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Food delivery platform Swiggy has raised $113 million in an ongoing Series-I fund-raise led by existing investor Prosus N.V. (earlier called Naspers) and includes participation from Meituan Dianping and Wellington Management Company. This round was raised at a pre-money valuation of $3.5 billion.
Swiggy was last valued at $3.3 billion when it closed a $1-billion round of funding in December 2018, led by Naspers. With this first tranche of Series-I funding, Swiggy has raised a total of $1.37 billion to date. And Naspers continues to remain the largest shareholder in Swiggy with a holding of 40.56 per cent on a fully diluted basis as per business intelligence platform, paper.vc.
Swiggy competes with Zomato and together the two largest food delivery brands account for 80 per cent market share. Last month Zomato acquired Uber Eats India in an all-stock deal.
Foodtech market
A $120-million market which recorded 40,000 orders a day in 2015, the foodtech market has been growing at a strong CAGR of 150 per cent which has grown to a $4.6 billion market, recording 30.3 lakh orders per day as of December 2019, as per RedSeer Consulting estimates.
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