- General
- June 21, 2018
- 4 minutes read
Indian food delivery platform gets $210 million Series G investment at a huge $1.3 Billion valuation
image credit : Swiggy Indian based food delivery startup Swiggy which food ordering solutions from neighborhood restaurants to various customers…
image credit : Swiggy
Indian based food delivery startup Swiggy which food ordering solutions from neighborhood restaurants to various customers in the Indian region has now joined the unicorn club after raising $210 million in a new Series G investment round led by Naspers with notable investor DST Global, Chinese internet company Meituan Dianping and Phillipe Laffont led notable tech investor Coatue Management also participating in the investment round.
The company raised this whooping $210 million round at a valuation of $1.3 Billion which has shot it into the global unicorn club amidst other major food delivery players in the space.
This investment which brings the total raised by Swiggy to a huge $465 million comes 4 months after the company raised a Series F investment round of $100 million from Naspers and Meituan Dianping who also participated in this round.
Swiggy which is a major market player in the Indian food delivery space has also seen huge competition from other companies including online search and restaurant discovery service Zomato which also offers food ordering through its platform and was last valued at $1.1 Billion after raising a $200 million round early February this year from Chinese fintech giant Ant Financial.
According to Swiggy, It currently has 35,000 restaurants on its delivery partnership platform with a delivery fleet of over 40,000 currently running its service, This shows that Swiggy is on par and ready to take on huge competition in the capital intensive and widely competitive food delivery market.
The most funded food delivery startup in the Indian space hasn’t yet clearly stated where these funds would be directed to but is predictably going to make use of these investment to expand its restaurant partnerships, food delivery fleet and customers alike.
Swiggy makes revenue by charging a commission from the orders made by various consumers to the restaurants on its platform which indicates a readily scalable and viable business model for the company.
Swiggy was founded August 2014 by entrepreneur trio Rahul Jaimini, Nandan Reddy and Sriharsha Majety and has been on an expansion spree since then after first raising a Series A round of $2 million way back in 2015.
