Swiggy has raised an additional $43 million as part of its ongoing Series I round. The size of the round now stands at $156 million. Along with existing investor Tencent, new investors Ark Impact, Korea Investment Partners, Samsung Ventures and Mirae Asset Capital Markets have participated in this round of closing.

The Series I round, which was initiated in February, had earlier raised $113 million led by existing investor Prosus NV along with participation from Meituan Dianping and Wellington Management Company.

With this second tranche of Series I funding, Swiggy, which is currently valued at $3.65 billion, has raised $1.42 billion to date.

“Swiggy has built a sustainable food delivery business over the years while solving various customer pain points,” said Rahul Bothra, CFO, Swiggy, in a statement. “As we continue to strengthen and expand our services that offer unparalleled convenience to our customers, we are humbled by the faith shown by our investors year on year and welcome the new investors on board. Our focus remains to execute on our vision while building a sustainable path to profitability.”

Swiggy competes with Zomato and, together, the two food delivery brands — India’s largest — account for an 80 per cent market share. Earlier this year, Zomato acquired Uber Eats India in an all-stock deal.

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 to become a $4.6-billion market, recording 30.3 lakh orders per day as of December 2019, per RedSeer Consulting estimates.

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