Swiggy, one of the leading food-tech startup in India, has announced that it has executed definitive agreements to raise $210 million in Series G funding round, led by existing investor Naspers and new investor DST Global. The funding round will also see participation from existing shareholder Meituan-Dianping, and new investor Coatue Management.
The latest investment follows a $100 million Series F round from February of this year, which was also led by Naspers with participation from existing shareholder, Meituan-Dianping.
Saurabh Gupta, Managing Partner at DST Global, said,
Swiggy is transforming the way food is delivered in India. Swiggy’s rapid growth, along with highly engaged users, restaurant, and delivery partners, shows the strong value proposition they have for all participants in the ecosystem. We are delighted to partner with Harsha and the team at Swiggy and support them as they create the on-demand commerce platform for India.
The incoming capital will enable Swiggy to quickly ramp up its supply chain network and expand to new markets, while investing in core capabilities that enhance consumer experience and the brand. The company will also double its technology headcount to build for robust operations, deep personalization and connected supply chain systems.
Commenting on this development, Sriharsha Majety, CEO, Swiggy said in a statement,
We’re thrilled to have grown the online food delivery market in India at an exponential rate, always keeping our consumers at the helm. With this investment, we will continue to widen Swiggy’s offerings, along with bolstering our capabilities and plugging the gaps in the on-demand delivery ecosystem. Continual trust from globally reputed investors strengthen our core objective of enriching the lives of our consumers and partners by making our services more convenient and hassle-free.
Since the last round of funding three months ago, Swiggy has begun operations in Kochi, Coimbatore, Nagpur and Lucknow and introduced innovative payment options for both consumers and delivery partners. The company currently has over 35,000 restaurants on board and a delivery fleet of more than 40,000 partners.