Prosus leads R18-billion investment in India's Swiggy - TechCentral

Prosus leads R18-billion investment in India’s Swiggy

Naspers-controlled consumer Internet investment group Prosus is leading an R18.2-billion funding round in Indian food-delivery giant Swiggy. Japan’s SoftBank Group is a co-investor in the round.

The US$1.25-billion fundraise also includes other new and existing investors.

“Founded in 2014, Swiggy is leading the hyperlocal delivery market in India, connecting consumers to over 150 000 restaurant partners and stores in over 500 cities,” Prosus said in a statement on Tuesday.

“Its instant grocery delivery service, Instamart, is growing rapidly to create the convenience grocery category within India’s massive grocery delivery segment. Swiggy has also expanded its pick-up and drop service, Swiggy Genie, to 65 cities and deepened the presence of its meat delivery service in key markets.”

The latest investment will accelerate Swiggy’s strategy of growing its core food-delivery business and building new food and non-food offers, Prosus said.

Technology

“To support this, Swiggy will enhance its capabilities in technology and AI, and strengthen teams across engineering, product, data science and analytics as well as in business and supply chain for its newer initiatives.”

Prosus said the latest fundraise was “heavily oversubscribed”. The Amsterdam-listed group made its first investment in Swiggy in 2017.  — © 2021 NewsCentral Media

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