Swiggy, India’s leading food ordering and delivery platform, announced today that it has raised 80 million dollars in series E funding. The deal was led by Naspers, a global internet and entertainment group, and one of the world’s largest technology investors, with earlier investors Accel India, SAIF Partners India, Bessemer Venture Partners, Harmony Partners and Norwest Venture Partners participating. Ashutosh Sharma, head of investments in India for Naspers will join the Swiggy board.
The new funds will propel the next phase of Swiggy’s growth by introducing a suite of new product and service offerings to enhance its superlative customer experience. Swiggy also announced plans to double its technology headcount and increase investments across core engineering, automation, data sciences, machine learning and personalisation.
This investment demonstrates Naspers’ commitment to Swiggy retaining its leadership position in food ordering and delivery across India. Adding to this, Ashutosh Sharma, head of investments in India, Naspers said “Swiggy has shown impressive growth in a highly competitive market. Naspers was attracted to the company’s exceptional execution in disrupting online food ordering and delivery in India while many players are struggling. Their ability to create a sustainable business, earning consumer trust through a reliable first-party delivery technology, positions them well for success.”
Swiggy has become a loved consumer brand by bringing convenience, choice, reliability and a great experience to food-ordering. This has resulted in a six-fold growth in revenues over the last year and industry-best repeat orders, a key metric indicating the loyalty of the brand with consumers. The continuous focus on delivering an outstanding consumer experience has fuelled Swiggy’s growth across each of the cities it operates in.
“In a span of three years, Swiggy has been instrumental in changing the way India eats by delivering delightful customer experiences. This investment by Naspers is further testimony to Swiggy’s vision and performance,” said Sriharsha Majety, cofounder and CEO of Swiggy. “As the market leader, we are leveraging our deep understanding of the Indian consumer and the gaps in the market to introduce disruptive and highly differentiated service offerings; making online food ordering and delivery more seamless and reliable to users everywhere.”
Swiggy has been a forerunner in online food ordering and delivery in India, by consistently shrinking delivery times and improving customer experience. The fastest food delivery service in the country, Swiggy’s average delivery time is an industry benchmark of 37 minutes. Swiggy has also unlocked the business potential for partner restaurants across eight locations in India, including Delhi-NCR, Mumbai, Pune, Hyderabad, Kolkata, Bengaluru and Chennai.