Swiggy gets $35 million funding from SAIF, NVP and others

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New Delhi | January 18, 2016 11:32 PM

Food ordering and delivery platform Swiggy today said it has raised USD 35 million (about Rs 237 crore) from SAIF Partners, Norwest Venture Partners (NVP) and others.

The Series C round also saw participation from Accel Partners, New York-based investor Harmony Partners, Singapore's RB investments and an undisclosed global investment entity, Swiggy said in a statement. (Twitter photo)The Series C round also saw participation from Accel Partners, New York-based investor Harmony Partners, Singapore’s RB investments and an undisclosed global investment entity, Swiggy said in a statement.  (Twitter photo)

Food ordering and delivery platform Swiggy today said it has raised USD 35 million (about Rs 237 crore) from SAIF Partners, Norwest Venture Partners (NVP) and others.

The Series C round also saw participation from Accel Partners, New York-based investor Harmony Partners, Singapore’s RB investments and an undisclosed global investment entity, Swiggy said in a statement.

The Bengaluru-based firm was advised by Mumbai-based Avendus Capital on the latest transaction, it added.

“The newly received funds will be used to consolidate Swiggy’s position as a market leader and to capture a larger share of the burgeoning USD 15 billion food delivery sector in India,” it added.

This includes investments in technology upgradation focussed on deeper vendor integration, reducing overall delivery time and cost and, enhancing customer experience, it said.

Swiggy, which has presence in eight cities (Bengaluru, Gurgaon, Hyderabad, Delhi, Mumbai, Pune, Kolkata and Chennai), has over 5,000 restaurants listed on its platform.

“While our focus will continue to be growth across all geographies, we will now concentrate on profitability and sustainability in established markets. We are looking at delivering over one million orders a month in the near future,” Swiggy CEO and co-founder Sriharsha Majety said.

Swiggy has previously raised USD 18.5 million from NVP, SAIF Partners and Accel Partners.

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