Swiggy has now secured $113 million funding as a part of its Series I round. This round was led by the Prosus NV, with participation from Meeituan Dianping and Wellington Management Company.
The startup revealed that the funding would be used to develop its new lines of business, with a focus on stores, SuprDaily, and Go.
In a statement, Sriharsha Majety, CEO and Co-founder of Swiggy, said,
“We are laser focussed on continuing to execute on our vision while building a sustainable path to profitability. Over the last couple of years at Swiggy, we have made strong strides in our vision of delivering unparalleled convenience to urban consumers, and in building a fundamentally strong and enduring business while keeping the consumer at the core.”
Talking about the investment, Larry Illg, CEO of Prosus Ventures and Food (formerly Naspers Ventures and Food), said, “When we first partnered with Swiggy three years ago, we recognised the Swiggy team had built a sustainable, long-term business that stood out amongst others in India. Swiggy has built a solid leadership position in India and is utilising its strong logistics network and consumer loyalty to expand its offering to services that continue to make consumers lives more convenient.”