Online Food Delivery Startup Swiggy Raises US$100 Mn From Naspers and Meituan Dianping
Online food delivery startup, Swiggy, has raised US $100 million in Series F funding led by Naspers, a global internet and entertainment group, and one of the world’s largest technology investors, the Series also includes new investor Meituan-Dianping, China’s largest buying and restaurant review service platform.
The raised capital by Swiggy will be used in introducing new products and services and further expand its supply chain business, New Supply, which launched late last year.
With the latest round of funding, Swiggy’s has now raised total of $255 million till date, with a previous $70 million round also led by Naspers to launch Swiggy into markets across India. Part of that capital also went to acquire the gourmet Indian food startup 48East.
Sriharsha Majety, Swiggy’s chief executive, said in a statement, “With this funding, we will further invest in building differentiated offerings, plugging the white spaces in the ecosystem, and developing our technology while keeping superlative customer experience at the core.”
Previous investors in Swiggy include Harmony Partners, Accel Partners, Norwest Venture Partners, Bessemer Venture Partners, and Softbank’s SAIF Partners.
Earlier this week, Swiggy launched its operations in Jaipur by roping in over 300 restaurants in the city.
The platform is now present in Mumbai, Delhi-NCR, Bengaluru, Chennai, Pune, Hyderabad, Kolkata, Ahmedabad, Jaipur and Chandigarh.
Swiggy has more than 20,000 restaurant partners across cities in the country. It was last valued at $400 million when Naspers led a $80-million investment in May 2017.
Swiggy’s biggest competitors are Foodpanda and Zomato where later has recently raised whopping $200 million from Alibaba affiliate Ant Financial. Additionally, British food delivery unicorn startup Deliveroo entering the Indian market to heat up India’s food delivery space.