South Africa based internet and entertainment group, Naspers, it has executed definitive agreements to lead a USD one billion Series H round in Swiggy with a US$660m investment. Swiggy is an Indian food delivery platform. The round included several investors like DST Global, Meituan Dianping and Coatue Management, and a few new investors Tencent, Hillhouse Capital and Wellington Management.
“Swiggy has been at the forefront of elevating the potential of Indian food delivery with its industry-changing innovations and focus on delivering the best consumer experience to millions of Indians,” said Sriharsha Majety, CEO, Swiggy. “As we add more firepower to our vision of elevating quality of life for urban consumers by offering unparalleled convenience, we’re pleased that visionary global investors share our purpose and have made such a significant investment in our future.
“We first partnered with Swiggy in April 2017 because we recognized the Swiggy team had built a sustainable, long-term business, that stood out amongst others in India. Now, nearly two years later, we have even more confidence Swiggy has the winning formula and will continue to build a leading business in the country. Swiggy has 10x the number of orders per month since our first investment, has expanded throughout India to tier 1, 2 and 3 cities, and most importantly, is the most loved food delivery brand in India, providing the best service to consumers nationwide,” said Larry Illg, CEO Food and Ventures, Naspers. “Our latest round of capital will help to accelerate Swiggy’s journey towards its vision of providing unmatched convenience in food ordering and delivery for Indian consumers.”
Founded in 2014, Swiggy is India’s largest food delivery platform with over 50,000 restaurant partners spread across 50 cities. Using innovative technology, the platform provides a hassle-free, fast and reliable delivery experience. Every order delivered by Swiggy’s fleet, the largest in India, ensures a host of customer-centric features like lightning fast delivery, no minimum order value, live order tracking and 24/7 customer support.
Founded in 1915, Naspers is a global consumer internet and entertainment group and one of the largest technology investors in the world. Operating in more than 120 countries and markets with long-term growth potential, Naspers builds leading companies that empower people and enrich communities. It runs some of the world’s leading platforms in internet, video entertainment, and media.
Swiggy App. Source: Indiawire