Online food delivery platform Swiggy has raised $80 million (around Rs 517 crore) in a funding round led by South African media company Naspers Ltd. The existing investors of the company, Accel partners, SAIF Partners, Bessemer venture Partners, Harmony Partners and Norwest Venture Partners, also took part in the funding round, reported Mint.
The company plans to use the money to hire engineering talent and upgrade its technology, including automation, data sciences, machine learning and personalisation. “In a span of three years, Swiggy has been instrumental in changing the way India eats by delivering delightful consumer experiences,” said Sriharsha Majety, co-founder and chief executive of the company. “As the market leader, we are leveraging our deep understanding of the Indian consumer and the gaps in the market to introduce disruptive and highly differentiated service offerings.”
Ashutosh Sharma, head of investments in India for Naspers will join the board of the company as part of the deal. “Swiggy has shown impressive growth in a highly competitive market,” Sharma told The Economic Times. “Naspers was attracted to the company’s exceptional execution in disrupting online food ordering and delivery in India while many players are struggling,” he said.
Swiggy has around 12,000 partner restaurants across eight cities in India.