Swiggy has done it once again! Amidst the merger talks with Zomato, Swiggy has raised a $100 million funding in it’s Series F round of funding from Naspers, the global internet and entertainment company and Meituaan-Dianping, a Chinese local life information and trading platform. This is the largest funding round in the history of Swiggy so far.
The latest development will be used to further strengthen its market leadership position by introducing advanced products and services in the sector, beside making investments in its new supply line business line.
“With this funding, we will further invest in building differentiated offerings, plugging the white spaces in the ecosystem, and developing our technology while keeping superlative customer experience at the core. We want to continue to bring convenience, choice and reliability to our users as we fulfill our mission of ‘changing the say India eats’,” said Sriharsha Majety, CEO of Swiggy, in a statement.
The company will also continue to add innovation in its core tech and explore data-driven self-learning systems based on AI and machine learning. These add-ons in their platform technology will improve consumer choice and preference along with better and faster delivery.
Founded back in 2014, Swiggy has come a long way from where it started. It was founded by BITS Pilani alumni Sriharsha Majety; who was working as banker at Japan’s largest investment bank Nomura, and Nandan Reddy and IIT Kharagpur graduate Rahul Jaimini.
After this deal, the restaurant discovery and food ordering portal will be valued around $650 million before the investment, as per the people aware of the development.
Swiggy so far
Swiggy has so far partnered with over 20,000 restaurants functioning in 10+ cities all across the country. Earlier in May, Naspers had infused a funding of $80 million, valuing it at $400 million. Swiggy has so far raised over $255 million.
Few months back, it was in merging talks with Zomato, which is already profitable. However, Swiggy continued to innovate and introduced new reforms contributing to its growth. Since the last funding round, it has added several new features on its platform like Swiggy Access, longer delivery circle and Capital Assist.
“Swiggy has continued strong growth through 2017 and now has a clear lead in the market,” said Larry Illg, CEO, Naspers Ventures. “The company’s performance is all the more impressive given the intense competition we see in the food ordering and delivery business in India. Swiggy has shown it has the ability to rise above the competition and create long-term relationships with its users,” he added.