Swiggy Raises $100 Million From Naspers, Chinese E-Commerce Firm
Swiggy will use the funds to strengthen its position in India’s food-tech market.
Online food delivery startup Swiggy has raised $100 million in its seventh round of funding led by existing investor, South African media firm Naspers Ltd., just a week after competitor Zomato raised fresh funding.
Chinese e-commerce service platform Meituan-Dianping also participated in this funding round, Swiggy said in a statement today.
Swiggy will use the funds to strengthen its position in India’s food-tech market, where it competes with players such as Zomato, Uber Eats and Ola-acquired Foodpanda. Zomato recently raised $200 million from Ant Financial last week.
The company said it will invest in its new supply business line—Swiggy Access— which helps restaurants to set up cloud kitchens in neighbourhoods where they don’t already operate. The new vertical was launched in November last year to collaborate with restaurant partners and plug gaps on the supply side of Swiggy’s marketplace.
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.Sriharsha Majety, CEO, Swiggy
Swiggy is also upgrading its core technology platform, especially in the areas of machine learning and artificial intelligence and will build a real-time prediction system to improve customer choice and personalisation, the statement said.
Meituan Dianping, which is a mashup of Groupon, Yelp, Fandango and Foodpanda, and operates as on-demand service provider became the world’s fourth-most valuable startup after it raised $4 billion at $30 billion valuation in October last year.