Food delivery startup Swiggy has just raised $1 billion in its series H funding from the existing as well as new investors. The latest round marks the single largest investment in any one particular round in the Indian food-tech sector.
The Bengaluru-headquartered startup's billion dollar funding was led by existing investor Naspers along with DST Global, Meituan Dianping and Coatue Management, including new investors like Tencent, Hillhouse Capital and Wellington Management Company also participated in the funding.
"As we add more firepower to our vision of elevating quality of life for urban consumers by offering unparalleled convenience, we're pleased that visionary global investors share our purpose and have made such a significant investment in our future," says Sriharsha Majety, CEO, Swiggy.
Having been invested for over 2 years, Larry Illg, CEO, Food and Ventures, Naspers reaffirmed his confidence in the company "Swiggy has 10x the number of orders per month since our first investment, and it has expanded throughout India to tier 1, 2 and 3 cities," he says, adding that the latest round of capital will help accelerate Swiggy's journey towards its vision of providing unmatched convenience in food ordering and delivery for Indian consumers.
The company plans to utilise the fresh funds to increase its hiring, especially for machine learning and engineering roles across mid and senior level. Swiggy will also look to further strengthen its technology backbone and focus on building a next-generation AI-driven platform for hyperlocal discovery and on-demand delivery.
Swiggy run by Bundl Technologies Pvt Ltd has raised a total of $1.26 billion till date. The last round of funding of $210 million dollars in June this year was used to expand its footprint in additional 42 cities and the company claims to have doubled its GMV or gross merchandise value ever since.
Avendus Capital was the exclusive financial advisor to Swiggy on the transaction.