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Food tech start-up Swiggy raises $80 million from Naspers, existing investors

Ashutosh Sharma, head of investments in India for Naspers will join the Swiggy board.

BT Online | May 30, 2017 | Updated 17:08 IST
Food delivery start-up Swiggy raises $80 million from Naspers, existing investors

At a time when Indian food tech startup Zomato suffered its worst data leak, its local rival Swiggy has closed $80 million funding round from internet giant Naspers.

Swiggy, the online food delivery start-up which is active in eight cities in the country raised $80 million (over Rs 517 crore) in a Series E funding round led by South African media and internet conglomerate Naspers Ltd.

Ashutosh Sharma, who is head of investments in India for Naspers will join the Swiggy board.

Commenting on the development, Sharma said: "Naspers was attracted to the company's exceptional execution in disrupting online food ordering and delivery in India while many players are struggling.

"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," Swiggy Co-founder and CEO Sriharsha Majety said.

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The food ordering platform also said it plans to double its technology headcount and increase investments across core engineering, automation, data sciences, machine learning and personalisation.

The funds will help Swiggy introduce new products and service offerings to enhance its customer experience, Swiggy said in a statement.

Existing investors Accel partners, SAIF Partners, Bessemer venture Partners, Harmony Partners and Norwest Venture Partners also participated in the funding round.

Swiggy claims to have witnessed a six-fold growth in revenues over the last year and has 12,000 restaurant partners across eight cities in India.

Interestingly, Naspers has also invested into the parent company of Swiggy's rival foodpanada, Delivery Hero.

Last year, Swiggy had received various round of fundings from SAIF Partners, Norwest Venture Partners (NVP), Accel Partners and Bessemer Venture Partners.

(with inputs from PTI)
 

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