E-commerce firm Flipkart is set to invest $50m in Swiggy, an India-based online food ordering service, three sources with knowledge of the deal told The Ken yesterday.
Internet company Tencent is interested in supplying a further $50m in funding which would double the round’s size to $100m, according to the sources, though none of the companies involved have confirmed the story.
Swiggy provides a food delivery service that spans the Indian cities of Bangalore, Delhi, Gurgaon, Chennai, Hyderabad, Kolkata, Mumbai and Pune. Customers use the platform to order food from partner restaurants that is delivered by the company.
Swiggy has so far raised approximately $155m, and its most recent funding came in an $80m series E round in May 2017 led by media and e-commerce group Naspers.
The 2017 round included Norwest Venture Partners (NVP), Accel, SAIF Partners, Harmony Partners and Bessemer Venture Partners. The first four also took part in Swiggy’s $7m series D round, which was closed in May 2016 at a $130m valuation, alongside DST Global.
The company had closed a $35m series C round backed by Harmony, SAIF and RB Investments four months earlier, having brought in $16.5m from a 2015 series B round featuring SAIF, Accel, NVP and an unnamed additional investor.