After a fresh round of funding worth $210 million, Swiggy has become the latest unicorn in the food tech sector of the country.
After a fresh round of funding worth $210 million, Swiggy has become the latest unicorn in the food tech sector of the country. South Africa’s Naspers and DST Global led the fresh round of funding. The Series G funding will also see participation from existing shareholder, Meituan-Dianping and new investor, Coatue Management, the company said in a statement. “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,” PTI reported citing statement issued by the company. Zomato is India’s first unicorn in the food technology sector.
In February, the company raised $100 million also led by Naspers with participation from existing shareholder, Meituan-Dianping.
“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,” Swiggy CEO Sriharsha Majety said.
According to a recent data released by internet focussed consulting firm, Redseer Consulting, online food order segment of the country observed a 30 percent jump in handling of daily order in the first quarter of this year when compared with the last quarter.
In the first three months of 2018, the number of orders handled by the leading food delivery companies was an average 600,000, against 460,000 orders in the October-December quarter of 2017. The growth for average order handling in the last quarter of 2017 was 15%. The data includes companies operating in both the cloud kitchen model and the restaurant aggregator model.
One of the major reasons for the strong growth in the order is primarily due to the promotional activities conducted by players like Swiggy and Zomato, aiming at the recently-concluded Indian Premier League cricketing season. According to Redseer, the major portion of the overall sales number in January-March was contributed by the steep increase in the month of March.