India-based Swiggy, an on-demand food delivery platform that directly brings food from neighbourhood restaurants to customers’ doors, raised USD 700 million on 24th January 2022.
Investors: Several new investors participated in the round, including Baron Capital Group, Sumeru Venture, IIFL AMC Late Stage Tech Fund, Kotak, Sixteenth Street Capital, Ghisallo, Smile Group, and Segantii Capital. In addition to its existing investors, including Alpha Wave Global (formerly Falcon Edge Capital), Qatar Investment Authority, ARK Impact, and its long-term investor Prosus also participated in the round.
Purpose of funding: Using the funding, the company will increase its investments across a broader ecosystem of food delivery.
About Swiggy
Founded in 2014 by Nandan Reddy, Phani Kishan Addepalli, Rahul Jaimini, Sriharsha Majety, Swiggy is located in Bangalore, India. Swiggy is an on-demand food delivery platform that directly brings food from neighbourhood restaurants to customers’ doors. Currently, the startup operates in 500 cities across India, with hundreds of thousands of restaurant partnerships, 5000 employees, and an independent fleet of over 20,000 delivery executive drivers. The startup provides unparalleled convenience while continuously innovating. The platform is built on the back of robust ML technology and fuelled by terabytes of data processed every day.
Since a robust growth from 2014, the startup aims to be an excellent centre for logistics today. Additionally, the startup is not limited to just food delivery but is also moving into the foodtech sector. For example, Swiggy’s New Supply and Swiggy Instamart, Swiggy Genie, and Health Hub have all recently launched. The startup is gaining momentum in the market and is continuously growing its opportunities.
What the founder has to say
“The GMV our food delivery business achieved in 40 months, took Instamart just 17 months, demonstrating the platform benefits of Swiggy. We will double down on this to build more categories in line with our mission of offering unparalleled convenience to Indian consumers,” said Sriharsha Majety, CEO at Swiggy.
“Our goal is to make Swiggy a platform that 100 million consumers can use 15 times a month. We will continue to invest in our people, products, and partners to create a positive impact on the ecosystem and accelerate the digital transformation in food and grocery delivery and other on-demand services.”
What the investor has to say
“As long-term investors, the Invesco Developing Markets fund seeks investment opportunities in the best companies in the world, led by world-class management teams, and that has the potential for long-term structural growth. Our investment in Swiggy represents such an investment,” said Justin Leverenz, Chief Investment Officer at Invesco Developing Markets Fund.
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