Celebrating Swiggy's IPO: Journey to Transform Convenience in India

As Swiggy hits the public bourses today, we at Accel couldn't be happier to have witnessed the incredible journey that Harsha, Nandan, and Phani, along with the Swiggy team, have undertaken. Being one of Swiggy's first partners in 2015, when food delivery in India was still in its infancy, makes today especially meaningful. This IPO marks not only another milestone in Swiggy’s journey but it is also a testament to the grit, innovation, and deep consumer focus that Swiggy has brought to the Indian market.

Spotting the Future of Food Delivery

‍At Accel, we take a thesis-led approach to investing. In 2014, we developed a thesis around food delivery and met with founders building in that space.  Thanks to some of our team members and college alumni networks, we were fortunate to get an introduction to Harsha and his founding team.

What immediately set Harsha and Swiggy apart was their absolute, uncompromising focus on the consumer. The team was obsessed with bringing the best quality food to the consumer's doorstep in under 30 minutes. It sounded ambitious at that time—something we now take for granted. This commitment to customer satisfaction resonated with us. Swiggy’s mission was not just to deliver food quickly - the team aimed to reimagine convenience.

We were fortunate to co-lead Swiggy's Seed round in 2015 and support their journey through various rounds of funding. 

A Data-Driven, Experimentative Approach to Growth

Swiggy's growth has been extraordinary - from a few hundred orders to more than 2 million per day today. It is the result of a disciplined, data-driven approach to innovation that has allowed them to grow. From displaying delivery partner locations and arrival times, to introducing photo menus, cloud kitchens and quick-commerce (ultra-fast grocery delivery, supported by a network of dark stores) , Swiggy has focused on bringing convenience to customers. With experimentation at its core, Swiggy has repeatedly tested and scaled what worked and culled ones that didn't. This agility and willingness to learn and unlearn has become a hallmark of Swiggy's DNA.

Building a Culture of Level 5 Leadership

One of Swiggy's greatest strengths is the quality of its leadership. Harsha and his senior leadership display what author Jim Collins calls "Level 5 Leadership", a blend of both humility and an unyielding drive to succeed. This culture is magnetic, and has helped Harsha attract some of the best minds in the industry to Swiggy.  

Resilience Through Adversity

Every entrepreneurial journey has challenges, and Swiggy's story is no different. From early struggles with user retention to the funding winter of late 2015, Swiggy encountered formidable obstacles. They say a person's character shows when they deal with adversity; the same applies to companies. When the going was tough, Harsha and his team displayed remarkable resilience and unwavering perseverance, which made them stronger and more determined through every storm. 

At the pandemic's peak, Swiggy became a lifeline for millions of Indians, providing access to essentials while ensuring safety for delivery partners and restaurant operators. Be it the 'best safety standards' badges awarded to restaurants, updating the delivery algorithm that minimized restaurant overcrowding to ensure social distancing for delivery partners, or launching Swiggy Instamart and Swiggy Genie in response to customer needs. In the backdrop of uncertainty and operational challenges for the industry, Swiggy was quick to innovate in the crisis.

Reimagining Convenience

From a few hundred daily orders when we first invested, Swiggy now completes millions of deliveries every day. It partners with over 220,000 restaurants and 450,000 delivery partners. With every order delivered, Swiggy continues to deliver on its mission to make life easier and elevate the everyday experience for consumers all over India.

Best Wishes for the Road Ahead

Swiggy’s road to IPO is a testament to its resilience, consumer-first thinking, and relentless experimentation. While this marks a significant milestone, we know that Swiggy's journey has only begun.

Here’s a short video we’ve put together which celebrates Swiggy’s impact on millions of people:

Here’s to celebrating Swiggy!