There is no shortage of startups in India, there are thousands of startups in few Indian cities like Bengaluru, Mumbai, and many more. One of India’s successful food delivery startup, Swiggy has today announced that the company has executed definitive agreements to raise US $210 million in Series G funding led by existing investor Naspers and new investor DST Global.
This Series G round will also see participation from existing shareholder, Meituan-Dianping, and new investor, Coatue Management. The latest investment follows a US $100 million Series F round from February of this year, also led by Naspers with participation from existing shareholder, Meituan-Dianping.
Swiggy is now the best-funded Indian food delivery platform leading to industry-best repeat orders and a three-fold increase in revenues in the last financial year. This rapid growth enabled by Swiggy’s reliable, fast and convenient deliveries from over 35,000 restaurants, and a delivery fleet of more than 40,000 partners. 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 will also double its technology headcount to build for robust operations, deep personalization and connected supply chain systems. Since the last round of funding three months ago, Swiggy has begun operations in Kochi, Coimbatore, Nagpur and Lucknow and introduced innovative payment options for both consumers and delivery partners. Recently, the company also introduced Swiggy POP and Swiggy Scheduled to solve for the availability, affordability, choice, and convenience of food.
“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, “said Sriharsha Majety, CEO, Swiggy. 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.”
“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, enables the company to deliver the best possible service to Indian consumers,” said Larry Illg, CEO of Naspers Ventures. “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 realized.”
“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 at DST Global.
Have you used Swiggy? Drop a comment let us know, follow us on Twitter for more news and updates.