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Internet group Naspers and a clutch of existing investors have pumped in $80 million in online food-delivery platform Swiggy.
The funding round was led by Naspers, with earlier investors Accel India, SAIF Partners India, Bessemer Venture Partners, Harmony Partners and Norwest Venture Partners, participating. Ashutosh Sharma, Head of Investments in India for Naspers, will join the Swiggy board, the company said in a statement.
The new funds will propel the next phase of Swiggy’s growth by introducing a suite of new products and service offerings to increase its customer experience, the firm said. Swiggy also announced plans to double its technology headcount and increase investments across core engineering, automation, data sciences, machine learning and personalisation.
“Swiggy has shown impressive growth in a highly competitive market. Naspers was attracted to the company’s exceptional execution in disrupting online food-ordering and delivery in India while many players are struggling. Their ability to create a sustainable business, earning consumer trust through a reliable first-party delivery technology, positions them well for success,” Sharma said.
Swiggy claims to has seen a six-fold growth in revenues over the last year and repeat orders, a key metric indicating brand loyalty. “This investment is further testimony to Swiggy’s vision and performance,” said Sriharsha Majety, co-founder and CEO, Swiggy.
Swiggy has more than 12,000 restaurant partners across eight cities.
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