Monday, June 14, 2021
HomeBusinessSwiggy raises $ 210 million in the fresh round of funding

Swiggy raises $ 210 million in the fresh round of funding

Food delivery platform Swiggy on Thursday said it has raised $ 210 million (over Rs 1,430 crore) in the fresh round of funding led by Naspers and DST Global.

The Series G funding will also see participation from existing shareholder, Meituan-Dianping and new investor, Coatue Management, the company said in a statement.

The latest investment follows a $ 100 million Series F round in February, also led by Naspers with participation from existing shareholder, Meituan-Dianping, it added.

“The latest round will enable Swiggy to quickly ramp up its supply chain network and expand to new markets while investing in core capabilities that enhance consumer experience and the brand,” the company said. It would also double its technology headcount to build for robust operations, deep personalisation and connected supply chain systems.

“With this investment, we will continue to widen Swiggy’s offerings, along with bolstering our capabilities and plugging the gaps in the on-demand delivery ecosystem,” Swiggy CEO Sriharsha Majety said. The Series G investment round is expected to close upon satisfaction of customary closing conditions, the company said.

Naspers Ventures CEO Larry Illg said, “This infusion of capital, making Swiggy the best-funded food delivery platform in India, ensures that ambitious plans for broadening their platform and expanding their reach across India will be realised.”

Saurabh Gupta, Managing Partner at DST Global said Swiggy’s rapid growth, along with highly engaged users, restaurants and delivery partners, shows the strong value proposition they have for all participants in the ecosystem. Founded in 2014, Swiggy has over 35,000 restaurant partners and 40,000 delivery executives spread across 15 cities.

Most Popular

- Advertisment -