 "Bundl Technologies to raise up to $20 million")
Bundl Technologies, a Bengaluru-based start-up that runs food-ordering platform Swiggy, is in talks with a couple of investment firms to raise anywhere between $15-20 million (Rs 95-126 crore), according to co-founder Nandan Reddy.
The eight-month-old entity had received $2 million (Rs 12.5 crore) in a seed round from venture capital (VC) funds SAIF Partners and Accel Partners in January this year, which it had deployed to grow its business across cities.
“We have been seeing a lot of interest from PE (private equity) and VC firms. We hope to seal a deal within this financial year and propose to utilise the fresh funds to build core teams in the cities we are already in, and in those where we are planning to enter shortly, besides scaling up our logistics network,” Reddy told Business Standard.
The company currently has a core team of close to 150 people across Bengaluru, Gurgaon and Hyderabad, he said.
Swiggy, which provides food-ordering services from its website as well as a mobile app on both Android and iOS platforms, was started by Sriharsha Majety and Nandan Reddy, both alumni of BITS-Pilani, and Rahul Jaimini, an alumnus of IIT, Kharagpur.
Stating that the food delivery industry in India is currently pegged at $5 billion and growing at 30 per cent year-on-year, Reddy said at present, Swiggy had tie-ups with close to 600 restaurants across Bengaluru, Gurgaon and Hyderabad. It is looking at entering the Mumbai and Pune markets in the next couple of weeks.
“After spreading our wings to Mumbai and Pune, our idea is to have at least 2,500 restaurants on our board in the next three to six months,” Reddy said.
The eight-month-old entity had received $2 million (Rs 12.5 crore) in a seed round from venture capital (VC) funds SAIF Partners and Accel Partners in January this year, which it had deployed to grow its business across cities.
“We have been seeing a lot of interest from PE (private equity) and VC firms. We hope to seal a deal within this financial year and propose to utilise the fresh funds to build core teams in the cities we are already in, and in those where we are planning to enter shortly, besides scaling up our logistics network,” Reddy told Business Standard.
The company currently has a core team of close to 150 people across Bengaluru, Gurgaon and Hyderabad, he said.
Swiggy, which provides food-ordering services from its website as well as a mobile app on both Android and iOS platforms, was started by Sriharsha Majety and Nandan Reddy, both alumni of BITS-Pilani, and Rahul Jaimini, an alumnus of IIT, Kharagpur.
Stating that the food delivery industry in India is currently pegged at $5 billion and growing at 30 per cent year-on-year, Reddy said at present, Swiggy had tie-ups with close to 600 restaurants across Bengaluru, Gurgaon and Hyderabad. It is looking at entering the Mumbai and Pune markets in the next couple of weeks.
“After spreading our wings to Mumbai and Pune, our idea is to have at least 2,500 restaurants on our board in the next three to six months,” Reddy said.