar opportunity in hyperlocal food delivery. (buildd) Jaimini, who had been building software at Myntra, joined to architect Swiggy’s technology from the ground up, and the trio launched with a strict 30-minute delivery commitment designed to differentiate the platform on reliability. (SeedToScale)
From a single Bengaluru neighborhood, Swiggy expanded to eight Tier 1 cities by 2015, and continued scaling aggressively over the following years, eventually crossing 500 cities. (Wikipedia) The company reached unicorn status in 2018 and became a decacorn in 2022 at a $10.7 billion valuation. (buildd) Jaimini stepped away from day-to-day operations in 2020, though he remains a board member and shareholder, while Majety and Reddy continued leading the company through its 2024 public listing. (National Skill India Mission)
Business Model
Swiggy earns revenue across food delivery and quick commerce, alongside smaller ancillary businesses:
| Revenue Stream | How It Works |
|---|---|
| Food delivery | Commissions from restaurant partners and advertising revenue |
| Instamart (Quick Commerce) | Commissions and fees on grocery and essentials delivery, transitioning toward an inventory-led model |
| Out-of-Home Consumption | Dineout and related dining/events services |
| Supply chain and B2B | Warehousing, logistics, and distribution services for wholesalers and retailers |
(Sourced from Chittorgarh)
Funding and IPO History
| Round/Event | Year | Amount | Key Investors |
|---|---|---|---|
| Series A | 2015 | $2 million | SAIF Partners, Accel Partners |
| Growth rounds | 2017–2022 | Multiple rounds | Naspers, Tencent, SoftBank, Prosus |
| IPO | Nov 2024 | ₹11,324 crore | Public listing on NSE/BSE |
| QIP | Dec 2025 | ~₹8,950 crore | Institutional investors |
(Sourced from buildd and Medianama)
Overall, Swiggy’s November 2024 IPO raised ₹11,324 crore, and the company followed up with a further QIP raise in late 2025 to fund Instamart’s expansion, deploying ₹4,475 crore toward fulfilment infrastructure alone. (Medianama)
Revenue and Growth
| Metric | FY24 | FY25 |
|---|---|---|
| Revenue from Operations | ₹11,634 crore | ₹15,623 crore (up 34.3%) |
| Net Loss | ₹2,350 crore | ₹3,117 crore (up 32.6%) |
(Sourced from PathfindersTraining)
Notably, Swiggy’s food delivery business turned solidly profitable, with adjusted EBITDA margins climbing to 2.9% of GOV in FY25, but this was more than offset by deepening Instamart losses as the company added over 1,000 dark stores to compete in quick commerce. (IndianStartupNews) Losses have continued into FY26, with the company posting a ₹1,092 crore net loss in the September 2025 quarter alone as it accelerated Instamart’s infrastructure buildout. (Business Standard)
Swiggy vs Competitors
Swiggy competes with Eternal’s Zomato in food delivery, and with Blinkit, Zepto, and Reliance JioMart in quick commerce through Instamart. (Finimize) Unlike Zomato, whose Blinkit business has moved to a first-party inventory model, Swiggy’s Instamart has largely operated on a marketplace model, though the company has signaled it is considering a similar transition.
Key Takeaways
- Sriharsha Majety, Nandan Reddy, and Rahul Jaimini founded Swiggy in 2014 after their first venture, Bundl Technologies, failed to scale.
- Swiggy reached unicorn status in 2018 and decacorn status in 2022 at a $10.7 billion valuation.
- The company listed on the NSE and BSE in November 2024, raising ₹11,324 crore in its IPO.
- FY25 revenue grew 34.3% to ₹15,623 crore, though net loss widened 32.6% to ₹3,117 crore due to heavy Instamart investment.
- The company competes with Zomato in food delivery and Blinkit, Zepto, and JioMart in quick commerce.
FAQs
Who founded Swiggy?
Sriharsha Majety, Nandan Reddy, and Rahul Jaimini founded Swiggy in 2014.
Is Swiggy profitable?
Its food delivery business is profitable, but overall the company remains loss-making due to heavy investment in Instamart’s quick-commerce expansion.
How much funding has Swiggy raised?
Including its ₹11,324 crore IPO and subsequent QIP, Swiggy has raised well over $3 billion across its lifetime.
Who are Swiggy’s competitors?
Zomato (Eternal) in food delivery, and Blinkit, Zepto, and JioMart in quick commerce.
© The Founder Nation | Written by TFN Research Desk
