Swiggy Raises $113 Million From Existing Investors Led By Prosus
Food ordering and delivery platform Swiggy on Wednesday said it has raised $113 million (over Rs 805 crore) in the latest funding round led by existing investor Prosus NV.
Meituan Dianping and Wellington Management Company also participated in the funding round. Having grown beyond food delivery, the company aims to use the funds to further develop its new lines of business, addressing visible gaps in the market, Swiggy said in a statement.
The company will continue to invest in new growth areas (Stores, Go and SuprDaily) as it delivers on its promise of bringing unparalleled convenience to the lives of urban consumers, it added.
"We have become synonymous with the exceptional customer experience and created multiple growth avenues for our partners while continuing to invest in new lines of business," Swiggy Chief Executive Officer Sriharsha Majety said. The company is focused on continuing to execute on its vision while building a sustainable path to profitability, he added.
"Swiggy continues to exhibit strong execution and a steadfast commitment to delivering the best service to consumers and has one of the best operational teams in food delivery globally. We are confident Swiggy will continue on a path to earn a significant place in the daily lives of Indians," Prosus Ventures and Food Chief Executive Officer Larry Illg said.