Naspers co-leads $210m round for India's Swiggy
Indian online food ordering and delivery platform Swiggy has raised a $210 million Series G round co-led by South African internet conglomerate Naspers and DST Global that reportedly values it at over $1.2 billion.
Coatue Management also participated in the round, along with China-based online-to-offline (O2O) local services provider Meituan-Dianping, which participated in Swiggy’s $100 million Series F round earlier this year. The company will use the new investment to grow its supply chain network, expand into new markets and improve its customer experience by building its technology team.
Swiggy has raised over $460 million since its founding in 2014, with Naspers leading its three most recent funding rounds. Along with the Series F round this year, the group led an $80 million round last year with participation by existing investors Accel Partners, SAIF Partners, Bessemer Venture Partners and Norwest Venture Partners.
Swiggy has over 35,000 restaurant partners across 14 cities in India, and claims an average delivery time of under 35 minutes with no minimum order value requirement. Its app allows customers to track their order status in real time and provides 24-hour customer support.
The company is also experimenting with new business lines such as its recently launched Swiggy Access platform. The initiative provides kitchen space to restaurants looking to open delivery-only branches in new cities.
“Swiggy has the best technology platform in the market and this enables the company to deliver the best possible service to Indian consumers,” said Larry Illg, CEO of Naspers Ventures, in a statement. “This infusion of capital, making Swiggy the best-funded food delivery platform in India, ensures that their ambitious plans for broadening their platform and expanding their reach across India will be realized.”
Swiggy’s largest competitor is Zomato, which is backed by investors including Sequoia Capital India, Temasek Holdings and Vy Capital. Zomato’s most recent funding round earlier this year saw Ant Financial invest $200 million at a reported valuation of $1.1 billion.
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