1. Swiggy raises $80 mn from Naspers, existing investors

Swiggy raises $80 mn from Naspers, existing investors

Naspers was attracted to the company’s exceptional execution in disrupting online food ordering and delivery in India while many players are struggling.

By: | New Delhi | Updated: May 30, 2017 3:48 PM
Online food delivery platform, Swiggy,  million, E funding, technology investor, Naspers The funds will help Swiggy introduce new products and service offerings to enhance its customer experience. (Reuters)

Online food delivery platform Swiggy today said it has raised USD 80 million (over Rs 517 crore) 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 foodpanada, 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 join 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.

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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.

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