Swiggy Acquires Intracity Delivery Platform Scootsy in All-Cash Deal | CORPORATE ETHOS

Swiggy Acquires Intracity Delivery Platform Scootsy in All-Cash Deal

By: | August 3, 2018

Aug 3: Food delivery platform Swiggy is expanding its services with the addition of more curated restaurants under its umbrella through Scootsy. The company on Thursday announced the acquisition of Scootsy, an intracity delivery service provider based on Mumbai.

The acquisition was completed in an all-cash deal, though the amount involved hasn’t been disclosed. Swiggy Chief Executive Sriharsha Majety has been quoted by news reports as saying that the shared belief of the two companies of providing superior user experience will help extend the convenience and reliability offered by Swiggy.

Scootsy will continue to operate as an independent app despite the acquisition, and will benefit the network of Swiggy by bringing in more curated restaurants. Swiggy already has a broad network of 40,000 restaurants across various cities in India.

As for Sctootsy, the acquisition will help expand its services across Mumbai. Besides, it will also help in the expansion beyond Mumbai in the coming days. Swiggy has revealed that Scootsy will be stepping in to four or five major cities in India by the coming months.

Scootsy, which was founded in 2015, had previously raised $3.6 million from Agnus Capital and Khattar Holdings. Besides offering delivery services of restaurant foods, the platforms also lets users purchase other products and get them delivered like toys, beauty products and electronics items. Scootsy chief executive Sandeep Das said that the platform will receive a major boost with the operational excellence of Swiggy.

Swiggy was founded in 2014, and is one of the fastest Indian start-ups to have reached a valuation of $1 billion. The recent funding event valued Swiggy at about $1.3billion, and had helped the company raise $210 million from a group of investors including Naspers and DST Global of billionaire Yuri Milner.