Food ordering and delivery platform Swiggy has raised $15 million in Series D funding from Bessemer Venture Partners.
Food ordering and delivery platform Swiggy has raised $15 million in Series D funding from Bessemer Venture Partners. Existing investors also participated in this round. This is close on the heels of the Series C funding of $35 million that the company raised in January 2016, from existing and new investors, including New York-based investors Harmony Partners and Singapore-based RB.
This latest round of investment takes the total funds raised by Swiggy to $75.5 million. The freshly raised funds will fuel Swiggy’s next growth phase, with an improved customer experience at its core. This will include technology upgrades, a wider spread of restaurants to choose from and better delivery efficiency.
To spearhead the next phase of growth, Swiggy has recently ramped up its senior leadership by hiring vice presidents across the following functions – marketing, product, HR, design and finance.
Their expertise will be instrumental in shaping the strategy and maintaining Swiggy’s leadership position in a fast growing category.
According to a company note, innovation is core to Swiggy and it is undertaking new initiatives as it constantly strives to address the growing needs of different consumer segments. In the months to follow, Swiggy will continue to focus on consolidation and capturing a larger share of the market under the guidance of the new VPs.
Since its inception in 2015, Swiggy has rapidly grown to become the leader in the Indian food delivery sector by consistently reducing delivery time and improving customer experience. Swiggy’s average delivery time is an industry benchmark of 37 minutes.
“Swiggy’s full stack approach coupled with great execution has resulted in unparalleled customer experience, retention and business economics. We look forward to working with Sriharsha and the management team as they further cement Swiggy’s leadership position in the India market,” said Vishal Gupta, MD at Bessemer Venture Partners, in a statement.