Naspers-controlled Internet investment firm Prosus is leading a US$113-million (R1.7-billion) funding round in Swiggy, India’s largest food delivery platform.
The Series I round includes participation from Meituan Dianping and Wellington Management Company. Naspers first invested in Swiggy three years ago.
Swiggy, which was founded in 2014, aims to use the funds to further develop its new lines of business and will continue to invest in new growth areas, namely Stores, Go and SuprDaily. Swiggy’s transaction numbers grew by about 2.5 times in past year, with the restaurant partner base growing about four times with 10 000 restaurants being added every month.
The platform has a quarter of a million delivery partners across 520 cities, which means one in four Indians can now access Swiggy, Prosus said in a statement announcing the investment round.
“Swiggy continues to exhibit strong execution and a steadfast commitment to delivering the best service to consumers and has one of the best operational teams in food delivery globally,” said Prosus Ventures and Food CEO Larry Illg. “We are confident Swiggy will continue on a path to earn a significant place in the daily lives of Indians.” — © 2020 NewsCentral Media