Swiggy’s latest fundraising round is the single largest in India’s food technology sector to date
Swiggy, India’s leading food delivery platform, announced today that it has executed definitive agreements for a US$1 billion Series H round of funding, led by existing investor Naspers, a global internet and entertainment group.
The round also includes participation from several existing investors, including DST Global, Meituan Dianping and Coatue Management, along with new investors Tencent, Hillhouse Capital and Wellington Management Company.
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Swiggy’s latest fundraising round is the single largest in India’s food technology sector to date. With this, its total funding raised so far has touched US$1.26 billion.
The Bangalore-based startup said in a statement that it will use the funds to bring more quality food brands closer to consumers and address gaps in supply through delivery-only kitchens under the ‘Access’ initiative for restaurant partners.
Additionally, it will hire top-notch talent, especially for Machine Learning and engineering roles across mid and senior levels. The company will further strengthen its technology backbone and focus on building a next-generation AI-driven platform for hyperlocal discovery and on-demand delivery.
“Swiggy has been at the forefront of elevating the potential of Indian food delivery with its industry-changing innovations and focus on delivering the best consumer experience to millions of Indians,” said Sriharsha Majety, CEO, Swiggy. “As we add more firepower to our vision of elevating quality of life for urban consumers by offering unparalleled convenience, we’re pleased that visionary global investors share our purpose and have made such a significant investment in our future.”
“We first partnered with Swiggy in April 2017 because we recognised the Swiggy team had built a sustainable, long-term business, that stood out amongst others in India. Now, nearly two years later, we have even more confidence Swiggy has the winning formula and will continue to build a leading business in the country” said Larry Illg, CEO, Food and Ventures, Naspers.
“Swiggy has 10x the number of orders per month since our first investment, has expanded throughout India to tier 1, 2 and 3 cities, and most importantly, is the most loved food delivery brand in India, providing the best service to consumers nationwide,” he added.
Founded in 2014, Swiggy has over 50,000 restaurant partners spread across 50-plus cities. Since the last funding round six months ago, Swiggy has expanded to 42 additional cities and doubled in gross merchandise value as it strengthened its leading market share along with industry-best repeat rates and net promoter score.
In May 2017, Swiggy raised US$80 million led by Naspers, with participation from existing investors Accel India, SAIF Partners India, Bessemer Venture Partners, Harmony Partners and Norwest Venture Partners.
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Source: E27