India’s Swiggy set to foray into social commerce, community group buying

Foodtech major Swiggy is set to foray into the social commerce and community group buying business with Swiggy Bazaar, and is putting together a team, said two people aware of the development, seeking anonymity.

The firm is in the process of identifying internal candidates and will also hire external talent to stitch up the initial team, and has put out alerts on professional networking platform LinkedIn, one of the two people said.

“Swiggy Bazaar is our latest foray into the trillion-dollar grocery market and will be a community group buying destination. Over the last year, consumers have discovered new ways to access better food and some of these behaviours have proved to be resilient, creating tailwinds that Swiggy Bazaar will aim to ride on. Swiggy Bazaar will operate like a startup and promises to be yet another big bet for us in the fast-growing e-grocery market,” Swiggy said in a post on LinkedIn.

Swiggy Bazaar will pilot new community-based marketing strategies, it said. Its core team will operate in three areas —product and engineering, community and marketing, as well as business operation. The firm will run a pilot on community-buying for groceries and other household perishables, the people said.

Swiggy declined to comment on Mint’s queries on its new initiative.

Social commerce has been on the rise with consumers turning to purchasing essentials, clothing and household items online. CityMall, backed by Accel Partners, Elevation Capital, and Jungle Ventures, is one such firm selling grocery, lifestyle and curated products through peer-to-peer referrals on WhatsApp.

Dealshare and Meesho are other social commerce startups that have witnessed high investor interest of late. Recently, YouTube marked its foray into the social commerce space, by signing a definitive agreement to acquire simsim.

Media reports said Swiggy is in talks with new and existing investors, including SoftBank and Prosus, to raise up to $600 million in a fresh round, at a valuation of $10 billion.

The article was first published on livemint.com.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.