Sunday, July 14

Swiggy Raises USD 113 mn in Funding led by Prosus NV

Food ordering and delivery platform Swiggy has raised USD 113 million (over Rs 805 crore) in the latest funding round led by existing investor Prosus NV.

Meituan Dianping and Wellington Management Company also participated in the funding round.

Having grown beyond food delivery, the company aims to use the funds to further develop its new lines of business, addressing visible gaps in the market, Swiggy said in a statement.

The company will continue to invest in new growth areas (Stores, Go and SuprDaily) as it delivers on its promise of bringing unparalleled convenience to the lives of urban consumers, it added.

‘We have become synonymous with exceptional customer experience and created multiple growth avenues for our partners while continuing to invest in new lines of business,’ Swiggy CEO Sriharsha Majety said.

The company is focused on continuing to execute on its vision while building a sustainable path to profitability, he added.

‘Swiggy continues to exhibit strong execution and a steadfast commitment to delivering the best service to consumers and has one of the best operational teams in food delivery globally. We are confident Swiggy will continue on a path to earn a significant place in the daily lives of Indians,’ Prosus Ventures and Food CEO Larry Illg said.