Food delivery startup Swiggy raises $210 mn in funding round led by Naspers, DST Global
22 June 2018
Bengaluru-headquartered food delivery startup Swiggy has raised $210 million in Series G funding led by existing investor Naspers and new investor DST Global. Existing shareholder Meituan-Dianping and new investor Coatue Management are also participating in this round.
The latest investment follows a $100 million Series F round from February of this year, also led by Naspers with participation from Meituan-Dianping, a Chinese group-buying website.
“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 at 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.”
As the best-funded Indian food delivery platform, Swiggy’s position is driven by its world-class consumer experience and technology platform, leading to industry-best repeat orders and a three-fold increase in revenues in the last financial year. The rapid growth enabled by Swiggy’s reliable, fast and convenient deliveries from over 35,000 restaurants, and a delivery fleet of over 40,000 partners, has not only distinguished the company in the Indian food delivery space but has also helped to elevate the potential of the category in the country.
Swiggy will use the funds to 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 personalisation and connected supply chain systems.
“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,” said Saurabh Gupta, Managing Partner at DST Global.
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.
Founded in 2014, Swiggy is India’s largest food delivery platform with over 35,000 restaurant partners and 40,000 delivery executives spread across 15 cities.