comscore Swiggy raises $113 million in funding from existing investors | BGR India

Swiggy raises $113 million in funding from existing investors

Weeks after food delivery rival Zomato acquired Uber Eats, Swiggy raised $113 million in a funding round led by existing investor Prosus Ventures.

  • Updated: February 20, 2020 3:56 PM IST

Food delivery platform Swiggy on Wednesday claimed that it has raised $113 million (about Rs 8,09,31,22,150) as part of its Series I funding round. The latest round is led by existing investor Prosus Ventures. Meituan Dianping and Wellington Management Company were also parts of the funding round. Prosus Ventures first wrote a cheque to Swiggy about three years ago and has since turned into the brand’s biggest investor. Also Read - Swiggy admits difference between online food, restaurant rates

“Over the last couple of years at Swiggy, we have made strong strides in our vision of delivering unparalleled convenience to urban consumers, and in building a fundamentally strong and enduring business while keeping the consumer at the core,” said Sriharsha Majety, CEO, Swiggy. Also Read - Swiggy Super price hiked for renewals, now starts at Rs 149

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Swiggy increased its transaction numbers nearly 2.5 times in the past year. It even saw a growth spurt in its restaurant partner base. The number grew by 4 times to reach over 1.6 lakh partners. This translated to over 10,000 new restaurants being added every month, informed the company. Also Read - Amazon all set to take on Swiggy and Zomato in India: Report

“Swiggy has built a solid leadership position in India and is utilizing its strong logistics network and consumer loyalty to expand its offerings to services that continue to make consumers’ lives more convenient,” said Larry Illg, CEO, Prosus Ventures and Food (formerly Naspers Ventures and Food).

Swiggy Vs Zomato: The food delivery war in India

Bengaluru-based Swiggy currently has over 250,000 delivery partners across 520 cities. The food delivery service is one of the two major players in India in the segment. Competing with Swiggy in the battle is Zomato. Also going upwards, Zomato recently acquired another food delivery platform Uber-Eats. The company will use the newly added resources to further expand its user base in the country.

In contrast to Swiggy’s numbers, Gurgaon-based Zomato currently operates in over 200 cities and has over 100,000 restaurant listings in India. In the month of March 2019, it registered over 30 million transactions.

 (With inputs from IANS)

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  • Published Date: February 20, 2020 3:55 PM IST
  • Updated Date: February 20, 2020 3:56 PM IST

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