Big financial shot in the arm! Swiggy raises whopping $113 million - Key details of funding
In a big booster dose of funding, food delivery platform, Swiggy, has raised $113 million as part of its Series I funding round.
In a big booster dose of funding, food delivery platform, Swiggy, has raised $113 million as part of its Series I funding round. The latest round is led by existing investor Prosus N.V. and includes participation from Meituan Dianping and Wellington Management Company. "Swiggy has invested significantly in category creation. The company’s strong focus on technology, brand and supply creation has played a key role in fueling the growth of the food category and ecosystem in India," a company statement said.
Reacting to the latest funding round, Swiggy CEO Sriharsha Majety, said, “Over the last couple of years at Swiggy we have made strong strides in our vision of delivering unparalleled convenience to urban consumers, and in building a fundamentally strong and enduring business while keeping the consumer at the core. We have become synonymous with exceptional customer experience and created multiple growth avenues for our partners while continuing to invest in new lines of business."
"We are laser focused on continuing to execute on our vision while building a sustainable path to profitability,” Majety added.
Speaking on the occasion, Larry Illg, CEO, Prosus Ventures and Food (formerly Naspers Ventures and Food), said, “When we first partnered with Swiggy three years ago, we recognized the Swiggy team had built a sustainable, long-term business, that stood out amongst others in India. Swiggy has built a solid leadership position in India and is utilizing its strong logistics network and consumer loyalty to expand its offering to services that continue to make consumers lives more convenient."
Having grown beyond food delivery, Swiggy aims to use the funds to further develop its new lines of business, addressing visible gaps in the market. The company will continue to invest in new growth areas (Stores, Go and SuprDaily) as it delivers on its promise of bringing unparalleled convenience to the lives of urban consumers.
As per a company statement, "Swiggy’s transaction numbers grew nearly 2.5x this past year. The restaurant partner base has also grown 4x to over 1.6 lakh partners with over 10,000 new restaurants being added every month. The platform currently has over 250,000 delivery partners across 520 cities - which means 1 in 4 Indians can now access Swiggy."
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