Swiggy, on 20th December, announced the billion dollar funding round led by South African e-commerce and investment firm, Naspers. The transaction valued the company at more than $3 billion which made it the fifth most valuable startup in India.
Bengaluru: Swiggy, having raised $1 Billion in fresh capital, starts to have an increasing pressure on arch-rival Zomato to quickly raise fresh funds.
Swiggy received $600 Mn from Naspers. The rest of the capital for the Series H round came from Tencent, Hillhouse Capital, Wellington Management, Dst Global, Coatue Management, and Meituan Dianping.
“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.”
The startup expanded to 42 new cities in India in the past six months.
“We have even more confidence Swiggy has the winning formula and will continue to build a leading business in the country. They have 10 times the number of orders per month since our first investment, has expanded throughout India to tier 1, 2, and 3 cities, and, most importantly, is the most-loved food delivery brand in India, providing the best service to consumers nationwide.”
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The food-ordering startup made the “unicorn” club in June after a $210 Mn funding. It also stands as a tough competitor for Zomato as it leads by $400 Mn in funding.