Swiggy's earlier buyouts including Scootsy, 48East, and SuprDaily, as per deals tracker Crunchbase, have been around delivery and concierge services.
Popular food discovery and delivery startup Swiggy has acqui-hired Bengaluru-based artificial intelligence (AI) startup Kint, it announced on the website Kint.io. This is the first deeptech-centric acquisition made by Swiggy even as its earlier buyouts including Scootsy, 48East, and SuprDaily, as per deals tracker Crunchbase, have been around delivery and concierge services.
Kint is an AI-backed video platform for sports analysis using deep learning and computer vision, as per the LinkedIn profile of its co-founder Pavithra Solai Jawahar.
The start-up was launched in October 2014 by Jawahar and Jagannathan Veeraraghavan.
“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,” IANS quoted Dale Vaz, Head of Engineering and Data Sciences, Swiggy.
While deeptech has been flavour of the season from quite some time among corporates and investors but the pace of deal activity including investment and acquisitions has picked up in last year or so particularly for AI and machine learning startups to automate tasks and analysis across industries.
AI startups in India saw 120% growth in funding with over $150 million invested last year, said a Nasscom report.
The report titled Indian start-up ecosystem – approaching escape velocity said that there was 50% growth in number of AI startups with over 1,200 advanced tech startups coming up in 2013-18 period across data analytics, internet of things, AI, augmented reality and virtual reality, blockchain and others.
However, data analytics, artificial intelligence and IoT startups are seeing fastest adoption across industry verticals, the report said.
“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 according to the IANS report.
Jawahar and Veeraraghavan will reportedly join the Swiggy team.