The Bengaluru-based FoodTech startup, Swiggy has raised $80 million Series E funding led by Naspers. The round also saw the participation from its existing investors Accel India, SAIF Partners, Bessemer Venture Partners, Harmony Partners and Norwest Partners. As the part of the investment, Ashutosh Sharma, head of investments in India for Naspers will join the Swiggy board.
The new funds will be utilized to propel the next phase of Swiggy’s growth by introducing a suite of new product and service offerings to enhance its superlative customer experience. The company further plans to double its technology team and increase investments in core engineering, automation, data sciences, machine learning and personalization.
Ashutosh Sharma, head of investments in India, Naspers said, “Swiggy has shown impressive growth in a highly competitive market. Naspers was attracted to the company’s exceptional execution in disrupting online food ordering and delivery in India while many players are struggling. Their ability to create a sustainable business, earning consumer trust through a reliable first-party delivery technology, positions them well for success.”
Today, Swiggy has become a reliable platform for the consumer bringing convenience, choice, reliability and a great experience to food-ordering. This has resulted in a six-fold growth in revenues over the last year and industry-best repeat orders, a key metric indicating the loyalty of the brand with consumers. The continuous focus on delivering an outstanding consumer experience has fuelled Swiggy’s growth across each of the cities it operates in.
“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,” said Sriharsha Majety, cofounder and CEO of Swiggy.
“As the market leader, we are leveraging our deep understanding of the Indian consumer and the gaps in the market to introduce disruptive and highly differentiated service offerings; making online food ordering and delivery more seamless and reliable to users everywhere”, he added.
Swiggy is the among the best-funded startup in India, raised about $155 million equity fund from the bunch of investors. At present, Swiggy has about 12,000 restaurants partner spread in eight cities including Bengaluru, Delhi, Mumbai, Chennai, Pune, Gurgaon, Hyderabad and Kolkata.