New Delhi: Driven by a surge in online food orders especially among millennials, leading food delivery platforms are embracing Artificial Intelligence (Ai) in a big way to better read fast-changing consumer behaviour, minimise errors and enhance customer experiences. According to Bengaluru-based research firm RedSeer, the Indian online food delivery market is expected to hit $4 billion by 2020 and to handle and leverage terabytes of data for delivery efficiency has led food aggregators Swiggy and Zomato bet big on AI and Machine Learning (ML). "Swiggy's mission is to bring unparalleled convenience into the lives of urban consumers. We do this by operating a three-way, hyper-local marketplace where we match consumer demand with supply from restaurants and delivery partners," Dale Vaz, Head of Engineering and Data Science, Swiggy, told IANS. "We use AI/ML across this three-way marketplace to deliver a wow customer experience, unlock business growth and drive operational efficiency," added Dale, who joined Swiggy in July last year from Amazon India.
Online food ordering and delivery app Swiggy on Monday announced it has acqui-hired Kint.io, an Artificial Intelligence (AI) start-up that applies deep learning and computer vision for object recognition in video, for an undisclosed sum. Founded in 2014, the Bengaluru-based start-up would assist Swiggy in boosting its computer-vision technology and consumer experience. "This acqui-hire is part of our strategy to scale our tech prowess by bringing in entrepreneurial teams that can solve unique customer problems, while leveraging the network and resources at Swiggy," said Dale Vaz, Head of Engineering and Data Sciences, Swiggy. Kint.io is the first technology-led acqui-hire for Swiggy as it makes investments in its long-term strategy of building AI-first platforms. "AI research has leap-frogged this past year but lack of data, cultural biases and inability to adapt to our diversity has somehow always pulled us back when it comes to applying AI to India-based problems. This is where Swiggy left us stumped," said Jawahar and Veeraraghavan.
These are some of the startup names one would not easily recall from the Indian entrepreneurial ecosystem but such B2B companies are the potential game-changers with investors also shifting their focus on to them. The numbers are also doing the talking. The investment in startups across segments such as Artificial Intelligence (AI), Fintech, Logistics and Software as a Service (SaaS), which typically falls in the B2B category, touched $6.1 billion, with investment in 575 firms since 2016 till now, according to data provided by YS Research. Among these segments, fintech topped the chart in terms of funding with $4.4 billion, followed by logistics at $838 million, reveals YS Research. The recently-unveiled'The India Startup Report – 2018' by YourStory says: "Significant transformations are occurring in the organisational world and business ecosystem, which open up opportunities for startups in the B2B (business to business), B2E (business to employee) and B2B2C (business to business to customers/consumers) products.