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India's Swiggy raises $16.5m from Norwest, Accel, SAIF

  • Holden Mann
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Indian food delivery platform Swiggy has raised $16.5 million in a Series B round led by Norwest Venture Partners, along with existing investors Accel Partners and SAIF Partners and an unnamed investor.

Swiggy, which currently operates in three cities, plans to use the funds to expand its coverage area and improve its technology and logistics services, according to YourStory. The company hopes to have operations in 10 cities by the end of the year.

In January, Swiggy received $2 million in Series A funding from SAIF and Accel. Since its founding last year, the company has expanded from a single neighborhood in Bangalore to Gurgaon and Hyderabad. It delivers from more than 100 restaurants in each city.

Swiggy is one of several food-delivery startups to receive PE backing this year as investors look for opportunities in the rapidly growing sector. Its competitors include Zomato, which raised $50 million from Info Edge in April, and TinyOwl, which raised $16 million from Matrix Partners in February.

In addition, European tech incubator Rocket Internet's FoodPanda has bought a number of food delivery startups across India as it aims to build a global food distribution platform. FoodPanda covers 12,000 restaurants in 200 cities across India.

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