A Bengaluru-based food delivery start-up, Swiggy, has raised $16.5-million ‘Series B’ funding from a clutch of investors, including Norwest Venture Partners (NVP), SAIF Partners, Accel Partners and an undisclosed global investment entity, the company announced on Tuesday.
After its successful launch in Bengaluru in 2014, the startup expanded its operations to Gurgaon and Hyderabad where they have currently partnered with over 100 restaurants in each city.
Founded by Sriharsha Majety and Nandan Reddy, BITS Pilani alumni, Swiggy has its own fleet of delivery personnel equipped with smartphones which enables the company to pick up orders from restaurants and deliver to customers.
“We have seen a 10x growth in order numbers over the past few months and this investment will help us expand exponentially as we intend to establish ourselves in several new cities by the end of the year.” Majety, CEO, Swiggy said.
According to the company, more than 50% of daily orders have shifted from the website to the app in a short period of time.
“The funds will primarily be used to support the next phase of growth, including expanding Swiggy’s footprint to other cities in India. The financing is also expected to fuel growth towards establishing a stronger brand platform and capturing an increased share of the burgeoning food delivery market in India,” Majety added.