Swiggy, the online food ordering and delivery platform, has raised Series F funding of US $100 million from its existing investor Naspers and a new investor Meituan-Dianping, China’s service e-commerce platform.
The food delivery company will use the fresh capital to strenghten its technology and introduce new products and services. Swiggy will also make investments in its New Supply business line. The company said it will expand its ready-to-move-in-kitchen service Swiggy Access, which was launched last November.
Founded in August 2014, Swiggy is currently available in 10 cities—Delhi, NCR, Mumbai, Pune, Hyderabad, Kolkata, Bengaluru, Chennai, Ahmedabad, Jaipur and Chandigarh—with about 20,000 restaurant partners live on its platform. Swiggy surpassed 4 million orders for the month of July in last year.
Swiggy previous fundings and aquisitions
In December 2017, Swiggy acqui-hired the management team of Bengaluru-based gourmet Asian food startup 48East as part of which 48East founders Joseph Cherian and Nabhojit Ghosh joined the Swiggy team. Cherian took a role of COO of the company’s New Supply business line.
In May last year, it raised $80 million in Series E funding led by global internet and entertainment group Naspers, along with participation from existing investors Accel India, SAIF Partners India, Bessemer Venture Partners, Harmony Partners and Norwest Venture Partners.
In September 2016, Swiggy raised $15 million in a Series D funding led by Bessemer Venture Partners. In May 2016, it raised Rs 47 crore (a little over $7 million) from Norwest Venture Partners, DST Global and Accel Partners. In January 2016, it raised Series C funding worth $35 million from new and existing investors for using across user acquisition, adding restaurants, tech upgrades, hiring etc. In June 2015, the company raised Series B funding worth $16.5 million. In April 2015, it raised $2.5 million from Accel Partners and SAIF Partners.
Competition
Just a week ago of this development, Swiggy’s rival Zomato raised $150 million from Alibaba’s Ant Financial. Over and above this, Ant Financial bought another 6.66% stake (around 32,629 shares) of Zomato from Info Edge for $50 million, taking the total expenditure for Ant Financial in this deal to $200 million. Zomato had reported a turnover of Rs 3322.72 crors in FY17, and in September, had announced that it is profitable throughout the 24 countries it operates, across all its businesses.
