Swiggy invests Rs 31 crore in ready-to-cook food start-up Fingerlix

Published: February 26, 2019 4:04:27 AM

Fingerlix had raised $7 million from Accel Partners and Zephyr Peacock in Series-B funding in 2017.

Swiggy’s revenue for the year to March 2018 stood at Rs 420.5 crore, higher than rival Zomato’s revenue of Rs 139.9 crore for the year, analysts at Kotak Institutional Equities (KIE) estimate.

By Asmita Dey 

Online food delivery platform Swiggy has invested Rs 31.2 crore in Mumbai-based ready-to-cook food start-up Fingerlix, according to documents sourced from business signals platform paper.vc.

Maverix Platforms, which operates Fingerlix, on Friday allotted 20,65,542 cumulative convertible preference shares to Bundl Technologies that owns Swiggy, the documents showed. The investment is part of Fingerlix’s Series-C financing round. Accel India V (Mauritius) and Zephyr Peacock India Fund III are other investors, participating in the round. The total size of the round appears to be Rs 63 crore, according to paper.vc.

ALSO READ: Soon, fly IndiGo to China: India’s largest airline mulls overseas expansion with flights to these countries

Fingerlix had raised $7 million from Accel Partners and Zephyr Peacock in Series-B funding in 2017.

Swiggy chief operating officer Vivek Sunder told FE: “At Swiggy, we are committed to elevating the quality of life of consumers by making their lives more convenient. Fingerlix under the able leadership of Shripad & Shree has built a much-loved brand with a unique model of creating products which we believe will unlock a new category of convenience for customers. We are very excited to be a part of their growth journey.”

The investment by Swiggy in Fingerlix comes two months after the food delivery firm raised $1 billion in fresh funding, led by South African internet and media group Naspers that valued the firm at about $3.3 billion. Reportedly, Uber Eats is negotiating a deal to sell its India business to Swiggy.

ALSO READ: Customer empowered or confused? TRAI chairman backs new DTH, Cable TV rules amid rising complaints

Swiggy’s revenue for the year to March 2018 stood at Rs 420.5 crore, higher than rival Zomato’s revenue of Rs 139.9 crore for the year, analysts at Kotak Institutional Equities (KIE) estimate.

Flush with funds, Swiggy is intensifying the competition by diversifying its business. To leverage consumers’ preference for convenience, Swiggy recently announced the launch of its on-demand service, Swiggy stores.

Swiggy will cater to consumers’ daily needs by partnering with offline stores. To begin with, the company will deliver from stores in categories such as fruits and vegetables, kiranas and supermarkets, florists, baby care, health and supplements.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Relief to e-wallets: RBI extends KYC compliance norms by six months
2Why an independent public debt management office may not be a feasible idea
3Jet Airways crisis: SBI says no decision taken on moving NCLT against airlines