NEW DELHI: Swiggy has announced the execution of definitive agreements to raise USD 210 million in Series G funding led by existing investor Naspers and new investor DST Global.
With participation from existing shareholder, Meituan-Dianping and new investor, Coatue Management, the latest investment follows a USD 100 million Series F round from February of this year, also led by Naspers with participation from existing shareholder, Meituan-Dianping.
Swiggy's position is driven by its 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 company's rapid growth has enabled reliable, fast and convenient deliveries from over 35,000 restaurants, and a delivery fleet of more than 40,000 partners.
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.
"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," said CEO Swiggy, Sriharsha Majety.
"Our core objective of enriching the lives of our consumers and partners by making our services more convenient and hassle-free," added Majety.
"Swiggy has the best technology platform in the market and when combined with its business model, which caters to the unique demands of the Indian ecosystem, enables the company to deliver the best possible service to Indian consumers," said Larry Illg, CEO of Naspers Ventures.
"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," he added.
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. Recently the company also introduced Swiggy POP and Swiggy Scheduled to solve for the availability, affordability, choice and convenience of food.