Kitchens@ said that after the acquisition, its combined gross merchandise value would be about $65 million, and the company plans to increase that to $100 million.
Swiggy Access kitchens allowed restaurants, both online and offline brands, to open kitchen spaces in areas that they did not operate to ensure faster delivery.
“The addition of Swiggy’s Access kitchens will bolster the reach and operations of Kitchens@’s in four cities across 52 locations and 700+ kitchens, providing customers with more convenient and efficient food delivery options,” said Junaiz Kizhakkayil, chief executive offiecer of Kitchens@.
The development comes on the back of cost-cutting efforts at Swiggy. On January 20, the company said it was laying off employees and will be shutting down its meat business as its core food delivery business has slowed down, in addition to the adverse macroeconomic headwinds affecting tech companies as whole.
“Swiggy Access was started with the aim to bridge hyperlocal gaps in restaurant supply and solve for variety, quality, and convenience of food. Since its inception, Access has enabled several restaurant partners to innovate and expand their reach to new customers in a cost-effective manner. We are confident that Kitchens@ is fully equipped to nurture this ecosystem by innovating and building more supply. Swiggy continues to believe in the potential of this space and remains invested as a stakeholder in Kitchens@,” said Rahul Bothra, chief financial officer of Swiggy.
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