Indian startup Swiggy has reportedly raised funds worth $16.5 million in order to expand the footprints of its
food delivery business in India, following recent launches in Gurgaon and Hyderabad.
The Series B round was led by Norwest Venture Partners and also included existing investors, Accel Partners and SAIF Partners, reported TechCrunch.
Sumer Juneja, who led the round for NVP, noted that food delivery in India was a whopping USD six billion market and was completely mobile app driven, focusing on the young working-age population with high-frequency usage.
While most food delivery apps rely on restaurant employees for delivery services, the Bangalore-based startup, which was launched in
August last year, has its own delivery fleet, powered by a routing algorithm, to maximize speed and efficiency. The perks offered by the service include a no minimum order amount and the freedom to choose from several online payment options.