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Dec, 13 2017

Food Delivery Platform Swiggy AcquiHires 48East Team

Swiggy has been steadily building its senior management team especially for the Swiggy Access with an aim to plug existing supply gaps in the marketplace

Food ordering and delivery platform Swiggy has brought on board the management of gourmet food startup 48East as part of its strategy to broaden its senior leadership.

48East founders Joseph Cherian and Nabhojit Ghosh will join Swiggy to build the new supply business with Cherian taking the mantle of chief operating officer for the vertical which was launched last month with Swiggy Access the delivery only service in partnership with restaurants in new localities.

Swiggy has been steadily building its senior management team especially for the Swiggy Access with an aim to plug existing supply gaps in the marketplace, including enabling partner restaurants to expand their businesses as also for resolving consumer gaps in assortment availability.

Sriharsha Majety, CEO of Swiggy “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”.

As the fight of the top spot in the food technology industry gets rougher, Swiggy is looking to beef up its lesser revenue accretive businesses such as the advertising business from 2018. The Bangalore-based company has seen its revenues jump a massive 6 times to Rs 133 crore in FY17 from Rs 20 crore last year as it has steadily been increasing order volumes across its platform to over 4 million per month.

However a 119% increase in other expenses to Rs 345 crore saw the pile of losses swell even further to Rs 205 crore – an almost 50% increase. The Naspers-backed company is looking to streamline its operational efficiencies through FY18 and a professional senior management will help hasten the process for Swiggy.

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