India’s leading food ordering and delivery platform, Swiggy, has raised $80 million in the Series-E round of funding. The round was led by Naspers which is a global internet and entertainment group. Naspers was accompanied by The round also saw participation from existing investors such as Accel India, SAIF Partners India, Bessemer Venture Partners, Harmony Partners and Norwest Venture Partners.
As the part of the deal, Ashutosh Sharma, head of investments in India for Naspers will join the company’s board.
Joining the board, Sharma 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. Swiggy’s ability to create a sustainable business, earning consumer trust through a reliable first-party delivery technology, positions it well for success.
Founded in 2014, Swiggy is a Banglore-based food ordering and delivery company. The company was inspired by the thought of providing a complete food ordering and delivery solution from the neighborhood restaurants to the urban foodie. The company offers a single window for ordering from a wide range of restaurants and has its own fleet of delivery personnel to pick up orders from restaurants and deliver it to customers.
The company offers their customers with no minimum order policy on any restaurant and accept online payments for all partner restaurants that they work with. The delivery personnel of the company carries one order at a time and ensures that the customers get reliable and fast deliveries.
On the investment, Sriharsha Majety, co-founder and CEO, Swiggy, said:
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
Further adding to that, he said:
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
The company has been a forerunner in online food ordering and delivery in India and has consistently working on shrinking delivery times and improving customer experience. The company claims itself to be the fastest food delivery service in the country with the average delivery time of 37 minutes.
The company has partnered many restaurant giants across eight locations in India which include Delhi-NCR, Mumbai, Pune, Hyderabad, Kolkata, Bengaluru, and Chennai.
The company claims to have become a loved consumer brand by bringing convenience, choice, reliability and a great experience to food-ordering. The company has grown six-fold in terms of revenues over the last year and industry-best repeat orders, a key metric indicating the loyalty of the brand with consumers. The reason behind the growth is the continuous focus on delivering an outstanding consumer experience across each of the cities it operates in.
The new funds will be used in the speeding up the next phase of Swiggy’s growth by introducing a suite of new product and service offerings to enhance its superlative customer experience. The company has also announced plans to double its technology headcount and increase investment in the domain of core engineering, automation, data sciences, machine learning, and personalization.