Swiggy raises $210 m in funding

Swiggy on Thursday said it has executed definitive agreements to raise $210 million in Series G funding led by existing investor Naspers and new investor DST Global. The 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, also led by Naspers with participation from existing shareholder, Meituan-Dianping.

The rapid growth enabled by Swiggy’s reliable, fast and convenient deliveries from over 35,000 restaurants, and a delivery fleet of more than 40,000 partners, has not only distinguished the company in the Indian food delivery space but has also helped to elevate the potential of the category in the country.

The latest round 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 personalisation and connected supply chain systems.

“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, " said Sriharsha Majety, CEO, Swiggy.

“Swiggy is transforming the way food is delivered in India. Swiggy’s rapid growth, along with highly engaged users, restaurants and delivery partners, shows the strong value proposition they have for all participants in the ecosystem," said Saurabh Gupta, Managing Partner at DST Global.

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. Recently the company also introduced Swiggy POP and Swiggy Scheduled to solve for the availability, affordability, choice and convenience of food.