Our advice to Swiggy: save your money. Funding taps are running dry

Generalist

Welcome to Indian Startups's Private Community

Swiggy changes logo to spread awareness on water problem

Growth Manager

Swiggy changes logo to spread awareness on water problem- Grapevine

None of the restaurants say they’re Swiggy one compatible

I’m having to pay a lot more in delivery charges. This is… weird?

What did they do to Swiggy one???

Software Developer

What Swiggy?

Corporate Strategist

Welcome to News Discussion's Private Community

- Swiggy is transforming its Mini business into a link-in-bio service for service providers like nutritionists and fitness trainers.
- The revamped Minis will serve as landing pages for sellers to direct customers from social media, with Google Calendar integration for bookings.
- Originally launched in 2022 as a no-code Shopify alternative, Minis allowed small sellers to manage orders and transactions without commissions.
- The discovery layer is being removed, but customers can still access saved and past-ordered stores, focusing on repeat purchases.
- Swiggy is expanding Minis to include digital offerings and Google Reviews, claiming better conversion rates and more repeat customers. 

 Source: Techcrunch

Swiggy Revamps Mini Offering to Include Service Providers

Journalist

Welcome to Banking & Finance's Private Community

Swiggy ipo

Swiggy celebrating Zepto fundraise

Business analyst

- Swiggy is set to sponsor **Shark Tank India Season 4**, ousting Zomato CEO Deepinder Goyal from the show. 
- This move highlights the escalating rivalry between the two food delivery platforms. 
- Swiggy's proposed **₹5,000 crore IPO** includes a fresh issue of equity shares worth ₹3,750 crore and an OFS of 185,286,265 equity shares. 
- Zomato's market capitalization stands at **$25 billion**, more than double of Swiggy's estimated $10 billion valuation. 
- Swiggy reduced its losses by 43% in FY24, with revenue from operations marking a 36% growth.

Source: [Mint](https://www.livemint.com/companies/kicked-me-out-zomato-ceo-deepinder-goyal-says-as-swiggy-is-set-to-sponsor-shark-tank-india-season-4-11728140315216.html)

Swiggy Sponsors Shark Tank, Ousts Zomato CEO

- Swiggy has launched a $65 million ESOPs liquidity programme, marking its fifth such event since 2018.
- Employees across various levels can now receive liquidity for their ESOPs in the secondary market.
- This is the third consecutive ESOP liquidity event following those in July 2022 and 2023.
- Swiggy has enabled over Rs 1,000 Cr of ESOPs liquidity, benefiting 3200 employees over five events.
- The announcement comes as Swiggy prepares for its IPO, with plans to raise approximately $1.25 billion. 

 Source: Entrackr

Swiggy Announces $65 Million ESOPs Liquidity Programme

I work with Swiggy and as many of you already know the culture has become extremely toxic in Swiggy. Expectations of working 12-16 hours per day, be available on weekends, play dirty politics, blame other to save yourself , get really really aggressive, all of this with a constant fear of losing your job. The leaders are saying this culture change is required to achieve high growth targets for IPO.  They say a culture like this is required to raise the bar & keep people on their toes. But looking at Byjus it appears that this may help in the short run but eventually things fall apart. Employees are human resources not machines. But these toxic leaders don’t really care, as there is always some people available to replace the previous lot who left due to the toxicity. I really hope the leadership of companies like Swiggy open their eyes & realise this before it’s too late for their business. 

And people who are considering to join Swiggy. BEWARE. This isn’t the place it used to be. People have left within 1-2 months because of this culture. And nearly EVERYONE is looking out to switch.

Do extreme toxicity & inhuman working hours actually deliver growth?

Product Marketing Manager

Excerpt: Rolled out in 2023, Swiggy’s gold, silver, and bronze rankings for its gig workforce are based on a dynamic rating system — it changes weekly depending on the quality and quantity of work. Workers with a higher ranking get perks such as the ability to book the following week’s shifts in advance and “attractive interest rates” on personal loans. The program also includes health insurance as a benefit, which can change every week.

Gamification at its peak- perks to delivery partner on basis of their weekly performance

Software Engineer

Welcome to Software Engineers's Private Community

Work culture has become ultra toxic. Managers have started nano managing and literally are a pain in the ass. Product giving unrealistic timelines and leadership agreeing on the same without even consulting the developers and even if the developers are raising concerns, no fucks are given infact they are made to realise that this is how a startup should work. Literally everyone is working their asses off and still unable to meet the deadlines. Empathy is completely lost and WLB is a sham. People including me want to switch but are not even getting time to prepare.

Rant on Swiggy wlb

I got yearly review that was baseless. I reasoned back. And few days later I got released over shitty miscellaneous reason.

How do I make sure the company doesn't do that to others.

Laid off on review

Such a sad day for all of Swiggy folks out there. 💔 
Swiggy’s private feed is full of layoff messages. More power to you guys, Swiggy doesn’t deserve you. You will do better wherever you go. ❤️ Please reach out to me in DM’s if you need any sort of help or referrals. Will try my best to help in any ways I can. 

Some of them worked their ass off for NYE and now this is how they have rewarded them. 
Everything looks like a script from last year. Same fu*king 5-10 min speech for the layoff announcement. Same severance, same method used for the layoff. Now the same consolation phase will start for the existing employees by the leadership. I hope I am wrong, but with the current ways of working, Swiggy is doomed to fail!

Swiggy layoffs

I remember nov-dec 2023. I hardly ordered from Zomato. It was always Swiggy. I read the numbers aswell and they were doing good in terms of market share. 6 months down the line, I never open Swiggy app now. Zomato has stuck with me. I don't know what made me stick with Zomato so much so that I have there premium membership. Its coming from someone who hated Zomato in 2023, to now having there membership. Just checked thw Swiggy market numbers, and they are doing not so good. They are sinking. They are planning for IPO so they should have been good, but they aren't, why so?

What's with Swiggy? Why is the market share declining?

Recently, I heard a very interesting story about Swiggy from someone. Their mum booked a high value order as a surprise for them on Swiggy. Since they had a Swiggy One subscription, the whole family used the same account.

Halfway through, the delivery person calls them, says the vehicle broke down. Mum steps away to deal with something else and when the delivery person calls again, their dad picks up. The delivery person says the vehicle broke down but he'll figure something out and send it with someone else, but to do that first, he'll need their details. He proceeds to ask for their phone number (linked to account) and for the OTP sent from Swiggy? Sounds super strange but the dad took pity and figured sure, let me try and make this delivery person's unlucky day a bit nicer — after all, it's a Swiggy account anyways, what harm could it do. He shared the OTP.

Almost immediately after, the delivery person changed the phone number for the account and everyone logged in lost access to the account. Ofc, he scammed the order for himself. The real kicker is that their Email ID was still linked to the account, so anytime the delivery person makes an order, they get an email with his order details. So far, they've been regularly getting order details emails with orders for paan, gutkha, cigarettes and some sides/chakna, all to some mall. 😂

Now, cool story bro, but how is this Swiggy's fault, you ask? Well, support has been contacted multiple times, over multiple accounts, but to no avail, because clearly their customer support has gone to shit. Even with the address and phone number of the delivery person who scammed them, and having an email id linked to the account, they've been of absolutely no help, as if their hands are tied. Their user workflows are so brittle, they don't account for the simplest locked out of account scenarios, let alone address security concerns and protect the customer from their own agents. Truly a wonder this company is worth anything.

WTF is up with Swiggy - A Swiggy Scam Story

Let's examine a snapshot of the Swiggy Engineering VPs' status from three months ago and compare it to their current situation.

CTO Dale departed just yesterday.
Storefront - Madhu has been promoted to the role of CTO, and we are awaiting the appointment of a new VP.
ATS - Ashish is currently serving his notice period.
MFP - Piyush has left the company, and Soumya has taken on additional responsibilities.
RNG - Nitesh is currently interviewing with other firms.
DIP - Soumya is still performing well in their role.
DevOps - Anurodh is in charge.
Location Intelligence - Pradnya is currently serving her notice period.

One potential reason for their departure is the recent devaluation, which has resulted in an unofficial 50% reduction in the value of the ESOPs. Given the minimal salary increases, unless prompt action is taken by the remaining leadership, this ship will inevitably sink!

PS The engineers at Swiggy are aware of the alternative interpretation of SOS.

Swiggy SOS

Most of us are curious of how decisions are made in major VC funds, as these funds are private and only share this information with their Limited Partners (LPs).

For the unknown, there are VC funds known as Corporate Venture Capital funds, which are the venture arms of corporate firms; they are required to disclose the performance of their CVC funds to the general public.

Prosus, one of the largest funds in this category, has just released its 2024 Annual Report, so thought it would be helpful to share the key takeaways with you all. So, here we go:

1/ Swiggy: On the Launchpad
Swiggy continues to impress with a 26% surge in its gross order value and a robust user base that's grown to 104 million. The food delivery giant isn't just expanding—it's preparing to soar with a confidential IPO filing. Swiggy's blend of core deliveries and quick-commerce ventures positions it as a frontrunner in the food-tech race.

2/ Byju's: A Reality Check
The tides have turned for Byju’s, once a darling of the edtech world, now facing a stark reality with a $493 million valuation write-down by Prosus. This significant markdown is a wake-up call to the high-flying valuations in the edtech sector, spotlighting the need for sustainable financial health over speculative growth.

3/ PayU: Quietly Confident
While specific updates on PayU were sparse, its role in Prosus’s fintech ambitions remains pivotal. PayU continues to weave through Prosus's strategy, likely focusing on enlarging its digital payment solutions and tapping into burgeoning financial service opportunities in emerging markets.

4/ PharmEasy: Unsung Potential
PharmEasy's story remains under the radar in this year’s dispatch. However, as a component of Prosus's health tech ventures, it’s poised to play a crucial role in expanding accessible digital healthcare solutions, streamlining services from prescriptions to doorstep delivery.

The Bigger Picture? Prosus's strategy paints a vivid portrait of India's evolving startup ecosystem. It's no longer just about rapid growth and sky-high valuations. The game has changed:

1/ Sustainability is king: Byju's fall from grace is a stark reminder that financial health trumps speculative growth.
2/ IPO readiness matters: Swiggy's preparations show the market's appetite for well-prepared tech giants.
3/ Quiet expansion: PayU and PharmEasy's low-key presence suggests strategic focus on steady growth over flashy headlines.
4/ Diversification is key: Prosus's varied portfolio highlights the importance of spreading bets across sectors.

Checkout their annual report at https://www.prosus.com/~/media/Files/P/Prosus-CORP/AR2024/1latestfinancialresults/04annualreport/fy2024annualreport.pdf - happy reading!

Would you like more breakdowns of such reports and documents? Let us know in comments below 👇🏽

Key takeaways from Prosus 2024 Annual Report

Zomato introducing separate veg deliveries, Indian mom would be very happy. 
Any risks you see in this implementation.

Veg wlo ka jalwa h

Associate Product Manager

"Only when the tide goes out do you discover who's been swimming naked." - Warren Buffet

I want to appreciate Swiggy for whatever they've done in the last year. Everyone's had a tough time, and through the bear market (which we are still in), everyone lost valuation majorly. 

You need to have a super strong business to be able to maintain strength (given we're still not in a bull). When in this market, somebody almost doubles their valuation, it's a feat.

I know there's layoffs and everything that happened there too, but just happy to see all of this happen as an avid user and a small founder who's realized how tough it's been these last 1-2 years.

Swiggy changes logo to spread awareness on water problem

Discover More

Misc on

by Jordon Carmden

Accenture

What did they do to Swiggy one???

Memes on

by Dezi Lee

Unnamed

What Swiggy?

News Discussion on

by Karilyn Hyrum

Grapevine

Swiggy Revamps Mini Offering to Include Service Providers

Banking & Finance on

by Coy Carmden

Student

Swiggy ipo

Indian Startups on

by Kendall Gabriel

Stealth

Swiggy celebrating Zepto fundraise

News Discussion on

by Kendall Nadeen

Grapevine

Swiggy Sponsors Shark Tank, Ousts Zomato CEO

News Discussion on

by Aaron Hyrum

Grapevine

Swiggy Announces $65 Million ESOPs Liquidity Programme

Bangalore on

by Kendall Gabriel

Swiggy

Do extreme toxicity & inhuman working hours actually deliver growth?

Indian Startups on

by Jordon Lee

Goldman Sachs

Gamification at its peak- perks to delivery partner on basis of their weekly performance

Software Engineers on

by Jordon Carmden

Swiggy

Rant on Swiggy wlb

Layoffs on

by Dezi Vernon

Stealth

Laid off on review

News Discussion on

by Kendall Lee

Swiggy

Swiggy layoffs

Indian Startups on

by Aaron Lee

Good company

What's with Swiggy? Why is the market share declining?

Indian Startups on

by Kendall Hyrum

Stealth

WTF is up with Swiggy - A Swiggy Scam Story

Indian Startups on

by Kendall Lee

Swiggy

Swiggy SOS

News Discussion on

by Dezi Gabriel

Grapevine

Key takeaways from Prosus 2024 Annual Report

News Discussion on

by Jordon Carmden

Stealth

Veg wlo ka jalwa h

Indian Startups on

by Karilyn Lee

Stealth

Swiggy's valuation crosses $10Bn again. After going as low as $5.5Bn last year. A small note:

Indian Startups on

by Kendall Hyrum

TCS

Moment Marketing