According to a PTI report: The company was founded by food industry veterans Joseph Cherian and Nabhojit Ghosh. However, the company did not disclose any financial details about the transaction.
As part of the deal, both Cherian and Ghosh will join Swiggy’s new supply business line. Acqui-hire refers to a buyout decision on the basis of skills and expertise of employees of the target company, rather than its products or services.
“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,” Sriharsha Majety, CEO of Swiggy, said.
Following the appointment of Cherian as the chief operating officer of the new supply business line, Swiggy expects to focus on solving the gaps in consumer supply through various strategic initiatives. This includes recently launched Swiggy Access, where the company brings a variety of food to consumers by enabling plug-and-play expansion for restaurant partners in different areas.