Swiggy, India’s leading food ordering and delivery platform, announced today that it has raised USD 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.
Swiggy will use the freshly raised funds to introduce new products and services and further expand its supply chain business, New Supply, which launched late last year.
With the latest funding, Swiggy’s has now raised total of $255 million till date, with a previous $70 million round also led by Naspers to launch Swiggy into markets across India. Part of that capital also went to acquire the gourmet Indian food startup 48East.
Sriharsha Majety, Swiggy’s chief executive, said in a statement, “With this funding, we will further invest in building differentiated offerings, plugging the white spaces in the ecosystem, and developing our technology while keeping superlative customer experience at the core.”
Previous investors in Swiggy include Harmony Partners, Accel Partners, Norwest Venture Partners, Bessemer Venture Partners, and Softbank’s SAIF Partners.
Earlier this week, Swiggy launched its operations in Jaipur by roping in over 300 restaurants in the city.
The platform is now present in Mumbai, Delhi-NCR, Bengaluru, Chennai, Pune, Hyderabad, Kolkata, Ahmedabad, Jaipur and Chandigarh.
Swiggy has more than 20,000 restaurant partners across cities in the country. It was last valued at $400 million when Naspers led a $80-million investment in May 2017.
Incidentally, with this funding one can expect more cut throat competition in India’s food delivery segment as Swiggy’s biggest competitor Zomato has too recently raised whopping $200 million from Alibaba affiliate Ant Financial. Additionally, British food delivery unicorn startup Deliveroo entering the Indian market to heat up India’s food delivery space.
Moreover, according to a report by Morgan Stanley, Gurgaon-based Zomato has shot up its valuation to US $2.5 billion, which is thrice of its last valuation.