Media and e-commerce group Naspers is set to lead a $900m funding round for India-based online food delivery service Swiggy, TechCircle reported today, citing two people directly privy to the transaction.
The company is finalising a term sheet for the prospective round, which one source told TechCircle will likely value it at $2.5bn. It will consist of about $600m in primary funding and $300m in secondary share purchases, and include internet group Tencent.
Swiggy runs an online platform enabling users to order food from local restaurants for home delivery. It covered more than 35,000 restaurants across 15 Indian cities as of June this year.
The company has so far raised a total of $465m since being founded, and existing investors RB Investments and Bessemer Venture Partners are set to fully exit in the forthcoming round while other investors such as Accel will sell part of their shareholding, one of the sources said.
Naspers and investment firm DST Global co-led Swiggy’s last round in June 2018, a $210m round that included local services platform Meituan Dianping and investment manager Coatue Management which reportedly valued the company at $1.3bn.
Swiggy raised $80m in a November 2017 series E round led by Naspers, then a new investor. Naspers also led a $100m series F three months later that included Meituan Dianping.
The company’s earlier backers include Norwest Venture Partners and SAIF Partners as well as Accel, Harmony Partners and RB Investments.
