In a recent turn of events, Swiggy, the Indian food delivery giant, has reportedly concluded a USD 1 billion funding round, conducted by present investor Nasper. According to sources familiar with the development, this move would provide Swiggy an edge over over competition, giving it more muscles to contest against players such as FoodPanda and Zomato.
According to a statement released by Swiggy, the firm has completed definitive contracts for $1 Bn funding round led by Naspers which also saw new investment firms like Wellington Management Company, Tencent, and Hillhouse Capital coming on board.
If reports are to be believed, the series H round witnessed the involvement of other existing financers such as Coatue Management, Meituan Dianping, and DST Global.
Sriharsha Majety, Chief Executive Officer, Swiggy, was quoted stating that as the firm adds more firepower to its vision of uplifting quality of life for urban customers by providing unparalleled convenience, it is rather delighted that visionary global investors share its purpose and have made significant investments in Swiggy’s future.
This is the single biggest fund-raising round in Indian food technology market till date, states Swiggy. Also, after obtaining this investment the total funding raised by Swiggy becomes USD 1.26 billion.
According to market experts, this new capital infusion is predicted to make Swiggy more powerful in battling out Ant Financial’s Zomato, Ola’s Foodpanda, and Uber’s UberEats in the augmenting food delivery sector.
As India’s craving for online food ordering nurtures, Swiggy would use the investment to bring additional quality food brands closer to customers and manage supply gaps through delivery-only kitchens based on the ‘Access’ initiative for partner restaurants, Swiggy mentioned in a statement.
Moving forward the firm would focus on reinforcing its technology base and build next-generation AI-powered platform for hyperlocal discovery as well as on-demand food delivery, claimed Swiggy.
For the uninitiated, Swiggy has more than 50,000 restaurant partners sprawling across 50 Indian cities.