Online food delivery start-up
Swiggy has made its first acqui-hire in the deep technology space through an AI
start-up Kint.io for an undisclosed amount. As part of this, the founding team
of Kint.io will join Swiggy.
The Bengaluru-headquartered
company, which is also foraying into the hyperlocal delivery space, will join
Swiggy to boost its computer vision technology and elevate consumer experience.
The acqui-hire development comes just a few months after the company closed its
mammoth funding round of $1 billion, which was led by Naspers and saw
participation from China’s Tencent Holdings.
The round saw Swiggy’s valuation
shoot up to $3.3 billion. The company had been on the lookout to close a few
acquisitions following the funding round. Founded in 2014, Kint.io
applies deep learning and computer vision to object recognition in video. Prior
to this, Swiggy had made an acquisition in the food-delivery space through a
buyout of on-demand delivery start-up Scootsy in August
.
As
consumer internet companies in India are growing and raising money, importance
is being given to building a more robust technology stack for an enhanced
experience. In August, Flipkart acquired AI-led speech recognition
start-up Liv.ai as they looked at elevating consumer experience of the next 200
million shoppers. Following this, the Walmart-backed company also acquired Upstream,
an analytics company from Israel, in a bid to deliver real-time pricing and
product analytics to the platform’s sellers.
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