India’s food delivery market was churning in 2018. Zomato, battling leadership attrition as it sought investors, got a shock when Swiggy, a much newer company, announced a $1-billion raise in December.
That was more money than Zomato had raised in the nine years of its existence and it was led by Prosus Ventures, one of the world’s most bullish investors in food-tech. Swiggy’s formidable war chest put pressure on Zomato to scale up its own—if it were to survive in a market that relied on heavy discounts and where companies funded delivery fees from their own ...
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First Published: Fri, February 21 2020. 07:00 IST
