Food delivery start-up Swiggy raises $1bn from venture funds

Friday, December 21, 2018
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Leading food ordering and delivery start-up Swiggy has raised $1 billion (Rs 7,000 crore) venture funds from existing investors led by Naspers, to strengthen its technology and hire talent, it said on Thursday.

"Swiggy will use the funds to bring more quality food brands closer to consumers and address gaps in supply through delivery-only kitchens, as well as hire talent and strengthen the technology," the city-based app provider said in a statement.

The Series H round of funding, led by Naspers, also includes the participation of existing investors DST Global, Meituan Dianping and Coatue Management.

The funding round saw the participation of new investors Tencent, Hillhouse Capital and Wellington Management Company, the company said.

The firm will also use the capital to hire talent, especially for machine learning and engineering roles across mid and senior levels, as well as strengthen its technology backbone.

"The company will focus on building a next-generation Artificial Intelligence (AI)-driven platform for hyperlocal discovery and on-demand delivery," it added.

Inclusive of the latest round, Swiggy said it has raised a total of $1.26 billion (Rs 8,825 crore).

In June, the food-tech start-up raised $210 million (around Rs 1,500 crore) from multiple investment firms, including Naspers, DST Global in Series G funding and $100 million (around Rs 700 crore) in Series F in February from multiple investors.

Details of the promoters' equity holding in their firm after the latest round of funding are not made public by the company.

"As we add more firepower to our vision of elevating quality of life for urban consumers by offering unparalleled convenience, our global investors also share our purpose and have made a significant investment in our future," Swiggy's Chief Executive Sriharsha Majety said in the statement.

Founded in 2014, Swiggy claims to have 50,000 restaurant partners across 50 cities, including New Delhi, Gurugram, Hyderabad, Bengaluru, Chennai, Mumbai, Kolkata and Pune, and receives about 25 million food orders a month.

The company, which has over 4,000 employees, reported an operating revenue of Rs 442-crore for fiscal 2017-18.

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Source: IANS
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