Swiggy has revealed that it has secured $1 Billion in a funding round, which is led by its existing investor Nasper. This move is expected to empower the food delivery platform to compete against leading players like FoodPanda and Zomato.
Swiggy said in a statement that it has made a definitive agreement for a $1 Billion round of funding led by the Naspers and also got new investors like Hillhouse Capital, Tencent, and Wellington Management Company. Apart from these, some existing investors such as Meituan Dianping, Coatue, and DST Global also took part in the series H funding round.
The fresh capital infusion will give more muscle to Swiggy to compete against giants in the food delivery space such as Zomato, which is backed by Ant Financial, UberEats, and Ola-owned
The company is reportedly planning to use the fresh capital to hire new talent, especially for the roles of engineering and machine learning across senior and mid levels.
In a statement, Swiggy said, “As India’s appetite for online food ordering grows, Swiggy 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.”
Talking about the latest investment, Swiggy CEO Sriharsha
Picture Credits: Swiggy