Swiggy Launches Pyng: A New Service Marketplace for Professionals
Food and grocery delivery giant Swiggy has unveiled its latest venture, Pyng, a services marketplace designed to connect users with a variety of professionals, including health and wellness experts, financial advisors, wealth managers, astrologers, and event planners.
Meeting the Growing Demand for Professional Assistance
“As our lives become increasingly fast-paced, the demand for professional assistance — from tax planners and counsellors to yoga trainers — is growing across both the personal and professional spheres. With Pyng, we’re offering a reliable, spam-free platform where users can connect with trusted experts,” stated Nandan Reddy, cofounder and head of innovation at Swiggy.
A Standalone App for Diverse Services
The launch of Pyng as a standalone app marks a strategic shift for Swiggy, which aims to create separate applications tailored to various use cases. This comes shortly after the introduction of Instamart, a quick commerce app that Swiggy launched in January.
The Evolution of Swiggy’s Services
In November 2024, it was first reported by ET that Swiggy was planning to expand into the services marketplace sector. Initially piloted under the ‘Yello’ brand, the initiative has since been rebranded to Pyng.
Swiggy’s Expanding Portfolio
Beyond its core food delivery service and quick commerce offerings, Swiggy is also active in the dining out segment through its brand Dineout and event services via Scenes. Additionally, the Bengaluru-based company, which went public in November 2024, runs a peer-to-peer parcel delivery service called Genie.
AI-Powered Features Enhance User Experience
Swiggy announced on Tuesday that the Pyng app, currently available in Bengaluru, features an artificial intelligence (AI) assistant that processes user queries, analyzes their nuances, and recommends professionals that best match individual needs.
Growing Onboarding of Professionals
So far, Pyng has successfully onboarded around 1,000 professionals across 100 service categories. In its early stages, the app has seen a rise in demand for consultative specializations, including mental health support and financial expertise, as well as hobby-related activities like music and dance classes.
A Different Approach Compared to Urban Company
While Pyng shares similarities with Urban Company, which facilitates various at-home services, it primarily focuses on connecting users with white-collar professionals. Urban Company tends to concentrate on handyman services such as electricians, plumbers, and painters. Notably, Prosus is a common investor in both companies.
Competitors in the Services Marketplace
Walmart-owned ecommerce marketplace Flipkart also has a minor presence in the at-home service sector, although it remains less specialized compared to Pyng.
Stock Market Response
On Tuesday, Swiggy’s stock experienced a modest increase of 0.4%, closing at Rs 334.05 on the Bombay Stock Exchange (BSE), as the benchmark Sensex surged by 2.1%.
Conclusion
The introduction of Pyng underscores Swiggy’s commitment to diversifying its offerings and addressing the evolving needs of consumers in a fast-paced world. As the marketplace grows and matures, it will be interesting to see how it measures up to existing service platforms and what further innovations Swiggy may introduce.
Questions and Answers
1. What is Pyng?
Pyng is a services marketplace launched by Swiggy that connects users with various professionals including wellness experts, financial advisors, and event planners.
2. How does the Pyng app enhance user experience?
The app features an AI assistant that analyzes user queries to recommend the most relevant professionals based on individual needs.
3. How many professionals has Pyng onboarded so far?
Currently, Pyng has onboarded about 1,000 professionals across 100 different service categories.
4. How does Pyng differ from Urban Company?
While both platforms connect users to professionals, Pyng primarily focuses on white-collar services, while Urban Company is more geared towards at-home handyman services.
5. What was the stock market response to Swiggy’s announcement about Pyng?
Following the announcement, Swiggy’s stock rose by 0.4% to close at Rs 334.05 on the BSE.
