Online food delivery platform Swiggy has raised USD 100 million (approximately Rs 642 crore) in series F funding, led by global internet group and technology investor Naspers and China’s e-commerce platform Meituan-Dianping. Meituan-Dianping is a new investor in Swiggy. Also Read - Flipkart to acquire Rs 1,500 crore worth stake in Aditya Birla Group's Fashion retail
With this new funding, Swiggy said it will strengthen its market leadership position by introducing a host of unique and advanced products and services. Also Read - Micromax's comeback 'IN' series launch confirmed for November 3: What you need to know
As part of its long-term strategy of solving for existing supply gaps in the marketplace, Swiggy will also make investments in its new supply business line,” the company said. Also Read - LG Wing set to launch in India on October 28: All you need to know
“With this funding, we will further invest in building differentiated offerings, plugging the white spaces in the ecosystem, and developing our technology while keeping superlative customer experience at the core,” Swiggy CEO Sriharsha Majety said.
Swiggy says its revenue has increased 500 per cent in the last financial year and its order volumes have nearly double since its previous funding in May 2017.
In the last five rounds of funding, Swiggy had raised USD 155.5 million. The current round of funding is its largest round yet.
Naspers has also invested into the parent company of Swiggy’s rival foodpanda, Delivery Hero.
Other investors in the company include Accel India, SAIF Partners India, Bessemer Venture Partners, Harmony Partners and Norwest Venture Partners.