swiggy raises funding naspers

Food Delivery App Swiggy Raises $80 Million from Naspers, Others

swiggy raises funding naspers

30 May 2017, India:

Food ordering and delivery platform Swiggy has raised $80 million in Series E funding from Naspers. The round also saw the participation from existing investors including Accel India, SAIF Partners India, Bessemer Venture Partners, Harmony Partners and Norwest Venture Partners.

Sriharsha Majety, CEO of Swiggy said, “We have a fully scaled technology platform but will look at growing our data science and machine learning capabilities. Our current team size in data sciences in single digits but we plan to grow that. We will also double our engineering team by 2018 to 200 people and will be hiring for middle and senior leadership teams.”

As part of the capital raise, Ashutosh Sharma, head of investments in India for Naspers will join the Swiggy Board. “Swiggy has shown impressive growth in a highly competitive market. Naspers was attracted to the company’s exceptional execution in disrupting online food ordering and delivery in India while many players are struggling. Their ability to create a sustainable business, earning consumer trust through a reliable first-party delivery technology, positions them well for success,” Sharma told ET.

Swiggy has over 12,000 restaurants on its delivery platform and delivers meals within 37 minutes of an order.

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