Swiggy, the India-based online food ordering service backed by financial services firm Wells Fargo’s investment affiliate Norwest Venture Partners, has raised $35m in series C funding, the Hindu Business Line has reported.
The round featured venture capital firm Harmony Partners, consulting and investment firm RB Investments, private equity firm SAIF Partners and unnamed, existing investors.
Launched in 2014, Swiggy currently offers its food delivery service across eight cities in India and lists more than 5,000 restaurants on its platform.
Swiggy’s workforce picks up food from restaurants to deliver it to customers, but the company also operates its own in-house kitchen, offering users the choice to pre-order meals.
The money will go towards recruitment and further technology improvements, focusing particularly on deeper integration with restaurants, quicker deliveries and customer service.
Swiggy received $15m in a June 2015 series B round led by Norwest that also included SAIF Partners, Accel Partners and an unnamed additional investor.
Norwest reportedly invested $15m in May 2015, though Swiggy has not clarified whether that money, or the $2m seed investment made by SAIF and Accel in April 2015, was in fact part of the series B round.
Sumer Juneja, director at Norwest Venture Partners, said: “Swiggy offers a strong value proposition for both customers and restaurants and is transforming the way people eat in India.
“We have been exceptionally impressed with the execution of the team, particularly over the last few months in which they have expanded service to eight new cities and made investments in superior talent, while continuously improving customer experience and delivery times.
“We are excited to continue to be part of Swiggy’s story and working with its visionary founders and management team.”