Food ordering and delivery platform Swiggy has acquired Bangalore based food startup 48East.

Founded in 2016 by hospitality industry veterans Joseph Cherian and Nabhojit Ghosh, 48East offers exotic delicacies from 48 different countries across the Asian continent.

Post acquisition, Cherian and Ghosh will join Swiggy as part of the deal.

In February 2017, the startup had raised USD 500K in Pre Series A funding from Al Dhaheri Family based in UAE. Prior to that, in August 2016, it had raised 250K USD in a round of angel funding from Agra based ACPL exports.

"As COO of Swiggy's New Supply business line, Cherian’s expertise in the food infrastructure space will further strengthen company's focus on solving for gaps in consumer supply through various strategic initiatives. This includes the recently launched Swiggy Access, where the company brings a variety of food to consumers by enabling plug-and-play expansion for restaurant partners in different areas," Swiggy said in a statement.

Talking about the acqui-hires, Sriharsha Majety, CEO, Swiggy said, “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.”

Founded in 2015, Swiggy has raised close to USD 156 million from investors such as Accel, Innoven and SAIF Partners.

Moreover, according to a report by Economic Times, Swiggy is also said to be raising about $200-250 million from Softbank.

Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.