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India’s largest food delivery platform Swiggy has raised $210 million in Series G funding led by existing investor Naspers and new investor DST Global.
With this round, Swiggy has entered the Unicorn Club of companies with a $1-billion plus valuation, in four years since its inception. This round will also see participation from existing shareholder, Chinese internet firm, Meituan-Dianping and new investor, Coatue Management.
Expansion plan
The fresh funds will go toward ramping up its supply chain network, doubling its technology headcount and expanding to new markets, while investing in enhancing customer experience and the brand. Swiggy has built a network of 35,000 restaurant partners and 40,000 delivery executives spread across 15 cities since it was founded in August 2014.
“With this investment, we will continue to widen Swiggy’s offerings, along with bolstering our capabilities and plugging the gaps in the on-demand delivery ecosystem,” said Sriharsha Majety, co-founder and CEO, Swiggy.
In February, Swiggy raised a $100-million Series F round, which was also led by Naspers with participation from Meituan-Dianping. This fresh round takes the company’s total fund raise to $465.5 million.
Rival Zomato, which raised $150 million this February from Alibaba’s financial service arm, Ant Financial Services Group, entered the Unicorn Club with that round. Zomato, which was founded in 2008, has raised $443.8 million to date and is in the market for more funds.
Swiggy has been coming up with solutions to customer problems starting with the launch of Swiggy Access last November, where it set up kitchen infrastructure for restaurant partners in areas where demand for food is high but restaurants are few. More recently, the company introduced Swiggy POP and Swiggy Scheduled.
While POP is a single-serve meal that saves customers from over-ordering and is priced between ₹99 and ₹200 with zero delivery charges, Scheduled enables users to order their meals on Swiggy up to 48 hours in advance, at zero delivery charges.
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