Swiggy, leading food ordering and delivery platform, announced on Thursday that it has raised $ 100 million (Rs.64.39 crore) in Series F funding, its largest round yet.

Led by Naspers, a global internet and entertainment group, and one of the world’s largest technology investors, the Series also includes new investor Meituan-Dianping, China's largest service e-commerce platform.

With this new funding, Swiggy will strengthen its market leadership position by introducing a host of advanced products and services. As part of its long-term strategy of solving for existing supply gaps in the marketplace, it will also make investments in its new supply business line. After the launch of its first New Supply initiative, ‘Swiggy Access’ last November, the new capital will be used for further expansion, the company said in a statement.

Technology platform

Swiggy will continue to innovate its core technology platform, especially in the areas of data-driven self-learning systems that leverage machine learning and artificial intelligence. The company will build on its adaptive, real-time prediction and optimisation systems to further improve consumer choice and personalisation, along with speed, volume and efficiency of deliveries.

“We want to continue to bring convenience, choice and reliability to our users as we fulfil our mission of ‘Changing the Way India Eats’,” said Sriharsha Majety, CEO, Swiggy.

“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.”

Since the last round of funding, Swiggy introduced new initiatives to help restaurants serve consumers better, strengthened its senior leadership, and revamped the food app. It has posted a record increase of 500 per cent in revenues in the last financial year and saw order volumes nearly double since its previous funding in May 2017.

Over the last three years, Swiggy has leveraged its understanding of the Indian consumer to identify market gaps and introduced disruptive and differentiated service offerings. Its average delivery time is an industry benchmark of under 35 minutes. It has also unlocked the business potential of partner restaurants across eleven locations in India, including Delhi, NCR, Mumbai, Pune, Hyderabad, Kolkata, Bengaluru, Chennai, Ahmedabad, Jaipur and Chandigarh.

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