Swiggy restructures Supr Daily to unlock its delivery potential.
Mumbai: Swiggy has spun off its subscription-based service Supr Daily into a separate unit, at a time when individuals are more and more choosing their necessities to be delivered.
The development comes at a time when the food-tech startup is in talks with US-based quality manager Invesco et al. to boost $500-$600 million at a valuation of $10 billion, ET rumoured completely on Tuesday.
Swiggy founder Sriharsha Majety wrote in an email to workers that were shared as a blog post on the company’s website. Kishan was elevated from the company’s VP of strategy and investments to the position of founding father in a Gregorian calendar month this year.
Supr Daily’s cofounders, Puneet Kumar, Shreyas Nagdawane, and Rohit Religion, are currently exiting the corporate. Supr Daily's board member, Kishan,has been a part of Swiggy’s board since its acquisition by Swiggy in 2018 and has been operating with the team operationally for the past few months.
"Over the last 3 years, the business has adult by leaps and bounds. "Supr Daily presently serves 500,000 customers on a monthly basis and delivers 200,000 daily orders across six cities," Majety wrote within the email. "The class has vast potential and we’ve been thinking through the many structures that best set it up for achievement within the future."
Supr Daily can mirror the structure of food delivery, Instamart, and personal branding businesses, "and work even more closely to unlock its potential," he said. "This can facilitate Supr with the unfair blessings that Swiggy has access to and accelerate its journey."
In the daily necessities class, Swiggy competes with the likes of BigBasket’s BB Daily, besides new entrants like Reliance JioMart that have been piloting the service in cities like Bengaluru and metropolis.
Milkbasket, which is now part of the Reliance group, is also a competitor in the space.ET rumoured in August that 2 senior executives of Reliance joined the board of the hyperlocal grocery delivery platform, whereas founding father Anant Goel et al. resigned. Mukesh Ambani's company has yet to issue an official statement regarding the acquisition.