13 December 2017, India:
Food ordering and delivery platform Swiggy has acqui-hired Asian gourmet food startup 48East. 48East eas founded by Joseph Cherian and Nabhojit Ghosh in 2016.
As a part of deal, 48East’s founders Joseph Cherian and Nabhojit Ghosh will join Swiggy to build the ‘New Supply’ business line. Cherian will join as COO (Chief Operating Officer) of the ‘New Supply’ business line.
“As COO of Swiggy’s New Supply business line, Cherian’s expertise in the food infrastructure space will further strengthen company’s focus 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 restaurants partners in different areas.” Swiggy said in a statement.
Commenting on acqui-hires, CEO of Swiggy, Sriharsha Majety 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.”
Earlier this month, Swiggy hired Vishal Bhatia as the CEO for the ‘New Supply’ business initiative and former OLAM executive Rahul Bothra as its first ever Chief Financial Officer.
According to reports, the objective of the ‘New Supply’ business is to address the supply gaps related to the availability of food options or restaurant choices based on consumer demand.
48East was launched in August 2016. It is an online food delivery platform. It offered on-demand oriental cuisines prepared in its cloud kitchens. It catered to the taste buds of the Bengaluru consumer with a variety of gourmet food representing the 48 nations across Asia.
The company had two kitchens in Bengaluru. These kitchen will now be a part of Swiggy Access.
Swiggy Access is an initiative aimed at reaching more customers and making its delivery more seamless.It allows restaurant partners to set up kitchen spaces in areas where they do not have a physical presence. This will enable the restaurant partners to expand to newer neighbourhoods and a large consumer base at a fraction of the expense.
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