India Inc India Inc: Monday, 12 February 2018 10:56

Swiggy raises $100mn in funding

Online food delivery start-up, run by Bengaluru-based Bundl Technologies Pvt. Ltd, has raised $100 million in its largest round of funding till date.

The Series F round was led by existing investor South African Internet and entertainment group Naspers. The round included a new investor, Chinese e-commerce service platform Meituan-Dianping.

Swiggy said it will use the funds to introduce advanced products and services, without specifying what those could be. The company will also continue to innovate its core technology platform, especially in the areas of data-driven self-learning systems that leverage machine learning and artificial intelligence.

Sriharsha Majety, Co-founder and CEO, Swiggy, said: “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.”

Larry Illg, CEO at Naspers Ventures, said Swiggy has continued strong growth through 2017 and now has a clear lead in the market and that the company’s performance is all the more impressive given the intense competition seen in the food ordering and delivery business in India.

The Series F round takes Swiggy’s total external funding, so far, to $255 million. Its other investors include Bessemer Venture Partners, Accel India, SAIF Partners and Norwest Venture Partners.

India Investment Journal’ has in-depth coverage on related topics.

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