Swiggy raises $100M from Naspers and Meituan

By : |February 9, 2018 0

Online food delivery platform Swiggy has raised 100 million in series F funding, led by global investment and media conglomerate, Naspers, with participation from the Chinese e-commerce company Meituan-Dianping.

The company said that it will use the funding to introduce new products and services and further expand its supply chain business, New Supply, which launched late last year.

“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,” Swiggy CEO Sriharsha Majety said.

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Swiggy says its revenue has increased 500 percent in the last financial year and its order volumes have nearly double since its previous funding in May 2017.

Since the last round of funding, Swiggy has introduced a slew of new initiatives including Swiggy Access, long-distance deliveries and Capital Assist to help restaurants serve consumers in new and more powerful ways. The company also strengthened its senior leadership with several additions to the team, including those from the recent ‘acqui-hire’ of gourmet food startup 48East.

The food-delivery company has now raised $255 million, with a previous $70 million round also led by Naspers to launch Swiggy into markets across India. Previous investors in Swiggy include Harmony Partners, Accel Partners,  Norwest Venture Partners, Bessemer Venture Partners, and SoftBank’s SAIF Partners.

“Swiggy has continued strong growth through 2017 and now has a clear lead in the market,” said Larry Illg the chief executive of Naspers Ventures, in a statement. “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.”

Swiggy, which operates in 11 cities including Bangalore, Delhi, Mumbai, Pune, Hyderabad and Kolkata, claims to have more than 25,000 restaurant partners on its platform.

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