Media and e-commerce group Naspers has led an $80m series E round for India-based online food ordering platform Swiggy.
Swiggy runs an online platform that enables users to find and order food from one of the company’s 12,000 restaurant partners. Orders are delivered at an average time of 37 minutes, which the company claims is the fastest in the industry.
The round, which is expected to formally close in the next two weeks, will support an ongoing expansion that has involved Swiggy growing its revenue sixfold in the past year.
Ashutosh Sharma, Naspers’ head of investments in India, will join Swiggy’s board of directors in conjunction with the round. He said: “Swiggy has shown impressive growth in a highly competitive market.
“Naspers was attracted to the company’s exceptional execution in disrupting online food ordering and delivery in India while many players are struggling. Swiggy’s ability to create a sustainable business, earning consumer trust through a reliable first-party delivery technology, positions it well for success.”
The round comes after Swiggy raised $7m from Norwest Venture Partners (NVP), DST Global and Accel Partners in May 2016 at a reported $130m valuation, four months after a $35m series C round featuring Harmony Partners, RB Investments and SAIF Partners.
NVP had led a $16.5m round for Swiggy in June 2015 that also featured SAIF Partners and Accel, a month after it invested $15m in the company. SAIF and Accel had reportedly supplied $2m in seed capital for the startup in April the same year.