Online food ordering and delivery platform Swiggy announced it has acqui-hired the management team of Bengaluru-based gourmet Asian food startup 48East on Friday.
As per the terms of the deal, 48East founders Joseph Cherian and Nabhojit Ghosh will join the Swiggy team. Cherian will be taking on the role of COO of the company’s New Supply business line.
In a release to the media Sriharsha Majety, co-founder, and CEO of Swiggy said the 48East team will help enable Swiggy with “additional capabilities”.
This development comes a week after the company hired Vishal Bhatia as the CEO of the New Supply business and former OLAM executive Rahul Bothra as its first ever Chief Financial Officer.
Other developments at Swiggy
In November the company had launched Swiggy Access, a programme which allows restaurants to move into or set up a kitchen in newer neighbourhoods.
The kitchens will be ready-to-occupy and will have a basic setup with the required amenities. Restaurants will be using the Access kitchens for their signature dishes only. These kitchens will operate as a delivery-only branch, and will not have any dine-in facility. The company said in a statement that this will allow fast deliveries and reduced wait times for consumers.
According to a Livemint report, restaurants will be able to save up to 25% of their operational costs. Swiggy will not charge any rent or deposit for the premises. However, the company will charge higher commission from the restaurant partners availing the ‘Access’ service.
In January, Swiggy had launched ‘The Bowl Company’ its own kitchen in select areas in Bangalore, in collaboration with popular restaurants to offer some items in areas where the restaurant does not have a physical presence.
Swiggy’s biggest rival Zomato started providing kitchens to restaurants in February. It launched infrastructure services for restaurants, starting with Dwarka, Delhi.
In October, the company tied-up with Indifi Technologies to launch ‘Swiggy Capital Assist’ programme, through which it will provide easy access to working capital loans for its restaurant partners.