Home
Apps
Apps News
Swiggy Raises $80 Million From Naspers, Existing Investors

Swiggy Raises $80 Million From Naspers, Existing Investors 375v44

By Press Trust of India | Updated: 30 May 2017 15:52 IST

Photo Credit: Swiggy/ Facebook 3g1c6a

Highlights

Swiggy has raised over Rs. 517 crores from Naspers, et al.
It also invested in Swiggy's rival Foodpanda parent Delivery Hero
Swiggy claims it witnessed a 6-fold growth in revenues over last year

ment

Online food delivery platform Swiggy on Tuesday said it has raised $80 million (over Rs. 517 crores) in series E funding led by global Internet group and technology investor Naspers.

The funding saw participation from other existing investors Accel India, SAIF Partners India, Bessemer Venture Partners, Harmony Partners and Norwest Venture Partners.

The funds will help Swiggy introduce new products and service offerings to enhance its customer experience, Swiggy said in a statement.

Naspers has also invested into the parent company of Swiggy's rival Foodpanda, Delivery Hero.

The food ordering platform also said it plans to double its technology headcount and increase investments across core engineering, automation, data sciences, machine learning and personalisation.

Besides, the company said Ashutosh Sharma, head of investments in India for Naspers will the Swiggy board.

Commenting on the development, Sharma said: "Naspers was attracted to the company's exceptional execution in disrupting online food ordering and delivery in India while many players are struggling.

Swiggy claims to have witnessed a six-fold growth in revenues over the last year and has 12,000 restaurant partners across eight cities in India.

"In a span of three years, Swiggy has been instrumental in changing the way India eats by delivering delightful customer experiences. This investment by Naspers is further testimony to Swiggy's vision and performance," Swiggy Co-founder and CEO Sriharsha Majety said.

Last year, Swiggy had received various round of fundings from SAIF Partners, Norwest Venture Partners (NVP), Accel Partners and Bessemer Venture Partners.

Comments

For the latest reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.