Swiggy, one of India’s leading food delivery platforms, secured USD 1 billion in Series H led by existing investor Naspers, a global consumer internet and entertainment group, the startup announced on Thursday. The round saw participation from current backers including DST Global, Meituan Dianping and Coatue Management as well as new entries such as Tencent, Hillhouse Capital and Wellington Management Company.
The latest fundraising round marks single largest deal in India’s food technology sector so far. Moreover, Swiggy has now joined the billion-dollar-round club along with e-commerce platform Flipkart, fintech startup Paytm and hotel chain OYO.
The Bengaluru-based startup will use the funds to introduce more quality food brands, improve supply chain through ‘access’ initiative for delivery-only kitchens and hire talents in machine learning and engineering roles to foster its tech backbone.
Founded in 2014, Swiggy claims to have tie-ups with 50,000 restaurants in more than 50 cities in India. Swiggy’s major competitiors in India include Zomato, Ola-owned FoodPanda and Uber eats.
Naspers, the South African investment giant in technology sectors, has invested USD 80 million in Swiggy in May 2017, led the USD 100 million Series F funding in February and USD 120 million Series G funding in June this year.
“We first partnered with Swiggy in April 2017 because we recognized the Swiggy team had built a sustainable, long-term business, that stood out amongst others in India. Now, nearly two years later, we have even more confidence Swiggy has the winning formula and will continue to build a leading business in the country,” said Larry Illg, CEO, Food and Ventures, Naspers. “Our latest round of capital will help to accelerate Swiggy’s journey towards its vision of providing unmatched convenience in food ordering and delivery for Indian consumers.”
Economic Times reported the valuation of Swiggy has now increased to USD 3.3 billion.