08 February 2018, India:
Online food delivery firm Swiggy has raised $100 million in Series F round of funding. The round was led by Naspers Ltd. Chinenese e-commerce firm Meituan-Dianping also participated in the funding round.
Swiggy will use the fresh capital to introduce a host of unique and advanced products and services. The company will also make investments in its new supply business line to solve existing supply gaps in the marketplace.
Sriharsha Majety, CEO, Swiggy said, “As India’s leading food ordering and delivery platform with a network of thousands of restaurants and millions of users, Swiggy has become part of consumers’ everyday lives. We want to continue to bring convenience, choice, and reliability to our users as we fulfill our mission of ‘Changing the Way India Eats’.”
Sriharsha added, “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.”
Larry Illg, CEO, Naspers Ventures said, “Swiggy has continued strong growth through 2017 and now has a clear lead in the market.”
Larry added, “The company’s performance is all the more impressive given the intense competition we see in the food ordering and delivery business in India. Swiggy has shown it has the ability to rise above the competition and create long-term relationships with its users.”
The company has taken many initiatives to help restaurants serve consumers. The company has started ‘Capital Assist’, long-distance deliveries, Swiggy Access. Recently, the company acquired 48East.
Swiggy Access is an initiative aimed at reaching more customers and making its delivery more seamless.It allows restaurant partners to set up kitchen spaces in areas where they do not have a physical presence. This enables the restaurant partners to expand to newer neighbourhoods and a large consumer base at a fraction of the expense.
Swiggy was founded by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini in 2014. It is a food ordering and delivery company based out of Bangalore. The company provides its services in Ahmedabad, Bangalore, Chandigarh, Chennai, Delhi, Gurgaon, Hyderabad, Jaipur, Kolkata, Mumbai and Pune.
(Image – Venture Dreams)