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Food Delivery App Swiggy Raise Additional Fund Of $43 Million To Expand In New Businesses
The series “I” round commenced in February this year, where the food tech startup had managed to raise $113 million from their existing investors Prosus NV (previously Naspers), Meituan Dianping and Wellington Management Company.
Photo Credit : nrai.org,
Swiggy, the Bengaluru based food delivery firm has managed to bag additional funding of $ 43 million as part of an ongoing series of “I” investment round. As of now the total funds raised in this round stands at a whopping amount of $156 million. This round saw the participation of many stalwarts in the business like Ark Impact, Korea Investment Partners, Samsung Ventures, and Mirae Asset Capital Markets to name a few.
The series “I” round commenced in February this year, where the food tech startup had managed to raise $113 million from their existing investors Prosus NV (previously Naspers), Meituan Dianping and Wellington Management Company.
Reportedly, the post-money valuation of Swiggy is up by a staggering figure of $3.65 billion as compared to $3.5 billion that it was valued at this February this year post the previous fundraising.
After diversifying its business beyond food delivery, Swiggy now aims to utilize the funds in hand to grow further in its new lines of business, while addressing the visible gaps in already dwindling market which recently experienced a drop of 10 to 20 per cent in food delivery alone due to the coronavirus pandemic, according to the industry sources. The company will continue to invest in new business verticals such as Stores, Go and SuprDaily.
The recent funding came to the company, after its Bengaluru-based rival company, Zomato bought ride-hailing firm Uber’s food delivery business in India in an all-stock deal early this year. In January Meanwhile Zomato had also managed to raise Rs 353.58 crore from their existing shareholder company, Antfin Singapore Holding Pte. Ltd,
The online food ordering and delivery market that was expected to grow at a compounded annual growth rate of over 45 per cent to reach $11 billion in gross merchandise value (GMV) by 2023, according to RedSeer Consulting, a research and advisory firm, recently experienced a steep decline due to the ongoing corona pandemic. However, Swigg has so far managed to stand tall with enhanced services of 'Dunzo', meant for the delivery of essentials.
