Food ordering and delivery platform Swiggy today said it has raised USD 15 million in a fourth strategic round of funding (Series D) from Bessemer Venture Partners, with existing investors also participating.
The freshly raised funds is expected to fuel Swiggy’s next growth phase, with an improved customer experience. This will include technology upgrades, a wider spread of restaurants to choose from and better delivery efficiency, Swiggy said in a statement here.
This comes close on the heels of the USD 35 million it raised in January 2016 from existing and new investors, including New York-based Harmony Partners and Singapore-based RB. With this latest round of funding, the company has now raised USD 75.5 million in all, it said.
“Our strong growth in the last few months shows that our customers are increasingly becoming accustomed to a new behaviour of ordering food for the experience, rather than only for convenience. Our vision is to change the way India eats and we want to be the top-of-mind recall for the users for all their four meals a day,” Sriharsha Majety, Co-founder and CEO, Swiggy said.
To spearhead the next phase of growth, Swiggy has recently reorganised its senior leadership by hiring vice presidents across various functions like marketing, product, HR, design and Finance. Their expertise will be instrumental in shaping the strategy and ensuring Swiggy’s “leadership position in a fast growing category,” it said.
In the months to follow, Swiggy will continue to focus on consolidation and capturing a larger share of the market under the guidance of the new executives, it said.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.