This acquisition is part of Swiggy’s strategy to scale its tech prowess by bringing in entrepreneurial teams that can solve unique customer problems
Online food delivery service Swiggy has acquired Bangalore-based artificial intelligence (AI) start-up Kint.io, for an undisclosed amount. Kint.io is an AI-based platform and is specialised in applying computer vision and deep learning for object recognition in videos.
With the acquisition of AI startup, Swiggy will augment the work it has been doing in the field of AI, big data and machine learning (ML) as it is aiming at improving discovery for customers and enable speedy and more efficient deliveries.
Kint.io was founded in October 2014 by Pavithra Solai Jawahar and Jagannathan Veeraraghavan. As part of the deal, the founding members of the start-up, Jawahar and Veeraraghavan, will join the Swiggy.
Scaling technology expertise
Dale Vaz, Head of Engineering and Data Sciences, Swiggy, said, “The team at Kint.io comes with an exceptional understanding and expertise in AI, ML and data sciences. This acqui-hire is part of Swiggy’s strategy to scale our tech prowess by bringing in entrepreneurial teams that can solve unique customer problems.”
Jawahar, Co-founder, Kint.io, said, “AI research has leapfrogged this past year but lack of data, cultural biases, inability to adapt to our diversity, has somehow always pulled us back when it comes to applying AI to India-based problems, effectively. This is where Swiggy left us stumped. We were impressed by the team’s razor-focussed mindset to bring ingenious solutions for problems unique to India.”
This is the third acquisition by Swiggy. Last year, it acquired Scootsy – an on-demand delivery start-up for Rs 50 crore and 48East – a gourmet food start-up in December 2017.
AI start-ups in India recorded a 120 per cent growth in funding with more than US$ 150 million invested in 2018, according to a NASSCOM report.
AI start-ups have become ready targets for acquisitions by bigger firms. In July 2017, Google acquired Indian AI startup Halli Labs. In August last year, Walmart-owned Flipkart acquired AI start-up Liv.ai, whereas Walmart Labs bought Int.AI in December.