21 June 2018, India:
Online food delivery platform Swiggy has raised $210 million in Series G round of funding. The funding round was led by Naspers and DST Global. Existing investor Meituan-Dianping and a new investor Coatue Management also participated in the funding round.
“The latest round will enable Swiggy to quickly ramp up its supply chain network and expand to new markets, while investing in core capabilities that enhance consumer experience and the brand,” the company said in a statement.
With this funding round, the total capital raised by Swiggy has crossed $466 million. According to reports, Swiggy was valued at about $1.3 billion in this funding round.
“We’re thrilled to have grown the online food delivery market in India at an exponential rate, always keeping our consumers at the helm. With this investment, we will continue to widen Swiggy’s offerings, along with bolstering our capabilities and plugging the gaps in the on-demand delivery ecosystem. Continual trust from globally reputed investors strengthen our core objective of enriching the lives of our consumers and partners by making our services more convenient and hassle-free,” said Swiggy CEO Sriharsha Majety.
“Swiggy is transforming the way food is delivered in India. Swiggy’s rapid growth, along with highly engaged users, restaurants and delivery partners, shows the strong value proposition they have for all participants in the ecosystem. We are delighted to partner with Harsha and the team at Swiggy and support them as they create the on-demand commerce platform for India,” said Saurabh Gupta, Managing Partner, DST Global.
“Swiggy has the best technology platform in the market and, when combined with its business model, which caters to the unique demands of the Indian ecosystem, it enables the company to deliver the best possible service to Indian consumers. This infusion of capital, making Swiggy the best-funded food delivery platform in India, ensures that ambitious plans for broadening their platform and expanding their reach across India will be realised,” Larry Illg, CEO of Naspers Ventures.
Swiggy had raised $100 million in Series F Funding funding round led by Naspers in February.
Swiggy was founded by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini in 2014. The company claims claims to have more than 35,000 restaurant partners on its platform and a delivery fleet of over 40,000 riders. It is operated by Bundl Technologies Pvt. Ltd.
(Image – Venture Dreams)