Swiggy Raises USD 100 million, from Naspers and China’s e-commerce Platform Meituan- Dianping

2085 0
2085 0

Swiggy raises $100 mn from Naspers & China’s Meituan-Dianping.

Online food delivery platform Swiggy has raised USD 100 million (approx 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. Meituan.com is a Chinese group buying website for locally found consumer products and retail services. The company is headquartered in Beijing and was founded in 2010 by Wang Xing. In 2015, it merged with Dianping, a Chinese group buying site to become “Meituan-Dianping”.

With this new funding, Swiggy said it will strengthen its market leadership position by introducing a host of unique and advanced products and services.

“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.

“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 doubled 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.

This comes on the heels of Alibaba’s affiliate Ant Financial investing $200 million in Zomato (Swiggy’s competitor in the online food delivery space).

In this article

Join the Conversation

20 − six =