Tuesday, May 21

Swiggy Raises USD 43 mn as part of ongoing funding round

Food ordering and delivery platform Swiggy has raised an additional amount of USD 43 million (over Rs 325 crore) as part of its ongoing Series-I funding round.

The size of the round now stands at USD 156 million.

In February 2020, Swiggy raised USD 113 million (over Rs 805 crore) in the funding round led by existing investor Prosus N.V. along with participation from Meituan Dianping and Wellington Management Company.

Along with existing investor Tencent, new investors Ark Impact, Korea Investment Partners, Samsung Ventures and Mirae Asset Capital Markets have participated in the latest fund raise, Swiggy said in a statement.

“Swiggy has built a sustainable food delivery business over the years while solving various customer pain points. As we continue to strengthen and expand our services that offer unparalleled convenience to our consumers, we are humbled by the faith shown by our investors year-on-year and welcome the new investors on board,” Swiggy Chief Financial Officer Rahul Bothra said.

The company’s focus remains to execute its vision while building a sustainable path to profitability, he added.

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