Swiggy will use the freshly raised funds to further augment on-demand delivery technology and broaden Swiggy’s product and service offerings.

Swiggy raises 210 million in Series G funding round led by Naspers and DST Global
Atom Fund Raising Thursday, June 21, 2018 - 13:26

FoodTech major Swiggy has announced that the company has executed definitive agreements to raise $210 million in Series G funding led by existing investor Naspers and new investor DST Global. The round will also see participation from existing shareholder, Meituan-Dianping and new investor, Coatue Management. The latest investment follows a $100 million Series F round from February of this year, also led by Naspers with participation from existing shareholder, Meituan-Dianping.

Swiggy believes that its position is driven by a world-class consumer experience and technology platform, leading to industry-best repeat orders and a three-fold increase in revenues in the last financial year.

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 will also double its technology headcount to build for robust operations, deep personalization and connected supply chain systems.

“We’re thrilled to have grown the online food delivery market in India at an exponential rate, always keeping our consumers at the helm. 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. Continual trust from globally reputed investors strengthen our core objective of enriching the lives of our consumers and partners by making our services more convenient and hassle-free,” Sriharsha Majety, CEO, Swiggy said in a statement.

Since the last round of funding three months ago, Swiggy has begun operations in Kochi, Coimbatore, Nagpur and Lucknow and introduced innovative payment options for both consumers and delivery partners.

“Swiggy is transforming the way food is delivered in India. 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. We are delighted to partner with Harsha and the team at Swiggy and support them as they create the on-demand commerce platform for India.” said Saurabh Gupta, Managing Partner at DST Global.

Swiggy currently has over 35,000 restaurants on board and a delivery fleet of more than 40,000 partners.

Apart from geographical expansion, the company also recently introduced Swiggy POP and Swiggy Scheduled to solve for the availability, affordability, choice and convenience of food.

“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 realized,” Larry Illg, CEO of Naspers Ventures says.

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