After raising $100 million from Naspers in March, foodtech startup Swiggy has now received $200 million from DST Global which counts Facebook, Twitter, Alibaba, AirBnB and Spotify in its investment portfolio. With this round, the company’s valuation believed to be $1.3 billion. Swiggy has not officially confirmed about the funding news, but as per YourStory report, three sources aware about the development confirmed it.
Founded in August 2014 by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini, Swiggy has raised a total funding of $455 million so far including the latest round. While its competition Zomato has racked up $444 million till now including its last round of $200 million from Ant Financials in February when the company marked its entry into the unicorn club.
Swiggy which is currently operational in over 11 cities including Delhi, NCR, Mumbai, Pune, Hyderabad, Kolkata, Bengaluru, Chennai, Ahmedabad, Jaipur, and Chandigarh, had received about 6 million monthly orders, compared to Zomato’s 5.5 million orders in the month of March.
In the last few months, Swiggy has launched a slew of new initiatives including Swiggy Access, Swiggy POP and Swiggy Capital Assist to support restaurants serve consumers in more powerful ways. In February 2018, the company also unveiled a new service, Swiggy Scheduled, to enable users to plan and order their meals for lunch, dinner, breakfast, or party menus in advance. It had also brought on board the management of gourmet food startup 48East as part of its strategy to broaden its senior leadership in December 2017.
Swiggy posted a revenue of Rs 133.1 crore and a loss of Rs 205.2 crore in 2016-17. Now with the company's entry into the unicorn club, it will be exciting to see how it will further strengthen its market position.