Online food ordering and delivery platform, Swiggy, has raised $100 million 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.
“As India’s leading food ordering and delivery platform with a network of thousands of restaurants and millions of users, Swiggy has become part of consumers’ everyday lives. 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, in a statement.
The funding will be used to further strengthen Swiggy's market leadership position by introducing a host of unique and advanced products and services. As part of its long-term strategy of solving for existing supply gaps in the marketplace, Swiggy will also make investments in its new supply business line. And, continue innovating its core technology platform, especially in the areas of data-driven self-learning systems that leverage machine learning and artificial intelligence.
Since the last round of funding, Swiggy has introduced a slew of new initiatives including Swiggy Access, long-distance deliveries and Capital Assist to help restaurants serve consumers in new and more powerful ways. The company also strengthened its senior leadership with several additions to the team, including those from the recent 'acqui-hire' of gourmet food startup 48East.
“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.”
Swiggy 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.